On Friday the S&P/ASX 200 index finished the week with a disappointing 0.3% decline to 6,696.5 points.
Will the market be able to bounce back on Monday? Here are five things to watch:
ASX expected to open lower.
The Australian share market looks set to start the week as it finished it. According to the latest SPI futures, the ASX 200 index is poised to open the day 30 points or 0.45% lower this morning. This is despite a strong finish to the week on Wall Street which saw the Dow Jones storm 0.9% higher, the S&P 500 rise 0.45%, and the Nasdaq climb 0.6%.
Oil prices edge higher.
Australian energy producers Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) could be on the rise on Monday after oil prices edged higher on Friday. According to Bloomberg, the WTI crude oil price rose slightly to US$60.21 a barrel and the Brent crude oil price climbed 0.3% to US$66.72 a barrel. This meant that oil prices gained almost 5% last week.
Gold price higher.
Gold miners such as Newcrest Mining Limited (ASX: NCM) and Resolute Mining Limited (ASX: RSG) will be on watch on Monday after the gold price finished the week on a positive note. According to CNBC, the spot gold price climbed 0.4% to US$1,412.20 an ounce after traders looked past robust U.S. economic data.
Tech shares on watch.
The likes of Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX) could be on the rise on Monday after the technology-focused Nasdaq index finished the week on a high. Australia's leading tech shares often follow the lead of the Nasdaq index, which climbed 0.6% higher on Friday to reach a record high.
Amcor rated as a sell.
The Amcor PLC (ASX: AMC) share price will be on watch on Monday after analysts at Goldman Sachs retained their sell rating on the packaging company's shares. The broker notes that the industry is facing pricing pressures and appears concerned that sustainability trends are a negative for Amcor.
