On Friday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) finished the week on a positive note with a gain of 0.7% to 5,905.6 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
ASX futures pointing lower.
According to the latest SPI futures, the ASX 200 is expected to open the day lower on Tuesday. Current futures contracts are pointing to a decline of 0.5% or 30 points this morning following a disappointing night of trade on Wall Street. Late in the session the Dow Jones is down 1.1%, the S&P 500 has fallen 1%, and the Nasdaq is down 1.3%.
Oil prices crash lower.
Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) shares could come under pressure today after oil prices crashed lower overnight. According to Bloomberg, the WTI crude oil price is down 3.3% to US$51.89 a barrel and the Brent crude oil price has dropped 2.9% to US$59.84 a barrel.
Costa Group could be a takeover target.
The Costa Group Holdings Ltd (ASX: CGC) share price will be on watch on Tuesday after the horticulture company was named as a potential private equity takeover target. According to the AFR, a number of investment banks have been suggesting buy out firms consider Costa after its shares were sold off at the start of the month.
ResMed set to sink lower.
The ResMed Inc. (ASX: RMD) share price looks likely to fall heavily on Tuesday after its US listed shares continued to slide. The sleep treatment medical device company's US listed shares have now plunged 22% since the release of its quarterly results, compared to a 12% decline by its ASX listed shares.
Adelaide Bank cuts rates.
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price will be one to watch today after its subsidiary Adelaide Bank slashed its fixed rates for new borrowers by 40 basis points according to the AFR. It appears that the regional bank has sacrificed margins in the hope of boosting its market share.
