On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) gave back a good portion of this week’s gains with a 1% decline to 5,713.1 points.
Will the market be able to bounce back on Wednesday? Here are five things to watch:
ASX futures pointing lower.
The Australian share market is expected to sink notably lower after another surprise selloff on Wall Street overnight. According to the latest SPI futures, the ASX 200 is expected to open the day 0.9% or 52 points lower this morning. In late trade the Dow Jones is down 2.6%, the S&P 500 has fallen 2.2%, and the Nasdaq is down 3.1%.
Tech shares likely to drop lower.
U.S. tech stocks have been amongst the hardest hit on Wall Street overnight, which could be bad news for local tech stars Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC). According to CNBC, the selloff has been caused by investors worried about a bond-market phenomenon signalling a possible economic slowdown.
TPG Telecom AGM.
All eyes will be on the TPG Telecom Ltd (ASX: TPM) share price today when the telco company holds its annual general meeting in Sydney. Traditionally the company will provide an update on how it is tracking towards its full year guidance.
It isn’t just TPG Telecom that will be providing an update today. Rival Telstra Corporation Ltd (ASX: TLS) is scheduled to host a 5G Update in Sydney on Wednesday. At the event the telco giant is expected to unveil its next generation mobile plans. Some suspect 5G will be an NBN-killer and a key driver of future growth for Telstra.
Later today the Australian Bureau of Statistics will release Australia’s September quarter GDP report. According to the latest Westpac Banking Corp (ASX: WBC) Weekly economic report, the bank is expecting “output growth of 0.7%, with risks tilted to the downside.” The bank expects annual growth to hold steady at 3.4%, subject to revisions.