On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week on a disappointing note. The benchmark index fell to 0.75% to 7,403.7 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
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ASX 200 expected to fall again
The Australian share market looks set to fall heavily again on Monday. According to the latest SPI futures, the ASX 200 is expected to open the day 68 points or 0.9% lower this morning. This follows a disappointing end to the week on Wall Street, which saw the Dow Jones fall 0.5%, the S&P 500 drop 0.9%, and the Nasdaq tumble 0.9%.
Oil prices drop
Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a poor start to the week after oil prices dropped on Friday night. According to Bloomberg, the WTI crude oil price is down 0.9% to US$71.97 a barrel and the Brent crude oil price has fall 0.45% to US$75.34 a barrel. Oil prices fell after US supply from storm hit areas returned to the market.
Transurban wins WestConnex bidding
The Transurban Group (ASX: TCL) share price is likely to be in a trading halt today amid reports it has won the bidding for the remainder of WestConnex. According to the AFR, the toll road operator is understood to have made a $10 billion bid with its Sydney Transport Partners consortium, bringing its ownership to 100%. A $4 billion capital raising is expected to be launched today.
Gold price falls
It could be a subdued start to the week for gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) after the gold price dropped on Friday night. According to CNBC, the spot gold price fell 0.3% to US$1,751.40 an ounce. The gold price lost around 2% last week.
Iron ore prices tumble again
The shares of BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) could be under pressure again on Monday after iron ore prices tumbled further. According to Metal Bulletin, the spot benchmark iron ore price has tumbled 5% to US$101.95 a tonne.
