On Tuesday the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its poor run and fell 0.4% to 5,671.8 points.
Will the market be able to bounce back on Wednesday? Here are five things to watch:
ASX futures pointing notably lower.
According to the latest SPI futures, the ASX 200 is expected to open the day down by a sizeable 1.1% or 63 points on Wednesday. This follows another disappointing night of trade on Wall Street which late in the session sees the Dow Jones down 2.5%, the S&P 500 lower by 1.8%, and the Nasdaq off 2.1%.
Coles to hit the ASX boards.
Coles Group Limited (ASX: COL) shares will hit the ASX boards this morning after its demerger from Wesfarmers Ltd (ASX: WES) was approved by the courts. The supermarket giant's shares are expected to trade in the $13.00 to $14.00 range. The Wesfarmers share price will trade notably lower today to reflect the demerger.
The Woolworths AGM.
Wesfarmers rival Woolworths Group Ltd (ASX: WOW) is holding its annual general meeting today. All eyes will be on the meeting to see if the retail conglomerate provides guidance for the first half or full year.
Other AGMs.
The REA Group Limited (ASX: REA) share price will be on watch today when it holds its annual general meeting. However, as the real estate listings company has only recently provided its first quarter results, it's unlikely anything new will be revealed at the meeting. Webjet Limited (ASX: WEB), on the other hand, is also holding its AGM and is expected to provide a trading update.
Oil prices crash lower.
It looks set to be another disappointing day of trade for Beach Energy Ltd (ASX: BPT) and Oil Search Limited (ASX: OSH) shares after oil prices crashed lower overnight. According to Bloomberg, the WTI crude oil price fell 6.8% to US$53.30 a barrel and the Brent crude oil price has fallen 6.6% to US$62.41 a barrel. Prices fell amid concerns that supply cuts won't prevent a supply glut.
