On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with a sizeable decline. The benchmark index fell 0.7% to 6,605.6 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 rebound
The Australian share market looks set to start the week in a positive fashion after a very strong night on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 57 points or 0.9% higher this morning. On Wall Street, the Dow Jones was up 2.15%, the S&P 500 rose 1.9%, and the NASDAQ climbed 1.8%.
Oil prices storm higher
Energy producers Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a good start to the week after oil prices stormed higher on Friday. According to Bloomberg, the WTI crude oil price rose 1.9% to US$97.59 a barrel and the Brent crude oil price climbed 2.1% to US$101.16 a barrel. However, this couldn't stop oil prices recording a large weekly decline amid recession fears.
ANZ rumoured to be buying Suncorp Bank
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price will be in focus today as M&A rumours continue to swirl. As well as being in talks to acquire MYOB, ANZ is rumoured to be interested in acquiring the banking operations of Suncorp Group Ltd (ASX: SUN) for somewhere in the region of $5 billion. A capital raising to fund the deal is expected to be announced this morning.
Gold price edges lower
Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a subdued start to the week after the gold price edged lower on Friday night. According to CNBC, the spot gold price was down 0.1% to US$1,708.17 an ounce. This meant the gold price recorded its fifth successive weekly decline. Demand for the precious metal is fading as interest rates rise.
Rio Tinto named as a buy
The Rio Tinto Limited (ASX: RIO) share price could be great value according to a note out of Goldman Sachs. In response to its quarterly update, the broker has retained its buy rating with a slightly trimmed price target of $124.10. It said: "Despite challenges in 1H22, we see RIO returning to production growth in 2H22 with +6% in Cu Eq prod growth in 2023E driven by the Gudai-Darri iron ore mine and a rebound in mined copper volumes."
