On Friday the S&P/ASX 200 Index (ASX: XJO) finished a solid week on a positive note. The benchmark index rose 0.5% to 6,824.2 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 futures pointing higher
It looks set to be a strong start to the week for the Australian share market following a positive finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the week 49 points or 0.7% higher this morning. On Wall Street on Friday night, the Dow Jones rose 1.4%, the S&P 500 jumped 1.7%, and the Nasdaq stormed 1.25% higher. This appears to have been driven partly by weak US inflation data.
Chinese wine tariffs extended
The Treasury Wine Estates Ltd (ASX: TWE) share price will be on watch today amid news that China will be keeping it tariffs on Australian wine for five more years. This will mean ~200% tariffs for the company until at least 28 March 2026. The Australian government is widely expected to refer the dispute to the World Trade Organization in the near future.
Tech shares could rise
Australian tech shares such as Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) look set to push higher today after a strong end to their week for their US counterparts. With the local tech sector having a tendency to follow the lead of the tech-heavy Nasdaq index, its 1.25% gain on Friday bodes well for the local sector this morning.
Oil prices surge higher
It looks set to be a good day for energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL). According to Bloomberg, the WTI crude oil price climbed 4.1% to US$60.97 a barrel and the Brent crude oil price rose 4.2% to US$64.57 a barrel. This was driven by concerns that the Suez Canal blockage could last for weeks.
Gold price rises
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 0.45% to US$1,734.70 an ounce. The precious metal rose despite booming equities.
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More reading
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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