Thu. May 26th, 2022

Young woman dressed in suit sits at cafe and stares at laptop screen with hands on forehead and looks tense

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On Friday d S & P / ASX 200 Index (ASX: XJO) was sold due to concerns over a new strain of COVID-19. The benchmark index fell 1.7% to end the week at 7,279.3 points.

Will the market be able to come back from this on Monday? Here are five things to see:

The ASX 200 is expected to sink again

The Australian stock market looks set to start the new week the same way it ended last week. According to the latest SPI futures, the ASX 200 is expected to open the day 104 points or 1.4% lower this morning. This follows a sale on Wall Street on Friday, with the Dow Jones down 2.5%, the S&P 500 down 2.3% and the Nasdaq down 2.2%. Dow had its worst day of the year.

Oil prices are plummeting

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will likely start the week deep in red after oil prices fell Friday night. According to Bloomberg, the WTI crude oil price fell 13.05% to $ 68.15 per barrel. barrel, and the Brent crude oil price has fallen 11.55% to $ 72.72 per barrel. barrel. Oil had its worst day of the year due to concerns that the new omicron strain of COVID-19 could hit demand, just as supply is rising.

ANZ shares valued as a purchase

That Australia and New Zealand Banking GrpLtd (ASX: ANZ) stock price may be in the buy zone according to the team at Bell Potter. This morning, the broker retained its buy rating and $ 31.00 price target on the banking giant’s shares. Bell Potter notes that there are significant opportunities to decarbonize the economy and the bank is well positioned to ease net zero issues.

The price of gold is rising

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) was able to start the week with a positive tone after the market sale boosted safe haven assets. According to CNBC, the spot gold price rose 0.45% to $ 1,792.30 per share. ounce.

The prices of iron ore are falling

BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) shares could start the week in red after iron ore prices fell on Friday night. According to the Metal Bulletin, the benchmark fines dropped by 62% US $ 5.68 or 5.5% to US $ 96.67 per tonne. Things were even worse for low-quality iron ore, which fell $ 5.31 or 7.1% to $ 69.60 per barrel. ton.

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