The Aussie share market is set to gain 0.7% at the open, which should erase yesterday’s fall of 0.1%. Tech stocks on Wall Street rebounded rising 2.1%, with the S&P500 in striking distance of a record high. The UK market rose 2%, with the other major indices following. A big reason for this is global COVID-19 cases are continuing to fall.
What was notable in commodities was that the oil price jumped 2% to US$42.56, its highest level since early March after U.S. oil supply dropped.
What to watch today:
– Australian unemployment data is out for July, it is expected to worsen from 7.4% to 7.8% last month.
– Companies reporting today: AGL Energy (ASX:AGL), AMP (ASX:AMP), Breville (ASX:BRG), Evolution Mining (ASX:EVN), Goodman (ASX:GMG), Telstra (ASX:TLS), QBE (ASX:QBE), Treasury Wine (ASX:TWE) and Woodside Petroleum (ASX:WPL).
Local trading ideas:
– Mesoblast (ASX:MSB) was reiterated as a Bell Potter speculative buy with a $6.00 target.
– Bell Potter downgraded CBA (ASX:CBA) from a buy to a hold with a $78 target.
– WiseTech (ASX:WTC) was downgraded by Citi to a sell.