Market wraps 16th July 2020
Morning Bell - Jessica Amir
The Aussie share market is eyeing a 0.3% lift at the open, which will be a nice addition to this week’s 2.3% gain.
Following better than expected economic news, industrial production rose 5.4% in June quarter, much more than expected, spelling its biggest rise since 1959. Meanwhile New York manufacturing numbers came out, also much stronger than expected, showing the biggest gain since 2018. All of this supports the V-shape economic recovery.
What to watch today:
- It’s Aussie employment data day. 113,000 jobs are expected to be added in June, which could mark an encouraging recovery from the 228,000 jobs lost in May. On the flip side, the unemployment rate is also expected to rise to 7.4%.
- Later this evening U.S. retail sales data is out, which is expected to rise again.
- UBS increased Woodside Petroleum's (ASX:WPL) buy rating and price target to $27.00, seeing upside in its multi-billion dollar growth projects. Yesterday Woodside announced second quarter revenue fell 30% due to LNG prices, that was weaker than expected, which is why it’s shares fell 2.2% to $20.96.
- Bell Potter rose Afterpay’s (ASX:APT) price target to $83.00. APT confirmed its services will now be available in Apple Pay and Google Pay wallets.
- Bell Potter reiterated Senex Energy (ASX:SXY) as a buy, increasing its target to $0.35.