Market wraps 19th May 2020
Morning Bell - Jessica Amir
Aussie equities are set to set for a cracking trading day if you go by the futures, which are suggesting a 2% lift at the open.
The three keys reasons are:
- Moderna, another U.S company, is close to a COVID-19 vaccine after its trial treated 45 people.
- The U.S central bank chair said he was “highly confident” the economy will claw back from its pullback, but warned it may not fully recover until a COVID-19 vaccine is complete.
- The Chinese President vowed to share a COVID-19 vaccine once it’s available, he also pledged $2 billion towards the fight and also backed the World Health Organisation.
A trading idea for today, Bell Potter bumped up its price target for the agri-business Elders (ASX:ELD) to $11.75, implying a 14% share price growth in a year from yesterday’s close of $10.34.
Investors will be watching: James Hardie Industries (ASX:JHX), OFX Group (ASX:OFX), TechnologyOne (ASX:TNE), Adelaide Brighton (ASX:ABC), Atlas Arteria Group (ASX:ALX) & the RBA's meeting minutes.
In today's morning bell, Jessica covers:
- Local market - (0:03)
- Global markets - (0:47)
What to watch today:
- James Hardie Industries (ASX:JHX) - (1:38)
- OFX Group (ASX:OFX) - (1:38)
- TechnologyOne (ASX:TNE) - (1:44)
- Adelaide Brighton (ASX:ABC) - (1:48)
- Atlas Arteria Group (ASX:ALX) - (1:48)
- The RBA's meeting minutes - (1:55)
- Bell Potter trading idea: Elders (ASX:ELD) - (2:14)
- ETFs - (2:56)