Market wraps 3rd August 2021
Morning Bell - Jessica Amir
On Monday the Aussie share market rose 1.3%, supported by gains in Afterpay (ASX:APT) and Pilbara Minerals (ASX:PLS).
This morning, the futures are suggesting the market will fall 0.3%, peeling back from yesterday’s record high.
What to watch today:
- The iron ore spot price fell 3% and the iron ore seaborn price fell 14%, to its lowest level since April. This is due to China’s unexpected commitment to cutting steel production.
- The copper price fell 1%, while the oil price rose 0.3% to US$71.50.
- The RBA meet today, expected to hold rates at 0.1%. The focus will be on increasing the amount of bonds the RBA buys. Currently, the RBA is buying $100 billion bonds, with this program ending in September. After September, the RBA planned to decrease the amount of bonds bought each week from $5 billion to $4 billion. This may change given the current restrictions.
- Credit Corp Group (ASX:CCP) are set to release their earnings today.
- Copper and gold producer, Aeris Resources (ASX:AIS) is a Bell Potter Speculative BUY stock, with a new price target of $25.50, implying 15% share price growth in a year.
- Zip (ASX:Z1P), Seven West Media (ASX:SWM), and Westgold Resources (ASX:WGX) are all giving off bullish charting signals, according to Trading Central.