We can thank the Chinese for this morning's weak open as our market is expected to give up all of yesterday's surprise gains and then some.
The whopping 8% plus crash in Shanghai's stock exchange yesterday reverberated around the world and caused US and European equity markets to suffer sizable falls.
We won't escape the downdraft as the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is forecast to open 0.7% in the red following Monday's late rally that sent the index jumping 0.4% to 5589.9.
One of few asset classes that appears to have benefited from the blow to global investor confidence is gold as the precious metal rebounded 1% to $US1,096.40 an ounce. That will be good news for the likes of Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST).
Gold's reaction is understandable as it is seen as a safe haven but I am surprised to see iron ore bounce 1.8% to $US52.35 a tonne. I am not sure if that will be enough to keep Rio Tinto Limited (ASX: RIO) in the black though and it will be interesting to see if Atlas Iron Limited (ASX: AGO) can recover some of its 70% loss after the stock emerged from its trading halt yesterday.
What is perhaps clearer is that it won't be a good day for energy stocks like Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) with the oil price slumping into bear territory, which is defined by a 20% or more drop from the peak.
The West Texas Intermediate (WTI) fell 1.6% to a four month low of $47.39 a barrel and only a last minute surge saved it from finishing below $US47.
But it will probably be junior oil & gas company Senex Energy Ltd (ASX: SXY) that could be capturing attention in the sector as it is expected to release its fourth quarter production numbers.
Elsewhere, cement supplier Adelaide Brighton Ltd. (ASX: ABC) will be in focus after it said it expected to generate cash proceeds of around $16 million in the first half of 2015 and $32 million in the second half from land sales. Net profit from these transactions is forecast to come in at around $32 million.
Listed office landlord DEXUS Property Group (ASX: DXS) is also likely to be in the spotlight after a Chinese sovereign wealth fund paid $2.45 billion for nine office towers, implying a yield of 5%. The Australian Financial Review suggested this will trigger a re-rating in the sector.
Investors will be keenly watching Programmed Maintenance Services Limited (ASX: PRG) as it holds its annual general meeting today. The staffing solutions company recently struck an agreement to acquire Skilled Group Ltd. (ASX: SKE) and shareholders will want to hear an update on the transaction.
Could education services firm Navitas Limited (ASX: NVT) enjoy a relief bounce today following its worse than expected full year result yesterday? The stock slumped 6.4% to $4.27 but at least one broker felt the sell-off is overdone and has upgraded the stock to "neutral" from "underperform".
The Chinese market crash has not derailed Platinum Asset Management Limited's (ASX: PTM) plans to start an Asian investment fund. The listed fund manager is looking to raise a maximum of $500 million for the new venture.
News that Westpac Banking Corp (ASX: WBC) is losing $1 million a day due to IT issues is likely to drag on the stock. The AFR reported that a glitch that prevents the bank identifying investor property loans is preventing the bank from following its peers in lifting rates for the group.
