The local S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is expected to open considerably lower again today, compounding the effects of yesterday's heavy selloff.
The Sydney Futures Exchange is currently pointing to a 52-point drop when the market opens, representing a fall of around 1%. That follows a 1% drop for the Dow Jones and NASDAQ indices overnight while London's FTSE 100 also fell 0.9%.
BHP Billiton Limited's (ASX: BHP) London-listed shares shed another 2.3% overnight, pointing to another tough day of trading for Australia's biggest miner. Rio Tinto Limited (ASX: RIO), on the other hand, could enjoy a better day after its London-listed shares rose 0.4% in response to a higher iron ore price.
Gold mining stocks like Newcrest Mining Limited (ASX: NCM) and EVOLUTION FPO (ASX: EVN) will also be in focus. Both fell sharply on Monday, but a slight recovery in the gold price overnight could see them back on top today.
OzForex Group Ltd (ASX: OFX) released its first-half earnings results this morning, reporting a 30% lift in revenue and a 6% increase in net profit, compared to the prior corresponding period. The currency business' shares have been on a tear recently, and investors will be hoping that trend continues today.
News Corp (ASX: NWS) could come under some pressure after Credit Suisse trimmed its target price from $24 to $23.40. As quoted by The Australian Financial Review, Credit Suisse said, "The stock has had a solid run and we see scope for further near-term upside as becoming more limited. We move to 'neutral', from 'outperform', as a result."
Shares of Santos Ltd (ASX: STO) will remain in a trading halt today after the energy producer announced a $2.5 billion capital raising to the market yesterday. Meanwhile, Westpac Banking Corp (ASX: WBC) could be in the eyes of investors before it goes ex-dividend during tomorrow's session.
Other things that could sway the market's mood today are National Australia Bank Ltd.'s (ASX: NAB) business survey as well as China consumer inflation figures.
