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Morning Bell 7 June

Paulina Peters
June 7, 2021

US equities lifted on Friday, after the key May jobs report was released. The US economy added 559,000 jobs in May, coming in slightly lower than the estimate of 671,000. Despite the miss, it still showed a healthy rebound in the labor market and boosted confidence in the economic comeback. The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%.

Tech shares rebounded on Friday following the jobs report miss and the US 10-year treasury yield falling. We saw Zoom up about 5% and Tesla up around 4.5%.

The Aussie share market is set to reset its record high at the open, with the futures suggesting the market will lift 0.10% or 7 points higher to 7,300 points.

What to watch today:

  • In economic news this week, tomorrow Business Confidence is out for May– the question will be if levels will rise above the record high 26 points set in April. Then on Wednesday, Consumer Confidence is out for June where the focus will be on whether Victoria’s lockdown will pull confidence levels back from their current level of 113.1.
  • On Friday the Oil price hit an intra-day high of US$72 a barrel, for the first time since 2019. This was off the back of OPEC discipline and demand hopes. Also boosting Oil, was a slowdown in talks between the US and Iran, which reduced expectations of a rise in Iranian oil supply.
  • Iron ore eased below $US210 a tonne given weaker sentiment in China’s steel market.
  • The Gold price rose 1% off the back of softening bond yields.
  • The most traded stocks by Bell Direct clients last Friday were: Steadfast Group (ASX:SDF), Telstra (ASX:TLS) and Westpac (ASX:WBC). Our advised clients most traded stocks were also Steadfast and Telstra, as well as iShares Core Composite Bond ETF (ASX:IAF).

Trading Ideas:

  • Bell Potter have reiterated their BUY recommendation on iron ore company BCI Minerals (ASX:BCI), with an increased price target of $0.69 (previously $0.57). BCI closed 2.5% up last Friday to $0.42, which implies a huge 64% share price growth.
  • Bell Potter has also maintained their BUY recommendation on pharmaceutical company Mayne Pharma (ASX:MYX), with a price target of $0.56.
  • Pilbara Minerals (ASX:PLS), Venturex Resources (ASX:VXR) and QBE Insurance Group (ASX:QBE) are all giving off bullish charting signals according to Trading Central.

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