Our market is expected to open on a firmer note thanks to gains in US and European equities that's driven by speculation that Greece is close to striking a deal with its creditors.
But don't expect the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) to recover much of yesterday's 0.9% loss as traders are only betting on a 0.1% rise for the index this morning as most commodities fell in overnight trade.
The West Texas Intermediate (WTI) oil price tumbled 2.6% to $US59.64 a barrel while gold gave up 0.8% to $US1,185 an ounce and copper slipped 0.4% to a little under $US2.73 a pound.
However, iron ore bucked the trend as it rose 0.5% to a three-and-a half-month high of $US63.33 a tonne.
That's great news for higher cost producers like Fortescue Metals Group Limited (ASX: FMG) but I think it is too early to think it's out of the woods as most commodity analysts are forecasting a correction in the iron ore price in the second half of this calendar year.
But it isn't only the miners that will be in focus today. Investors will be paying close attention to investment manager Challenger Ltd (ASX: CGF) and Australia and New Zealand Banking Group (ASX: ANZ) as both hold their investor day today.
It's ANZ that will likely steal the limelight though following allegations that it is hindering an interest rate fixing investigation by the Australian Securities Investments Commission.
Fellow banking giant National Australia Bank Ltd. (ASX:NAB) will also be in the spotlight after the Australian Financial Review reported that it is in talks to sell its underperforming life insurance business to Nippon Life.
Grocery and auto parts supplier Metcash Limited (ASX: MTS) warned this morning that it will take a $640 million non-cash impairment charge; while trading systems company Iress Ltd (ASX: IRE) has acquired finance content provider Innergi.
Elsewhere, drug maker and pharmacy business Australian Pharmaceutical Industries Ltd (ASX: API) could come under pressure as Solomon Lew is trying to sell his 12% stake in the company, according to The Australian.
On the flipside, fertility treatment company Virtus Health Ltd (ASX: VRT) could catch a break with Moelis & Co. upgrading the stock to a "buy" from "hold" following the stock's 25.4% crash over the past two days that was triggered by a profit warning.
The valuation of Virtus is starting to look interesting, but I think rival Monash IVF Group Ltd (ASX: MVF) makes a better buy. Click here to see why.
