Morning Bell 17 December

Jessica Amir
December 17, 2020

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

U.S. stocks rose to new record highs overnight after the U.S. central bank upgraded its outlook for the American economy next year. The Federal Reserve now expects growth of 4.2% next year and for the unemployment rate to drop to 5%. The Fed also committed to buying $120 billion in bonds each month until full employment is reached.

What to watch today:

  • Elders (ASX:ELD) holds its AGM today.
  • The mid-year economic and fiscal outlook is set to be released today.

Local trading ideas:

  • Pacific Smiles (ASX:PSQ) was reiterated as a Bell Potter hold with a $2.65 price target, while Morgan Stanley upgraded PSQ to a buy with a $3.00 price target.
  • Perseus Mining (ASX:PRU), Centuria Capital (ASX:CNI) and MoneyMe (ASX:MME) are all showing bullish charting signals according to Trading Central.

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