Our market is poised to extend yesterday's losses on the back of falls in US and European equities and a slide in commodity prices.
The futures market is pricing in a 0.4% decline in the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) in early trade following Tuesday's 0.7% drubbing.
Resource stocks are likely to be amongst the biggest drag as the price of iron ore fell 0.7% to $US52.93 a tonne as the market nervously looks to see if the steel making ingredient will drop below the $US50 psychologically important level as supply of the commodity swells with low cost producers like Vale and Rio Tinto Limited (ASX: RIO) ramping up production.
But it's BHP Billiton Limited (ASX: BHP) that will steal the spotlight as the world's largest miner by market capitalisation hands in its September quarter production report, which will likely add to the oversupply fear.
On the other hand, investors might take some comfort in the World Bank's prediction that the iron ore price will average $US59.50 a tonne in 2016, which implies that the worst of the sell-off might be over.
Gold stocks are likely to fare better today as the price of the precious metal gained 0.5% to $US1,176.68 an ounce with Doray Minerals Limited (ASX: DRM) and Saracen Mineral Holdings Limited (ASX: SAR) coming under scrutiny after Doray released its latest exploration result and Saracen unveiled its quarterly production report.
But Newcrest Mining Limited (ASX: NCM) could be heading in the opposite direction to the sector after Citigroup downgraded the stock to "neutral" from "buy" following its disappointing September quarter production numbers.
Outside of resources, toll road operator Macquarie Atlas Roads Limited (ASX: MQA) will have a chance to extend yesterday's record of $3.94 as it prepares to hand in its September quarter traffic numbers.
Infrastructure stocks have been performing particularly well in this volatile environment due to their relatively defensive income streams and Sydney Airport Holdings Ltd (ASX: SYD) is another recent example with the stock also hitting a record high on Tuesday following its strong quarterly update.
Embattled casino operator Crown Resorts Ltd (ASX: CWN) will also be in focus today after the Australian Financial Review reported Macau authorities have slashed the number of gaming tables at its joint venture casino in that country.
Coincidentally, Crown is looking to raise $350 million from Asian investors and is holding its annual general meeting (AGM) today.
But it isn't the only one expected to front shareholders. Vertically integrated energy company Origin Energy Ltd (ASX: ORG) is holding its AGM as well where it is expected to tell investors that it will exit all fossil fuel assets and investments.
Meanwhile, packaging company Amcor Limited (ASX: AMC), general insurer Insurance Australia Group Ltd (ASX: IAG) and health insurer Medibank Private Ltd (ASX: MPL) are also set to host their annual meetings today.
Stay tuned to the Motley Fool as we will bring you more details and analysis of some of these key events later today.
