The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a mixed start to the week on Monday. The benchmark index gave back its morning gains to finish flat at 5,773.4 points.
Will the market be able to push higher on Tuesday? 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 marginally higher on Tuesday. Current futures contracts are pointing to a 4 point or 0.1% gain this morning. This follows a disappointing start to the week on Wall Street which in late trade sees the Dow Jones down 0.4%, the S&P 500 0.5% lower, and the Nasdaq down 0.75%. U.S. stocks fell due to concerns over the upcoming earnings season.
Fortescue downgraded to sell.
The Fortescue Metals Group Limited (ASX: FMG) share price could come under pressure today after Goldman Sachs downgraded it to a sell rating. The broker made the move on the belief that low grade iron ore prices will decline in the second quarter of 2019 due to weakness in China.
Oil prices slide again.
Energy producers such as Oil Search Limited (ASX: OSH) and Santos Ltd (ASX: STO) will be on watch today after oil prices continued to slide. According to Bloomberg, the WTI crude oil price has fallen 1.6% to US$50.74 a barrel and the Brent crude oil price has dropped 2% to US$59.29 a barrel.
Dividends being paid.
The specialised and focused global equity fund of Magellan Financial Group Ltd (ASX: MFG) will pay its 3 cents per share interim distribution to eligible unit holders today. The Magellan Global Trust (ASX: MGG) achieved a return of 5.9% last year, outperforming its benchmark by 4.5%.
Brexit vote tonight.
Shares with meaningful exposure to the UK such as Pendal Group Ltd (ASX: PDL) and Premier Investments Limited (ASX: PMV) will be on watch today ahead of the Brexit vote tonight. According to Bloomberg, prime minister Theresa May is likely to have her Withdrawal Bill voted down.
