On Friday, the S&P/ASX 200 Index (ASX: XJO) finished a solid week in style. The benchmark index rose 0.6% to 7,279.5 points.
Will the market be able to build on this on Monday? Here are five things to watch:
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ASX 200 expected to edge lower
The Australian share market is expected to edge lower this morning following a poor finish to last week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 11 points lower on Monday. In the United States, the Dow Jones was down 0.3%, the S&P 500 dropped 0.15%, and NASDAQ fell 0.25%.
Oil prices fall
It looks set to be a subdued start to the week for ASX 200 energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices fell on Friday. According to Bloomberg, the WTI crude oil price was down 0.4% to US$71.55 a barrel and the Brent crude oil price dropped 0.4% to US$75.58 a barrel. Concerns about the US debt ceiling weighed on prices.
ASX 200 lithium shares on watch
There will be plenty of eyes on ASX 200 lithium shares such as Core Lithium Ltd (ASX: CXO) and Pilbara Minerals Ltd (ASX: PLS) on Monday. That's because lithium giant Sociedad Quimica y Minera de Chile (NYSE: SQM) released its first-quarter update on Friday and revealed softer profits. This was due to high stockpiles across the battery supply chain hitting demand.
Gold price charges higher
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a strong start to the week after the gold price charged higher on Friday night. According to CNBC, the spot gold price rose 1% to $1,979.9 per ounce. Renewed banking sector concerns boosted demand for the safe haven asset.
Silver Lake makes new offer
Fellow gold shares St Barbara Ltd (ASX: SBM) and Silver Lake Resources Ltd (ASX: SLR) will also be on watch after the latter improved its takeover offer for the former's Leonora assets. Silver Lake has increased its offer to $722 million. This comprises 327.1 million shares (valued at $352 million) and a cash component of $370 million cash (previously $326 million). The suitor notes that this proposal represents a significant premium to the revised Genesis transaction.
