On Monday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a disappointing start to the week when it sank 1% lower to 5,837.1 points.
Will the market be able to bounce back on Tuesday? Here are five things to watch:
ASX futures flat.
According to the latest SPI futures, the Australian share market is expected to open the day flat on Tuesday. This is despite a disappointing night of trade on Wall Street which saw the Dow Jones slide 0.35% lower, the S&P 500 fall 0.6%, and the Nasdaq sink 0.9%. The latter could be a sign that the Aussie tech share selloff hasn’t ended.
Banks at five-year lows.
One of the major drags on the market on Monday was the banking sector. Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) shares fell to five-year lows, whereas National Australia Bank Ltd (ASX: NAB) and Australia and New Zealand Banking Group (ASX: ANZ) shares fell to a 52-week low and a two-year low, respectively. Shareholders will be hoping that this is the bottom.
Rio Tinto quarterly update.
This morning the shares of mining giant Rio Tinto Limited (ASX: RIO) will be on watch when it releases its third quarter update to the market. Fellow mining giant BHP Billiton Limited (ASX: BHP) won’t be far behind, with its quarterly report due out 24 hours later.
Oil prices rise.
Oil Search Limited (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) shares could be on the rise on Tuesday after oil prices pushed higher. According to Bloomberg, the WTI crude oil price climbed 0.4% to US$71.65 a barrel and Brent crude oil rose 0.4% to US$80.75 a barrel. Oil prices pushed higher after Saudi Arabia made a veiled oil weapon threat.
Shares going ex-dividend.
The shares of Autosports Group Ltd (ASX: ASG) and Shaver Shop Group Ltd (ASX: SSG) are likely to trade lower on Tuesday after going ex-dividend this morning. Eligible shareholders of both companies can now look forward to receiving this dividend in their nominated accounts on October 31. Elsewhere, Amcor Limited (ASX: AMC) and BlueScope Steel Limited (ASX: BSL) are due to pay their latest dividends today.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.