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Morning Bell 11 December

Jessica Amir
December 11, 2020

The ASX200 is eyeing a fall of 0.5% at the open.

CSL and the University of Queensland have abandoned their COVID-19 vaccine trial, as the risk of failure was too high.

House Speaker Nancy Pelosi said bipartisan negotiations were leading to “great progress”, but both sides were still debating over a liability waiver for businesses, leading to no progress on new U.S. stimulus.

U.S. unemployment claims rose more than expected last week, with jobless claims jumping to 800,000, the highest level since October.

The Iron price jumped to US$151 per tonne after rising 3%, collectively gaining 63% this year.

What to watch today:

  • Expect CSL (ASX:CSL) to see a pull back today and to fall under $300. Keep in mind the potential COVID-19 vaccine was not a revenue stream for the business as they are the biggest blood therapy business in the world, and number two in flu shots. Once restrictions ease, blood plasma collections are expected to pick up again, hence why UBS has a $346 price target for CSL and Credit Suisse targets $325.
  • Pendal (ASX:PDL) and Westpac (ASX:WBC) will hold their AGMs today.

Local trading ideas:

  • Baby Bunting (ASX:BBN) was reiterated as a Citi buy with a $5.48 price target.
  • Beach Energy (ASX:BPT) was initiated as a Bell Potter buy with a $2.29 target, implying 24% upside in a year from yesterday’s close.
  • NEXTDC (ASX:NXT), Breville (ASX:BRG) and Enero Group (ASX:EGG) are all showing bullish charting signals according to Trading Central.

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