On Tuesday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) followed the lead of U.S. markets and fell a disappointing 1.2% to 5,589.5 points.
Will the local market be able to bounce back on Wednesday? Here are five things to watch:
ASX futures pointing lower.
According to the latest SPI futures, the ASX 200 is expected to continue its slide on Wednesday. Current futures contracts are pointing to the benchmark index opening the day 0.2% or 11 points lower. In late trade on Wall Street the Dow Jones and Nasdaq indices are flat and the S&P 500 has slipped 0.1% lower. U.S. markets were up over 1% at one stage before giving back these gains.
Oil prices crash lower.
Energy shares such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could be poised for another disappointing day of trade after oil prices collapsed overnight. According to Bloomberg, the WTI crude oil price has fallen almost 8% to US$45.95 a barrel and the Brent crude oil price is down 6% to US$56.04 a barrel. As well as being weighed down by concerns over a supply glut, a speech by Chinese President Xi Jinping has raised trade war tensions again.
ANZ Bank annual general meeting.
The Australia and New Zealand Banking Group (ASX: ANZ) share price closed at a 52-week low of $23.69 on Tuesday. Disgruntled shareholders will be given a chance to air their grievances to management at its annual general meeting in Perth today. All eyes will be on the event for an update on trading so far in FY 2019 and shareholder voting.
National Australia Bank annual general meeting.
It isn’t just ANZ Bank holding its annual general meeting today. Fellow banking giant National Australia Bank Ltd (ASX: NAB) will host its event in Melbourne this morning. I’ll be looking out for a trading update and to see how shareholders vote in relation to its remuneration report. Rival Westpac Banking Corp (ASX: WBC) suffered a first strike against executive pay at its AGM last week.
Aristocrat Leisure dividend being paid.
Aristocrat Leisure Limited (ASX: ALL) shareholders haven’t had much to smile about over the last few months after its shares were sold off. But today they can look forward to receiving its fully franked 27 cents per share final dividend.
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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.
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