BHP Stock – 5 things to watch on the ASX 200 on Monday 10 May 2021
On Friday the S&P/ASX 200 Index (ASX: XJO) finished a solid week on a positive note. The benchmark index rose 0.3% to 7,080.8 points.
Will the market be able to build on this on Monday? Here are five things to watch:
ASX 200 futures pointing lower
The Australian share market looks set to start the week with a small decline despite a solid finish on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the week 4 points lower this morning. On Wall Street on Friday, the Dow Jones rose 0.65%, the S&P 500 climbed 0.75%, and the Nasdaq stormed 0.9%.
Both the Crown Resorts Ltd (ASX: CWN) share price and the Star Entertainment Group Ltd (ASX: SGR) share price will be ones to watch closely amid speculation the latter has tabled a merger proposal. According to the SMH, Star is proposing a $12 billion merger that would create a gambling and hospitality giant.
Oil prices rise
Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could start the week on a positive note after oil prices pushed higher. According to Bloomberg, the WTI crude oil price rose 0.3% to US$64.90 a barrel and the Brent crude oil price climbed 0.3% to US$68.28 a barrel. Oil prices added 2% for the week.
Gold price pushes higher
Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) will be on watch today after the gold price stormed higher on Friday night. According to CNBC, the spot gold price recorded a 0.85% gain to US$1,767.0 an ounce. The precious metal had its best week in six months.
Iron ore price jumps again
The shares of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) could be on the rise today after the iron ore price continued its ascent. According to Metal Bulletin, the spot iron ore price rose US$10.37 per tonne or 5.1% to US$212.25 per tonne on Friday night.
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Fintech Zoom contributor James Mickleboro has no position in any of the stocks mentioned. The Fintech Zoom Australia has no position in any of the stocks mentioned. The Fintech Zoom has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.