On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in a disappointing fashion. The benchmark index sank 0.9% to 7,115.2 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 rise
The Australian share market looks set to open the week higher following a solid finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% higher on Monday. In the United States, the Dow Jones was up 0.7%, the S&P 500 rose 0.7%, and the NASDAQ charged 0.95% higher.
Oil prices push higher
ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good start to the week after oil prices charged higher on Friday night. According to Bloomberg, the WTI crude oil price was up 1% to US$79.83 a barrel and the Brent crude oil price climbed 1.3% to US$84.48 a barrel. Oil prices rose following a fire at a refinery in Louisiana, United States.
Fortescue results
The Fortescue Metals Group Ltd (ASX: FMG) share price will be on watch this morning when the iron ore giant releases its FY 2023 results. Goldman Sachs expects Fortescue to report revenue of US$16,775 million and EBITDA of US$10,074 million. A full-year dividend of US$1.26 per share has been pencilled in by the broker.
Gold price edges lower
ASX 200 gold shares Bellevue Gold Ltd (ASX: BGL) 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 0.2% to US$1,943.3 an ounce. The precious metal fell after the US Fed warned that more rate hikes could be coming.
Wesfarmers rated neutral
The Wesfarmers Ltd (ASX: WES) share price could be around fair value according to Goldman Sachs. Its analysts have responded to the conglomerate's FY 2023 results by upgrading its shares to a neutral rating with a $49.80 price target. The broker was impressed with Wesfarmers' "strong set of results" but feels it "is trading at fair value."
