Market wraps 17th June 2020
Morning Bell - Jessica Amir
The Aussie futures are suggesting a 0.5% gain at the open following yesterday’s gain of 3.9%, the best daily gain in 10 weeks.
U.S. Retail sales skyrocketed 17.5%, 10% more than expected in May. Plus, U.S. President Trump is tipped to be drafting up a $1 trillion infrastructure plan for roads, rail and 5G, which will create jobs for the economy as well.
In Europe, a drug called dexamethasone has been discovered that drastically reduces the death rate of gravely ill COVID-19 patients.
Investors will be watching New Home Sales data for May, BHP (ASX:BHP) and CSL (ASX:CSL).
Local trading ideas:
- Macquarie (ASX:MQG) has been reiterated as a buy by Bell Potter with a price target of $135, implying a 19% share price growth.
- AMA (ASX:AMA) was reiterated as a UBS buy given increased traffic on the roads.
- UBS has reiterated Viva Energy (ASX:VEA) as a buy, increasing its price target to $2.30 following its gain yesterday of 16%.