On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week deep in the red. The benchmark index fell 1% to 7,221.7 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
ASX 200 expected to fall again
The Australian share market looks set to start the week in the red following a poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 51 points or 0.7% lower this morning. On Wall Street, the Dow Jones fell 0.7%, the S&P 500 dropped 0.7%, and the Nasdaq tumbled 1.2%.
Oil prices mixed
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch today after a mixed night for oil prices. According to Bloomberg, the WTI crude oil price fell 0.75% to US$91.07 a barrel and the Brent crude oil price rose 0.6% to US$93.54 a barrel. Oil prices recorded weekly declines amid optimism that Iranian sanctions will lift.
A2 Milk half year update
The A2 Milk Company Ltd (ASX: A2M) share price will be on watch this morning when the struggling infant formula company releases its half year results. According to CommSec, the market consensus estimate is for a net profit after tax of NZ$60 million. This will be down 50% from NZ$120 million during the prior corresponding period.
Gold price edges lower
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a soft start to the week after the gold price edged lower on Friday night. According to CNBC, the spot gold price fell 0.1% to US$1,889.8 an ounce. Despite this, the gold price added over 3% to its value over the five days thanks to increased demand for safe haven assets.
AGL takeover
The AGL Energy Limited (ASX: AGL) share price will be on watch today amid reports that the energy giant has received a takeover approach. Atlassian co-founder, Mike Cannon-Brookes, and Canadian infrastructure giant Brookfield are understood to have tabled an $8 billion or $7.50 per share offer to acquire the company. However, this is only a modest 4.7% premium to its last close price.
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
- These were the best performers on the ASX 200 last week
- What exactly is a share market ‘correction’ and is the ASX in one now?
- These were the worst performers on the ASX 200 last week
- Here are the top 10 ASX shares today
- Broker says Woodside (ASX:WPL) share price can keep rising
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 recommended A2 Milk. 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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