On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) bounced back from Monday's selloff with a 0.4% gain to 5,575.9 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX futures pointing higher.
The Australian share market is expected to open higher today. According to the latest SPI futures, the ASX 200 is poised to climb 0.2% or 12 points higher at the open following a positive night of trade on Wall Street. Late in the U.S. session the Dow Jones is up 0.1%, the S&P 500 is 0.15% higher, and the Nasdaq has pushed 0.4% higher.
Westpac AGM.
The Westpac Banking Corp (ASX: WBC) share price will be on watch on Wednesday when the banking giant holds its annual general meeting in Perth. Investors will be hoping that the bank provides a positive update on trading conditions in the banking sector.
Altium rated as a buy.
A note out of Goldman Sachs reveals that it has initiated coverage on Altium Limited (ASX: ALU) with a buy rating and $28.50 price target. With the broker forecasting an EBIT compound annual growth rate of 34% over the next three years, it believes that Altium's shares are trading at an attractive level for investors.
Oil prices creep higher.
Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) shares may have a better day of trade on Wednesday after oil prices creeped higher overnight. According to Bloomberg, the WTI crude oil price rose 1.25% to US$51.64 a barrel and the Brent crude oil price pushed 0.4% higher to US$60.19 a barrel.
Local economic data.
A couple of key pieces of data will be released today. This includes the Westpac-MI consumer confidence reading for December and the Australian Bureau of Statistics' house price data for the third quarter.
