The Aussie share market looks set for another positive day with a lift of 0.6% on the cards according to the futures. U.S. stocks rallied to a record closing high, buoyed by lawmakers unveiling a $908 billion stimulus plan, which includes $200 billion in pay check protection for small businesses.
What to watch today:
- Yesterday the RBA announced the economic recovery is going better than expected, with the Aussie economy tipped to have recovered by the end of next year. The central bank forecasts GDP of 5% next year and 4% the year after in 2022.
- Today, we get a gauge as to how much the economy grew in the September quarter with growth of 2.6% expected. That means the economy will have recovered from its first recession in 29 years, as the last two quarters of growth were negative. So… if growth is higher, expect stocks in mining, airlines, travel, tourism, consumer spending to do well, if it’s weaker, expect a pull back.
- Bell Potter upgraded GrainCorp’s (ASX:GNC) Buy rating with an increased $5.05 price target (implying 14% upside in a year). GNC has had a bumper year and season, with its crop at an 11-year high and 75% above its 10-year average.
- UBS upgraded its Buy rating on SSR Mining (ASX:SSR). UBS increased SSR’s target to $33. A recent technical report showed that its mine in Turkey is large scale, low cos, and has a long-life of 20 years.
- Bell Potter reiterated its favourite COVID-19 recovery stocks are Aristocrat Leisure (ASX:ALL), ANZ Banking Group (ASX:ANZ), Macquarie Group (ASX:MQG), Flight Centre Travel Group (ASX:FLT) and Qantas Airways (ASX:QAN).
- Goodman Group (ASX:GMG), ReadyTech Holdings (ASX:RDY) and Nick Scali (ASX:NCK) are all showing bullish charting signals according to Trading Central.