We may be able to weather the sell-off in US and European equities as the drop in the US dollar kept most commodities afloat in overnight trade.
Poor economic data sent key European stock indices falling around 1%, while the US S&P 500 shed 0.5% last night but the futures market is expecting the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) to hold its ground this morning.
We will probably have to depend on mining stocks to keep our head above water as the greenback was on the back foot with the latest set of disappointing US retail sales and Chinese producer prices bolstering the view that US interest rates will not rise till 2016.
A weak US dollar is positive for commodities and copper responded with a 1.2% advance to $US2.4170 a pound while iron ore inched up 0.3% to $US55.12 a tonne.
This should set our mining heavyweights like BHP Billiton Limited (ASX: BHP) up for a good day and gold producers like Newcrest Mining Limited (ASX: NCM) will also join in the rally as the price of the precious metal rallied 1.4% to $US1,185.15 an ounce.
However, a 1.2% drop in the West Texas Intermediate oil price to $US46.11 a barrel will put pressure on energy stocks, although Woodside Petroleum Limited (ASX: WPL) will be thrust into the spotlight after the Australian Financial Review reported that it is considering lifting its takeover offer by a modest amount for Oil Search Limited (ASX: OSH) just to entice the latter to the negotiation table.
Woodside is also expected to release its third quarter production figures today.
Another stock fending off a takeover is Australia's largest listed pub owner Australian Leisure & Entrtmt Pty Mgt Ltd (ASX: LEP). The property group said the unsolicited takeover offer from its largest shareholder Caledonia significantly undervalues the company.
There is also a report on Bloomberg that the owners of embattled surf wear company Quicksilver are keen to merge the organisation with Billabong International Limited (ASX: BBG).
Meanwhile, Chilean conglomerate Sigdo Koppers is among the bidders shortlisted for steel producer Arrium Ltd's (ASX: ARI) grinding media business, according to The Australian. Sigdo Koppers attempted and failed to make a joint bid for engineering contractor Bradken Limited (ASX: BKN).
The wait is nearly over for Asciano Ltd's (ASX: AIO) shareholders as the competition watchdog is expected to announce its decision on whether it will oppose Brookfield's bid for the logistics company. This is one of the last major hurdles for the transaction.
National Australia Bank Ltd. (ASX:NAB) will also be in focus on reports that it has struck a deal to sell its MLC insurance business with Nippon Life.
There're plenty of quarterly updates for investors to mull over today too. Investment management group Challenger Ltd (ASX: CGF) will release its quarterly assets under management report, while supply chain group Brambles Limited (ASX: BXB) will report its September quarterly results.
A number of miners will also be handing in their quarterly production reports. This includes iron ore producer Fortescue Metals Group Limited (ASX: FMG), mineral sands miner Iluka Resources Limited (ASX: ILU) and coal company WHITEHAVEN COAL LIMITED (ASX: WHC).
