On Friday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) ended the week on a positive note with a 0.4% gain to 5,681.5 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market is expected to open the day sharply lower after another selloff on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is poised to open 30 points or 0.5% lower on Monday. On Wall Street the Dow Jones dropped 2.2%, the S&P 500 fell 2.3%, and the Nasdaq tumbled 3% on the back of trade war concerns and a weaker than expected jobs report.
Tech selloff.
Australian tech shares including Afterpay Touch Group Ltd (ASX: APT) and Altium Limited (ASX: ALU) could come under pressure today after their U.S. tech peers were sold off on Friday. According to CNBC, all members of the FAANG group dropped notably lower after the Wall Street Journal reported that federal prosecutors will bring charges against Chinese hackers allegedly trying to break into technology service providers in the United States. This could put a strain on fragile trade talks between the two nations.
Oil prices rise.
Energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could move higher on Monday after oil prices finished the week on a positive note. According to Bloomberg, the WTI crude oil price rose 2.2% to US$52.61 a barrel and the Brent crude oil price climbed 2.7% to US$61.67 a barrel. Prices increased after OPEC defied President Trump with a larger than expected to output cut.
Shorts targeting Corporate Travel Management.
Another short seller is believed to have its eyes on Corporate Travel Management Ltd (ASX: CTD) despite the pullback in its share price over the last couple of months. According to the AFR, Macquarie's equities desk handled a short trade of 1.1 million shares on Wednesday. VGI and Perpetual Limited (ASX: PPT) have both confirmed to the media outlet that they were not responsible for the trade.
Washington H. Soul Pattinson dividend paid today.
Eligible shareholders of investment house Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) can expect to receive a dividend payment later today. Shareholders will receive a fully franked 30 cents per share final dividend in their nominated accounts.
