The Aussie share market is eyeing a gain of 0.6% at the open, a welcome lift from the 3.4% fall Monday to Thursday this week.
U.S. economic growth rebounded in the third quarter up 33.1%, beating expectations and almost in a V shape recovery formation. That rebound in growth erased the 31.4% plunge in GDP in the second quarter.
What to watch today:
- AMP (ASX:AMP) confirmed it has received a takeover offer from Ares Management. The takeover offer amount was not disclosed, but you’d think AMP shares will rally on the hype.
- Northern Star Resources (ASX:NST), ResMed (ASX:RMD) and National Storage REIT (ASX:NSR) report quarterly results today.
- Carsales.Com (ASX:CAR), Austal (ASX:ASB), EML Payments (ASX:EML), GWA Group (ASX:GWA), Integral Diagnostics (ASX:IDX), Recce Pharmaceuticals (ASX:RCE) and Southern Cross Media Group (ASX:SXL) hold their AGMs today.
Local trading ideas:
- Bell Potter reiterated The a2 Milk Company (ASX:A2M) as a sell with a $12.70 target, implying it will fall 11% in a year.
- Citi reiterated ship builder Austal (ASX:ASB) as a buy, but trimmed its target price to $4.30.
- UBS reiterated Newcrest Mining (ASX:NCM) as a buy, but trimmed its price target by 50 cents, to $38.00 with UBS saying although NCM’s costs are higher, its gold mine in WA is still growing nicely.
- Matador Mining (ASX:MZZ), PRO-PAC Ltd (ASX:PPG) and Catapult Group International (ASX:CAT) are all showing bullish charting signals according to Trading Central.