On Friday, the S&P/ASX 200 Index (ASX: XJO) finished the week in the red. The benchmark index fell 0.7% to 8,150 points.
Will the market be able to bounce back from this on Monday? Here are five things to watch:
The Australian share market looks set to rebound on Monday following a strong finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 26 points or 0.35% higher. In the United States, the Dow Jones was up 0.8%, the S&P 500 was 0.9% higher and the Nasdaq jumped 1.2%. Strong jobs data out of the United States gave the share market a big boost.
ASX 200 energy shares Santos Ltd (ASX: STO) and Woodside Energy Group Ltd (ASX: WDS) could have a decent start to the week after oil prices rose again on Friday. According to Bloomberg, the WTI crude oil price was up 0.9% to US$74.38 a barrel and the Brent crude oil price was up 0.55% to US$78.05 a barrel. Escalating tensions in the Middle East drove oil prices over 8% higher for the week.
The Rio Tinto Ltd (ASX: RIO) share price will be on watch today amid speculation that the mining behemoth is planning to make a takeover offer for lithium giant Arcadium Lithium (ASX: LTM). According to Reuters, sources claim that Rio Tinto was in talks with the lithium miner in London last week. An offer in the region of US$4 billion to US$6 billion has been touted. A deal would make Rio Tinto the third largest supplier of lithium in the world.
It could be a subdued start to the week for ASX 200 gold shares Newmont Corporation (ASX: NEM) and Northern Star Resources Ltd (ASX: NST) after the gold price eased on Friday. According to CNBC, the gold futures price was down 0.2% to US$2,673.2 an ounce. A stronger US dollar put pressure on the gold price.
Bell Potter thinks that Light & Wonder Inc (ASX: LNW) shares are in the buy zone right now. In response to a recent selloff due to the Dragon Train (DT) injunction, the broker feels that a buying opportunity has been created. It has retained its buy rating on the game developer's shares with an improved price target of $165.00. It said: "We have valued the mid-to-long term cash flows of the DT install base, possible remedies payable, and possible lost earnings in 4Q24 and CY25 and believe the market is pricing in risks beyond lost earnings from DT."
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