On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index fell 0.5% to 7,051 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 gain
The Australian share market looks set to open the week lower following a poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 30 points or 0.4% lower on Monday. In the United States, the Dow Jones was up 0.1%, but the S&P 500 fell 0.5% and the NASDAQ sank 1.2%.
Oil prices jump
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) will be on watch after a very strong session for oil prices on Friday night. According to Bloomberg, the WTI crude oil price was up 5.8% to US$87.69 a barrel and the Brent crude oil price was up 5.7% to US$90.89 a barrel. Rising tensions in the Middle East were behind the rise.
Treasury Wine AGM
Treasury Wine Estates Ltd (ASX: TWE) shares will be in focus today when the wine giant holds its annual general meeting. Treasury Wine could provide the market with an update on its performance during the first quarter of FY 2024 at the event.
Gold price surges
ASX 200 gold shares such as Bellevue Gold Ltd (ASX: BGL) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price surged higher on Friday night. According to CNBC, the spot gold price was up 3.1% to US$1,941.5 an ounce. Demand for the safe haven asset jumped after the Middle East conflict intensified.
Allkem named as a buy
The Allkem Ltd (ASX: AKE) share price could climb meaningfully from current levels according to Goldman Sachs. Its analysts have been looking at the lithium industry again and have retained their buy rating and $15.20 price target on its shares despite continuing to forecast lithium price weakness. This implies approximately 30% upside from current levels.
