5 things to watch on the ASX 200 on Monday

On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index fell 0.8% to 7,148.7 points.

Will the market be able to bounce back from this on Monday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to continue its slide on Monday following a poor finish to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 27 points or 0.4% lower this morning. On Wall Street, the Dow Jones was down 0.85%, the S&P 500 fell 1.1%, and the NASDAQ dropped 1%.

Oil prices tumble

ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a poor start to the week after oil prices dropped on Friday night. According to Bloomberg, the WTI crude oil price was down 2.1% to US$74.50 a barrel and the Brent crude oil price fell 2.6% to US$79.04 a barrel. Recession concerns weighed on oil prices.

Chalice named as a buy

The Chalice Mining Ltd (ASX: CHN) share price could rise materially from current levels according to the team at Bell Potter. This morning, the broker has retained its speculative buy rating with an $11.10 price target on its shares. Although Chalice has delayed its scoping study at the Gonneville deposit, the broker was pleased to see “opportunities to potentially improve recoveries of palladium, platinum, and gold.” Bell Potter sees scope for this to increase its gross-revenue-per-tonne well ahead of its current estimates.

Brambles rated as a sell

The Brambles Limited (ASX: BXB) share price could be overvalued according to analysts at Goldman Sachs. This morning, the broker has reiterated its sell rating with a $10.75 price target. The broker said: “We see poor medium term cash generation with elevated pooling capex (currently) and incremental transformation capex going forward. Separately, the risk of the company losing its legacy Costco business remains in place should Costco proceed with its plastics transition with an alternative pooler and/or a different business model.”

Gold price rises

Gold shares Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday. According to CNBC, the spot gold price was up 0.85% to US$1,803 an ounce during the session. This couldn’t stop the precious metal from having its worst week in a month after the US Federal Reserve hardened its inflation stance.

The post 5 things to watch on the ASX 200 on Monday appeared first on The Motley Fool Australia.

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More reading

• Shopping spree: What happened to the Woolworths share price today?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why Bank of Queensland, Block, Fletcher Building, and Newcrest are dropping today
• Dirty dichotomy: Why Woodside’s record profits might have only painted a bigger target on its back
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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