Can our market mark its sixth consecutive day of rises even as the price of most commodities tumbled in overnight trade?
Traders are willing to bet "yes" with the futures market pointing to a 0.3% advance for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) thanks to gains on European and US bourses.
If our market does end higher today, I think it will have a good shot at trying for the 5,800 level in the short term, but don't expect gold miners like Newcrest Mining Limited (ASX: NCM) or energy giants such as Woodside Petroleum Limited (ASX: WPL) to contribute to gains today.
The gold price slumped 2.2% to fresh five-year lows of $US1,106.80 as the market got spooked by a large sell order in Shanghai, while the higher US dollar and oversupply fears sent the West Texas Intermediate (WTI) oil price tumbling 1.5% to $US50.15 a barrel.
Energy stock Oil Search Limited (ASX: OSH) couldn't have chosen a more inauspicious day to release its June quarter production figures.
But at least it won't be alone. Gold miner EVOLUTION FPO (ASX: EVN) is also expected to announce its fourth quarter results and copper miner OZ Minerals Limited (ASX: OZL) will hand in its second quarter numbers as well.
Iron ore miners like Fortescue Metals Group Limited (ASX: FMG) might be the only shining light in the sector after the Metal Bulletin reported that the price of the commodity enjoyed its best gain since July 9 when it jumped 3.4% to $US52.39 a tonne.
But Fortescue will have to share the spotlight with iron ore and steel producer Arrium Ltd (ASX: ARI) after the company released its quarterly after the market closed yesterday. Management said the company shipped 11% less ore in the June quarter compared with the previous quarter and plans to sell 9-10 million tonnes of ore in 2015-16.
Outside of resources, toll road operator Macquarie Atlas Roads Limited (ASX: MQA) is expected to announce its June traffic numbers, while its peer Transurban Group (ASX: TCL) will also be in focus after the Australian Financial Review reported that the $1.5 billion BrisConnections Airport Link will start next week. Transurban is believed to be interested in bidding for the asset.
Another big Queensland transaction will put the spotlight on casino operators Echo Entertainment Group Ltd (ASX: EGP) and Crown Resorts Ltd (ASX: CWN). Echo has beaten its rival to win the right to develop a casino resort at Queen's Wharf in Brisbane.
Finally, wine maker Treasury Wine Estates Ltd (ASX: TWE) reached an agreement to sell its Asti Winery in California and will recognise a pre-tax loss of around $US7.5 million ($10.2 million) on the transaction.
Let's hope the Reserve Bank of Australia's interest rate decision and outlook statement this afternoon doesn't derail the positive start to the day.
