On Friday the benchmark S&P/ASX 200 index finished the week on a subdued note, falling a few points to 6,335.8 points.
Will the market be able to bounce back on Monday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market is set to start the week on a positive note. According to the latest SPI futures, the ASX 200 is poised to open the day 31 points or 0.5% higher this morning following a strong rally on Wall Street. Positive economic data sent the Dow Jones surging 0.75% higher, the S&P 500 up 0.95%, and the Nasdaq a sizeable 1.6% higher.
Westpac results.
This morning the Westpac Banking Corp (ASX: WBC) share price will be on watch when the banking giant releases its half year results. According to a note out of Goldman Sachs, its analysts are expecting Westpac to report half year cash earnings (before one offs) of $3,314 million, down 22% on the prior corresponding period. They also expect the bank to hold firm with its interim 94 cents per share dividend despite recent remediation costs.
Oil prices higher.
The shares of energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could bounce back on Monday after oil prices rebounded on Friday. According to Bloomberg, the WTI crude oil price rose 0.2% to US$61.94 a barrel and the Brent crude oil price climbed 0.15% to US$70.85 a barrel.
Macquarie shares on watch.
The Macquarie Group Ltd (ASX: MQG) share price will be one to watch on Monday. Many of Australia's leading brokers will now have had time to digest its full year results and guidance for FY 2020. Macquarie surprised the market on Friday when it said that FY 2020's profits were expected to be lower.
Gold price rises.
A rebound in the gold price on Friday could be good news for gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) on Monday. According to CNBC, the spot gold price rose 0.65% to US$1,280.20 an ounce after the U.S. dollar weakened. Copper and silver also finished the week on a positive note, rising 1.5% and 2.3% respectively.
