Morning Bell 18 October

Jessica Amir
October 18, 2021

US equities rose on Friday and closed higher for the third straight week.

This morning, the Aussie share market is set to open higher, with the futures suggesting a rise of 0.4%.

What to watch today:

  • Stocks that could benefit from the reopening of the economy will be in focus today, as vaccine certificates for international travel will be available from Tuesday ahead of the easing of international travel restrictions.
  • Hard commodities such as metal and energy commodities are in the green, while soft commodities such as cotton, beef, poultry and hogs are lower.
  • The oil price pushed higher to a new 7-year high, trading at US$82.28.
  • Temple and Webster (ASX:TPW) provided an updated EBITDA in the first half of the year, due to a “strong tailwind of ongoing adoption of online shopping”, fuelled by structural shifts from COVID-19. TPW will be investing more into online marketing, with the goal of becoming the largest online retailer for furniture and homewares. TPW is a Bell Potter HOLD stock.
  • In global economic news:
    • Flash PMI surveys (performance indicators of the services and manufacturing industries) will be released this week for Australia, the US, the UK and the Eurozone.
    • China’s central bank will decide this week if it will provide economic support.
    • Also out this week: US housing data, UK retail data, Eurozone consumer confidence, and China’s third quarter GDP.
    • Australia’s service sector data for October will be released on Friday.

Trading Ideas:

  • Bell Potter reiterated Eagers Automotive (ASX:APE) as a BUY stock with a price target of $18.75, implying 28% share price growth in a year.
  • Bullish charting signals have been identified in Breaker Resources (ASX:BRB), Rumble Resources (ASX:RTR) and Challenger Exploration (ASX:CEL) according to Trading Central.

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