On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week with the smallest of declines. The benchmark index edged a few points lower to 8,023.9 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 rise on Monday thanks to a strong finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.4% higher. In the United States, the Dow Jones was up 1.15%, the S&P 500 was 1.15% higher, and the Nasdaq jumped 1.5%. This was driven by comments out of the US Federal Reserve which revealed that interest rate cuts are coming.
Oil prices jump
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a great start to the week after oil prices jumped on Friday. According to Bloomberg, the WTI crude oil price was up 2.5% to US$74.83 a barrel and the Brent crude oil price was up 2.3% to US$79.02 a barrel. Rising tensions in the Middle East pushed prices higher.
Endeavour results
The Endeavour Group Ltd (ASX: EDV) share price will be one to watch on Monday when the drinks giant releases its FY 2024 results. According to a note out of Goldman Sachs, its analysts are forecasting total sales of $12,311 million and EBIT of $1,068 million. This will be an increase of 3.6% and 4.4%, respectively, year on year. This is expected to underpin total dividends of 21 cents per share for FY 2024.
Gold price rises again
It looks set to be a positive start to the week for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price stormed higher on Friday. According to CNBC, the spot gold price was up 1.2% to US$2,546.3 an ounce. The prospect of a rate cut in September in the United States boosted the precious metal.
Pilbara Minerals results
Pilbara Minerals Ltd (ASX: PLS) shares will be on watch today when the lithium giant releases its eagerly anticipated full year results. According to a note out of Bell Potter, its analysts are expecting the lithium miner to report sales of $1,254 million and EBITDA of $578 million. This will be down 69% and 82.5%, respectively, over the prior corresponding period. In light of this sharp profit decline, no dividend is expected to be declared for FY 2024.
