5 things to watch at the ASX 200 on Monday, August 29, 2022

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On Friday, the S&P/ASX 200 Index (ASX:XJO) ended the week on a very positive note. The benchmark index rose 0.7% to 7,104.1 points.

Will the market be able to take advantage of this on Monday? Here are five things to watch:

ASX 200 expected to drop

It looks like it will be a bloodbath in the Australian stock market on Monday after a massive sell-off on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 104 points or 1.5% lower this morning. On Wall Street, the Dow Jones was down 3%, the S&P 500 fell 3.4% and the NASDAQ plunged 3.95%. This was fueled by aggressive comments from the US Federal Reserve.

Oil prices rise

energy producers Santos Ltd. (ASX:STO) and Woodside Energy Group Ltd (ASX: WDS) could have a better-than-average start to the week after oil prices rose on Friday. According to Bloomberg, the price of WTI crude rose 0.6% to $93.06 a barrel and the price of Brent crude rose 1.65% to $100.99 a barrel. Traders were offering higher oil amid signs that OPEC might cut its output.

A2 milk results

the A2 Milk Company Ltd (ASX: A2M) share price will be one to watch on Monday when the struggling infant formula company releases its full-year results. According to a Bell Potter note, its analysts expect the company to report a 34.5% rise in profit after tax to NZ$108.6 million. This is slightly lower than the market consensus estimate of NZ$113.9 million.

The price of gold plummets

gold miners Newcrest Mining Limited (ASX:NCM) and Northern Star Resources Ltd (ASX: NST) could have a rough start to the week after the price of gold fell on Friday night. According to CNBC, the spot price of gold fell 1.2% to $1,750.80 an ounce. The prospect of the US Fed raising rates aggressively weighed on the precious metal.

Fortescue Fiscal Year 2022 Results

the Fortescue Metals Group Limited (ASX:FMG) share price could be on the move today when the iron ore giant releases its annual results for fiscal 2022. Due to the falling price of iron ore over the past 12 months, the market The miner is expected to report a sizable profit decline to $6.2bn. This is expected to lead to a final dividend of 127 cents per share being declared.

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