On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a very positive fashion. The benchmark index rose by 0.7% to 7,104.1 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to tumble
It looks set to be a bloodbath on the Australian share market on Monday following a selloff on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 104 points or 1.5% lower this morning. On Wall Street, the Dow Jones was down 3%, the S&P 500 dropped 3.4%, and the NASDAQ crashed 3.95%. This was driven by hawkish comments by the US Federal Reserve.
Oil prices rise
Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a better than average start to the week after oil prices pushed higher on Friday. According to Bloomberg, the WTI crude oil price is up 0.6% to US$93.06 a barrel and the Brent crude oil price rose 1.65% to US$100.99 a barrel. Traders were bidding oil higher amid signs that OPEC could cut its output.
A2 Milk results
The A2 Milk Company Ltd (ASX: A2M) share price will be one to watch on Monday when the struggling infant formula company releases its full year results. According to a note out of Bell Potter, its analysts are expecting the company to report a 34.5% increase in profit after tax to NZ$108.6 million. This is a touch lower than the market consensus estimate of NZ$113.9 million.
Gold price tumbles
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a tough start to the week after the gold price tumbled on Friday night. According to CNBC, the spot gold price was down 1.2% to US$1,750.80 an ounce. The prospect of the US Fed raising rates aggressively weighed on the precious metal.
Fortescue FY 2022 results
The Fortescue Metals Group Limited (ASX: FMG) share price could be on the move today when the iron ore giant releases its full year results for FY 2022. Due to the iron ore price tumbling over the last 12 months, the market is expecting the miner to report a sizeable profit decline to US$6,200 million. This is expected to lead to a final dividend of 127 US cents per share being declared.
