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Morning Bell 4 December

Jessica Amir
December 4, 2020

The ASX200 is eyeing a fall of 0.1% at the open after rising for three straight days.

Pfizer and BioNTech plan to rollout 1.3 billion vaccines in 2021 and will catch up on the 50 million dose shortfall from this year.

Weekly employment conditions improved in the U.S. despite COVID-19 cases continuing to rise.

What to watch today:

  • Keep an eye on commodities. So far this week, Fortescue Metals (ASX:FMG) shares are up 11%, Rio Tinto (ASX:RIO) rose 10% to a decade high, BHP (ASX:BHP) gained 7% to a yearly-high. Morgan Stanley’s favourite copper stock is Oz Minerals (ASX:OZL) and Sandfire (ASX:SFR), which is backed by Morgan Stanley and Credit Suisse as a Buy.
  • AP Eagers (ASX:APE) and Premier Investments (ASX:PMV) hold their AGMs today.
  • Retail sales are due out for October and are tipped to rise 1.6%, so keep an eye on consumer spending stocks.

Local trading ideas:

  • Qantas (ASX:QAN) was given an upgrade by UBS with a new target of $6.20. Domestic capacity will increase to almost 70% of COVID-19 levels by the end of the year and will be at 80% by the end of March next year.
  • Macquarie (ASX:MQG) was upgraded by Bell Potter as a Buy with an increased $150 target, implying 8% upside in a year from yesterday’s close. Macquarie is buying U.S. based asset manager and then selling a part of that business for a profit. These transactions should see Macquarie’s profit lift 3% after FY24 according to Bell Potter.
  • Harvest Technology (ASX:HTG), MyFiziq (ASX:MYQ) and Whisper (ASX:WSP) are all showing bullish charting signals according to Trading Central.

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