On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week in a disappointing fashion. The benchmark index tumbled 1% to 7,217.3 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 start the week in the red following a selloff on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 76 points or 1.1% lower this morning. On Wall Street, the Dow Jones fell 1.4%, the S&P 500 dropped 1.9%, and the Nasdaq sank 2.8% lower.
Oil prices storm higher
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a strong start to the week after oil prices stormed higher on Friday. According to Bloomberg, the WTI crude oil price rose 3.6% to US$93.10 a barrel and the Brent crude oil price rose 3.3% to US$94.44 a barrel. Escalating tensions between Russia and Ukraine sent prices higher
JB Hi-Fi first half update
The JB Hi-Fi Limited (ASX: JBH) share price will be on watch this morning when it releases its first half results. Last month the retail giant advised that it expects to report a 1.6% decline in sales to $4,861.8 million and a 9.4% decline in net profit after tax to $287.9 million. All eyes will be on its trading update for January and the start of February.
Gold price edges higher
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price rose on Friday night. According to CNBC, the spot gold price rose 0.25% to US$1,842.1 an ounce. The gold price added almost 2% to its value over the five days amid increased demand for safe haven assets.
Platinum downgraded to sell
The Platinum Asset Management Ltd (ASX: PTM) share price could be overvalued according to analysts at Bell Potter. This morning the broker has downgraded the fund manager's shares to a sell rating and cut the price target on them by 38% to $2.22. It commented: "PTM's underperformance highlights that this is not a stock for all seasons, and we cannot currently see much attraction."
