The Aussie share market is eyeing a lift of 0.7% at the open following Wall Street’s rally for the fourth day.
Overnight, U.S. equities bounded ahead on hopes that a Presidential winner would soon be called, with Biden likely to win as he’s gained 50.4% of the votes. It also looks like the Republican party may win the Senate and Democrats may win the House of Representatives, given the current numbers. This means taxes could possibly not be hiked and that the China trade war may not get any worse.
What to watch today:
- Macquarie (ASX:MQG), News Corp (ASX:NWS), REA Group (ASX:REA) and Amcor (ASX:AMC) report results today.
- Chorus (ASX:CNU), James Hardie Industries (ASX:JHX) and Spark New Zealand (ASX:SPK) hold their AGMs today.
Local trading ideas:
- Ingham’s Group (ASX:ING), which is a Bell Potter Buy, had its price target increased to $4.25, implying 28% upside.
- UBS upgraded Treasury Wine Estates (ASX:TWE) from a Hold to a Buy with an slimmer $8.80 target. TWE shares have slipped about 40% in two months.
- With borders opening back up, Bell Potter increased Flight Centre’s (ASX:FLT) Buy rating and target to $16.50, implying 19% upside.
- Keep an eye on Qantas (ASX:QAN), which is a UBS Buy with a $5.25 target.
- Ingham’s (ASX:ING), Ramelius Resources (ASX:RMS) and Wiluna Mining (ASX:WMX) are all showing bullish charting signals according to Trading Central.