The ASX200 is eyeing a fall of 0.1% at the open as US stocks pulled back from their record highs.
The Democrats are attempting to impeach US President Donald Trump, while Joe Biden is set to be inaugurated next week.
All eyes on commodities:
- As the oil price holds 11-month highs on Saudi’s output cut. Bell Potter’s favourites are Beach Energy (ASX:BPT), Cooper Energy (ASX:COE) and Whitehaven Coal (ASX:WHC).
- The iron ore price holds 9-year highs at US$168, but its price pulled back 0.3% overnight.
- The gold price rose 0.6% overnight.
- The copper price fell 3%, its sharpest fall since October 1 last year.
Local trading ideas:
- JP Morgan and Ord Monett upgraded Oil Search (ASX:OSH) to a buy from a hold.
- Citi upgraded Platinum Asset Management (ASX:PTM) from a sell to a hold.
- Citi downgraded Costa Group (ASX:CGC) from a buy to a hold.
- Telix Pharmaceuticals (ASX:TLX), IVE Group (ASX:IVE) and Bisalloy Steel (ASX:BIS) are all giving off strong bullish charting signals according to Trading Central.