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Morning Bell 15 October

Bell Direct
October 15, 2020

The futures are suggesting a pull-back of 0.2%, which will trim off some of this week’s gain of 1.3%.

U.S. equities pulled back for the second session overnight, as investors came to grips that an American COVID-19 stimulus deal wouldn’t be reached before the November 3 presidential election.

As for Commodities: The oil price lifted over 2% for the second day, nudging over US$41.11. Gold firmed 1% higher to US$1,905.

What to watch today:

  1. The future for coal exports to China: BHP (ASX:BHP) confirmed that Chinese customers have deferred orders of Australian coal.
  2. Reporting today: Alumina (ASX:AWC) and Whitehaven Coal (ASX:WHC).
  3. AGMs today: Audinate Group (ASX:AD8), ARB Corporation (ASX:ARB) and Perpetual (ASX:PPT).
  4. The unemployment rate is expected to rise from 6.8% to 7.1% with 35,000 jobs expected to be lost in September amid Victoria being the second most populated state in lockdown.
  5. Data from the Australian Banking Association tells us that repayments have resumed for about half of the deferred loans.

Trading ideas:

  • Afterpay (ASX:APT) had its price target increased to $121.00 by Bell Potter. We have not heard from other brokers yet but are expecting more upgrades given APT passed the external monetary laundering AUSTRAC audit, with the body saying it would not investigate Afterpay further.
  • UBS restamped Zip (ASX:Z1P) as a sell with a $5.50 target. We know Zip’s results yesterday at face value were strong, but Zip’s results were weaker than what the market was expecting given it’s taken over QuadPay.
  • Following CSL’s (ASX:CSL) AGM yesterday, Citi maintained the blood therapy business as a Buy with a $325 target, with the market focused on FY21 and the strong demand for plasma and blood therapies.
  • Adairs (ASX:ADH), Whisper (ASX:WSP) and MNF Group (ASX:MNF) are all showing bullish charting signals – according to Trading Central

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