On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week deep in the red. The benchmark index dropped 0.7% to 7,403.6 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 is poised to open the week higher following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 19 points or 0.25% higher on Monday. In the United States, the Dow Jones was up 0.5%, the S&P 500 rose 1%, and NASDAQ jumped 1.9%.
Oil prices rise
It could be a good start to the week for ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) after oil prices pushed higher on Friday night. According to Bloomberg, the WTI crude oil price was up 0.6% to US$80.58 a barrel and the Brent crude oil price climbed 0.9% to US$84.99 a barrel. This was the fifth week in a row of gains for oil prices.
Origin quarterly
The Origin Energy Ltd (ASX: ORG) share price will be on watch this morning when the energy giant releases its quarterly update. Investors may be looking to see if management provides another update on its Energy Markets guidance. In May, the company upgraded its FY 2023 Energy Markets underlying EBITDA guidance to between $950 million and $1,200 million.
Gold price rises
ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a decent start to the week after the gold price pushed higher on Friday night. According to CNBC, the spot gold price was up 0.7% to US$1,958.8 an ounce. Traders were bidding the gold price higher on optimism that inflation is now under control.
Champion Iron rated as a buy
The Champion Iron Ltd (ASX: CIA) share price could be good value according to analysts at Goldman Sachs. This morning, the broker has reiterated its buy rating on the iron ore miner's shares with a $7.00 price target. This implies approximately 20% upside from current levels. Goldman said: "We think CIA is at a FCF and possibly capital returns inflection point."
