On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gave back Monday's gains and sank 0.4% lower to 6,161.5 points.
Will the market be able to bounce back on Wednesday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market is expected to open the day higher on Wednesday. The latest SPI futures are pointing to the S&P/ASX 200 opening higher by 0.45% or 28 points following a positive night of trade on Wall Street. The Dow Jones pushed 0.7% higher, the S&P 500 rose 0.5%, and the Nasdaq climbed 0.8% higher after trade tensions eased.
Oil prices surge higher.
Oil prices bounced back during overnight trade. According to Bloomberg, the WTI crude oil price rose 1.25% to US$69.77 a barrel and the Brent crude oil price rose 1% to US$78.83 a barrel. News that Saudi oil inventories have continued to decline appears to have been the catalyst for the gains. This could give the shares of Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) a boost during trade on Wednesday
Shares going ex-dividend.
A number of shares will go ex-dividend this morning. These include animal health business Apiam Animal Health Ltd (ASX: AHX), dentist operator Pacific Smiles Group Ltd (ASX: PSQ), and online travel agent Webjet Limited (ASX: WEB).
Mining giants set to climb higher.
The shares of BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) could be strong performers on the market today. The mining giants' US listed shares climbed 2.5% and 1.7%, respectively, during overnight trade. An increase in base metal prices seems to be behind these solid gains.
Healthscope property auction begins.
According to the AFR, private hospital operator Healthscope Ltd (ASX: HSO) has pulled in UBS to pitch its property portfolio to potential buyers. Analysts estimate that the portfolio could be worth upwards of $800 million to $850 million.