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Morning 26 June

Bell Direct
June 26, 2020

The Aussie futures are eyeing a 1.2% charge at the open, but local end of financial year selling and the U.S. Fed’s big announcement will keep gains in check, with the U.S. futures already suggesting a hesitant open on Friday.

The U.S. Fed made a huge announcement that big banks will have to suspend share buybacks and cap dividend payments at their current level for the quarter. Dividends will only be allowed to be paid based on a formula of the bank’s recent earnings, as the Fed forecasts loan losses of $700 billion with unemployment hitting 19.5%, significantly pressuring banks.

Today investors will be watching the big banks as they are expected to see pressure following the Fed’s announcement of rising debt levels. However, keep in mind many of our banks like CBA (ASX:CBA) have steady underlying income and balance sheets in good shape.

Local trading ideas:

  • Following Dr Martens, Vans, Athlete’s foot and shoe business, Accent Group (ASX:AX1) reporting FY20 earnings up 10% compared to the same time last year following tight costs, focus on online sales and government support, Bell Potter increased its price target to $1.80.
  • Citi increased its Newcrest Mining (ASX:NCM) valuation as production at the WA Havieron mine has been maintained. Newcrest has remained a Citi buy.
  • Macquarie (ASX:MQG) was declared Bell Potter’s top pick for FY21, giving it has strong underlying earnings, keeping in mind if COVID-19 didn’t occur, it’s profit would have been gained 4%, instead of fallen 8%. Bell Potter targets that Macquarie will grow to $135.

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