On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a day to forget when it sunk 1.8% lower to 5,834.2 points.
Will the market be able to bounce back on Wednesday? Here are five things to watch:
ASX futures pointing higher.
According to the latest SPI futures, the ASX 200 is expected to open the day higher on Wednesday. At the time of writing futures contracts are pointing to a 0.1% or 6 point rise at the open. This follows a mixed night on Wall Street which in late trade sees the Dow Jones down 0.25%, the S&P 500 0.1% lower, and the Nasdaq up 0.25%.
Oil prices crash lower.
Australian energy shares such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) could tumble deep into the red today after oil prices crashed lower overnight. According to Bloomberg, the WTI crude oil price has fallen 7% to US$55.77 a barrel and the Brent crude oil price has dropped 6.5% to US$65.57 a barrel. Oil prices were hit hard when OPEC downgraded its 2019 demand forecasts for the fourth time in as many months.
Annual general meetings.
A number of companies will be holding their annual general meetings today. These include waste management company Bingo Industries Ltd (ASX: BIN), share registry company Computershare Limited (ASX: CPU), private health insurer Medibank Private Ltd (ASX: MPL), gold miner Newcrest Mining Limited (ASX: NCM), and struggling private hospital operator Ramsay Health Care Limited (ASX: RHC).
Later this morning the Australian Bureau of Statistics will release its wage data. According to the AFR, economists are expecting a 2.3% annual increase in local wages. If wage growth comes in stronger than expected, it could give the Reserve Bank of Australia something to think about. At present the market is expecting rates to remain on hold until November 2019.
Dividends being paid.
A number of shares are paying their dividends today. These include property trusts Charter Hall Long WALE REIT (ASX: CLW) and Convenience Retail REIT (ASX: CRR), and regional bank Bank of Queensland Limited (ASX: BOQ). The latter is paying a 38 cents per share fully franked dividend, which equates to a 3.9% yield.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Computershare and Ramsay Health Care 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.