Brace yourself. Our market is poised to fall for the fifth consecutive day as US and European equities took a tumble along with commodities.
But the 0.3% spill on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) that the futures market is forecasting this morning isn't so bad given that Wall Street and key European stock benchmarks slumped by around 1%.
Energy stocks like Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) are expected to extend yesterday's losses with the West Texas Intermediate (WTI) oil price crashing 2.8% to $US58.00 a barrel; while base metals and gold producers like OZ Minerals Limited (ASX: OZL) and Newcrest Mining Limited (ASX: NCM) will come under pressure from the 1.5% drop in copper to $US2.69 a pound and 0.8% decline in gold to $US1,175 an ounce.
Investors will also be mulling news that Woodside is considering investing in a US liquefied natural gas joint-venture worth $US8.5 billion.
However, iron ore bucked the trend once again with a further 2.3% gain to $US64.77 a tonne. It's hard to say what is driving the steel making ingredient as the commodity seems to be ignoring how the US dollar is going or economic news from China.
But miners like Fortescue Metals Group Limited (ASX: FMG) won't be complaining. It is also looking at selling its Chichester asset, according to The Australian.
There has been speculation that Fortescue needs to raise capital and asset sales could be one way for the miner to avoid selling new shares when the stock is so depressed.
Outside of resources, big banks Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) will also be in the spotlight as they hold their New Zealand investor update.
Household and personal care products supplier McPherson's Ltd (ASX: MCP) is likely to take a beating today as it issued a profit warning after the market closed last night.
Mobile money transfer company eServGlobal Limited (ASX: ESV) also issued an earnings update ahead of its half year result, which will be announced at the end of the month.
On the corporate action front, engineering contractor Bradken Limited (ASX: BKN) received a takeover offer from private equity firm Kohlberg Kravis Roberts after Bradken rejected a bid from Pacific Equity Partners and Koch in April, as reported The Australian.
I have been touting Bradken as a hot stock to watch for its takeover appeal as corporate interest in the embattled sector heats up.
