Market wraps 3rd March 2020
Morning Bell - Jessica Amir
All eyes are on the RBA today, awaiting that key decision at 2.30pm with the the RBA’s rate indicator tipping rates will be cut to 0.5%, another record low from its current rock bottom 0.75%.
Overnight US stocks enjoyed their biggest bounce back since 2009 with investors buying the dip. We saw US stocks snap their seven day losing streak with monumental gains being seen across all the indices and oil which gained 6% as Russia pledged to cooperate with OPEC.
Aussie share market futures are suggesting the market will lift 1.1%/57 points. Yesterday the ASX200 lost 0.8% yesterday.
What else? Overnight Bell Potter upgraded Appen (ASX:APX), the machine and AI learning company from a Hold to a Buy, and expect its earnings for 2020 to come in higher than Appens’ forecast. Yesterday Appen closed 7% higher at $22.20.