Our market is expected to hold its ground even as markets in the US and Europe suffered substantial falls and most commodities retreated in overnight trade.
The futures market is pointing to a flat start to trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) although how the trading day pans out is difficult to predict as the market has been registering fairly big swings during intra-day trade in recent times.
Don't expect to get much help from the miners like BHP Billiton Limited (ASX: BHP) as the Metal Bulletin iron ore price fell 1.4% to $US64.25 a tonne, and the West Texas Intermediate (WTI) oil price slipped 0.7% to $US59.52 a barrel.
Copper also took a 1.1% hit to fall to $US2.65 a pound although the 0.6% bounce in the gold price to $US1,186 an ounce on fears of Greece exiting the European Union couldn't come soon enough for Newcrest Mining Limited (ASX: NCM) as the gold miner slumped to a three-month low of $13.09 yesterday.
Fellow gold miner Northern Star Resources Ltd (ASX: NST) will also be in focus after management said output from its Kundana project will range between 100,000 and 110,000 ounces of gold for 2015.
Recent bargain hunting among the big banks is likely to continue in the near-term as valuations in the sector are starting to look attractive again after their big sell-off. Australia and New Zealand Banking Group (ASX: ANZ) could get a boost from an upgrade by Credit Suisse to "outperform" with a price target of $33 a share.
However, the banks know they have to firm up their balance sheets to meet stricter regulatory requirements for capital. Westpac Banking Corp (ASX: WBC) said it sold 82 million shares in BT Investment Management Ltd (ASX: BTT) to boost its capital ratios.
Other listed fund managers could come under pressure today on worries that the other banks might also consider a similar move.
Telecom stocks will also be in the spotlight after TPG Telecom Ltd's (ASX: TPM) failed attempt to thwart the acquisition of Amcom Telecommunications Limited (ASX: AMM) by Vocus Communications Limited (ASX: VOC).
Amcom secured enough shareholder votes to seal the deal and Bell Potter upgraded its recommendation on Vocus to "hold" from "sell" with a price target of $6.25 a share.
Meanwhile, iiNet Limited (ASX: IIN) has sent out the scheme booklet encouraging its shareholders to vote in favor of TPG acquiring the company. You can read more about this developing story here.
But corporate activity extends beyond the telco sector. Brookfield Asset Management, Qube Holdings Ltd (ASX: QUB), and Hutchinson Ports Australia may be looking to buy a stake in Asciano Ltd's (ASX: AIO) Patrick container ports division, reports the Australian Financial Review.
Grocery distributor Metcash Limited (ASX: MTS) could also extend yesterday's 2% plus gain on the back of its better-than-expected result and the sale of its auto parts business as analysts at the Commonwealth Bank of Australia (ASX: CBA) upgraded the stock to "overweight" from "neutral".
On the flipside, Ten Network Holdings Limited (ASX: TEN) has lost favour with analysts. Credit Suisse and CBA cut the stock to a "sell" equivalent rating from "neutral" following news that cable TV operator Foxtel will buy a 14.9% stake in the free-to-air television company as Ten Network undertakes a heavily discounted capital raising.
You can read more about Ten Network here.
