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Morning Bell 6 July

Jessica Amir
July 6, 2021

The Aussie share market is set to rise 0.3% or 19 points, ahead of the RBA meeting today.

What to watch today:

  • The RBA meeting minutes will be a huge focus today, given the lockdowns across the nation. The RBA previously committed to buying $200 billion in bond purchases, in the aim of keeping corporate interest rates low and supporting borrowing by businesses. Investors will be watching whether the RBA reduces buying bonds, as this will increase interest rates for company borrowing.
  • Tech stocks could see selling pressure today. Watch Afterpay (ASX:APT), Zip Co (ASX:Z1P), Appen (ASX:APX) and Altium (ASX:ALU).
  • Banking stocks will be in the spotlight today and could see profit taking this week, amid the RBA’s announcement.
  • The Australian Banking Association (ASX:ABA) today announced an independent review of the Banking Code of Practice, aiming to ensure banks meet consumer and community expectations.
  • The oil price jumped to US$76.00, its highest in almost 3 years. This is due to a gas leak that caused a fire in the Gulf of Mexico, as well as the cancellation of a meeting with OPEC and other oil producers.
  • The copper price rose 1.6%.

Trading Ideas:

  • Ardent Leisure (ASX:ALG) was reiterated as a Citi BUY stock, with a $1.30 price target, implying 33% share price growth in the year.
  • Inoeer (ASX:INR), Scentre Group (ASX:SCG) and Strike Energy (ASX:STX) are all giving off bullish charting signals according to Trading Central.

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