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Morning Bell 29 October

Bell Direct
October 29, 2020

The futures are suggesting that the ASX200 is eyeing a fall of 1.7% or 103 points at the open. There’s five days until the U.S. election, and as its history goes, the risk-off environment continues. The Dow sank over 900 points, or 3.4%, its biggest retreat since June. The tech-heavy Nasdaq fell 3.7%, but it’s still up 21% this year.

Commodities mirrored equities; Oil fell 5% to US$37.34, and Gold lost 1.8% to US$1,877.

What to watch today:

  • Quarterly results are out today for: ANZ (ASX:ANZ), Fortescue Metals Group (ASX:FMG), Newcrest Mining (ASX:NCM), Orocobre (ASX:ORE), Janus Henderson (ASX:JHG) and IOOF Holdings (ASX:IFL).
  • ANZ’s results showed their statutory profit fell 40% to $3.58 profit.
  • AGMs: Australian Ethical (ASX:AEF), Challenger (ASX:CGF), JB Hi-Fi (ASX:JBH), Jumbo Interactive (ASX:JIN), Pinnacle Investment Management (ASX:PNI), Reece (ASX:REH), Reliance Worldwide Corporation (ASX:RWC).

Trading ideas:

  • Bell Potter upgraded Life360’s (ASX:360) Buy rating, increasing its price target to $7.70 implying 92.5% upside in a year.
  • Afterpay (ASX:APT) was also upgraded by Bell Potter, increasing its Buy rating and price target to $137. That implies 33% upside in a year. Morgan Stanley targets $121.
  • UBS upgraded Qantas Airways’ (ASX:QAN) Buy rating, increasing its price target to $5.25 with the focus on Australian travel growth.
  • Champion Iron Ltd (ASX:CIA), Vulcan Energy Resources (ASX:VUL) and ResMed (ASX:RMD) are all showing bullish charting signals according to Trading Central

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