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Morning Bell 5 October

Jessica Amir
October 5, 2021

US stocks started their trading week in the red, with concerns about rising long- term interest rates.

The Aussie share market is set to open lower, with the futures suggesting a fall of 0.9%.

What to watch today:

  • In economic news, business confidence for September will be released, and the RBA will hold its monthly meeting. Interest rates are tipped to remain on hold until next year, however the market will be focusing on the RBA reconfirming that it will continue to buy bonds until February.
  • The oil price rose 2.3% to US$77.62, a 7-year high, despite OPEC saying they will increase oil output in November.
  • The iron ore price is steady at US$117. The focus for iron ore investors will be China‚Äôs biggest property developer, Evergrande.
  • Companies going ex-dividend today include Sims (ASX:SGM), Perenti Global (ASX:PRN) and BWX (ASX:BWX).

Trading Ideas:

  • Bell Potter reiterated Bega Cheese (ASX:BGA) as a BUY stock, with a price target of $6.35, implying 19% share price growth in a year.
  • Bullish charting signals have been identified in The a2 Milk Company (ASX:A2M), Mayne Pharma (ASX:MYX) and Rumble Resource (ASX:RTR), according to Trading Central.

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