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The Aussie share market futures are suggesting a 0.6% fall at the open. This means we are likely to trim off the week-to-date gain of 2.53%.
COVID-19 cases continued to rise overnight in U.S. states like Arizona and Texas, some of the first to re-open. China has shut down all schools in Beijing and cancelled several domestic flights to slow down the spread of the second wave.
Investors will be watching the unemployment rate which is out at 11:30am. The market is expecting the unemployment rate to rise to 7%, with 125,000 expected to have lost their jobs last month. If these numbers are worse than expected or unemployment is near the 10% mark, like the RBA expects, the market will react negatively. If unemployment is better than expected showing our recovery is ahead of the curve, the market is likely to rally with cyclical stocks like banks, retailers and other consumer spending stocks to do well.
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