The main focus will be on the energy sector this morning due to corporate action and another big plunge in the oil price.
Russia's refusal to cooperate with the Organisation of the Petroleum Exporting Countries (OPEC) on production cuts sent the West Texas Intermediate oil price tumbling 3.8% to $US44.26 a barrel.
However, the broader market is expected to be listless with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) expected to open flat with Wall Street closed for the Labour Day holiday while European equities registered modest gains.
It's not only the fall in oil price that investors will be eyeing. Woodside Petroleum Limited (ASX: WPL) is believed to have made an informal approach to Oil Search Limited (ASX: OSH) about merging last night, according to the Australian Financial Review.
There's long been speculation that Woodside would like to acquire Oil Search although the Papua New Guinea government's 10% stake in the target complicates matters.
Fellow oil & gas company Santos Ltd (ASX: STO) will also share centre stage after The Australian reported that the company is looking to speed up asset sales to bolster its balance sheet following the stock's 72% crash over the past year as the oil price collapsed.
On the flipside, miners could find some support today with the copper price jumping 1.3% to $US2.3410 a pound and iron ore rallying 0.6% to a three-week high of $US56.85 a tonne overnight.
News that Swiss mining giant Glencore will cut production in the face of declining demand for copper sparked a rally in the red metal, and that will be welcome news to shareholders in OZ Minerals Limited (ASX: OZL) and Sandfire Resources NL (ASX: SFR).
Coincidentally, Rio Tinto Limited (ASX: RIO) is predicting a global copper shortage within two to three years, reports Reuters; while Sandfire released a positive result from its step-out drilling from the Monty copper-gold discovery located 10km east of its flagship DeGrussa mine.
Weak coal prices have not put off BHP Billiton Limited (ASX: BHP). The Sydney Morning Herald reports that the mining giant is planning on starting a second coal mine in Borneo within two years.
Perhaps the market is close to a bottom. Analysts at National Australia Bank Ltd. (ASX: NAB) believe the worst of the volatility is over and there will only be moderate declines in commodity prices in 2016.
Elsewhere, AGL Energy Ltd (ASX: AGL) sold half its stake in the Macarthur wind farm for $532 million to infrastructure investor Morrison & Co. The assets were sold at book value so no profit or loss will be recorded.
On the other hand, Macquarie Group Ltd (ASX: MQG) is looking to buy infrastructure assets with Reuters reporting that the investment bank is among companies that have expressed interest in two French airports.
Finally, media group Southern Cross Media Group Ltd (ASX: SXL) could come under pressure after the AFR reported that it is beig investigated by the corporate regulator over director share trading.
