Market wraps 9th November 2020
Morning Bell - Jessica Amir
The Aussie share market is eyeing a lift of 0.2% at the open.
The Senate has been won by majority Republicans, and the House of Representatives won by majority Democrats. Kamala Harris will become the first female elected Vice President, and investors will be focused on the stimulus that Joe Biden U.S. President elect will bring in. Both are set to be sworn in on the 20th of January.
What to watch today:
- Victoria has recorded its 10th straight day of zero COVID-19 cases or deaths. Victoria also eased restrictions and if all goes to plan, restrictions will ease again in two weeks from November 22nd.
- CSL (ASX:CSL) will start making 30 million doses of a COVID-19 vaccine in Victoria today. It is the University of Oxford and AstraZeneca’s candidate that will go into production with first doses set to be released in the first half of next year, pending the outcome of clinical trials and regulatory approval.
- Brexit talks will dominate headlines overseas, so keep an eye on stocks that earn money in the UK like Link Market Services (ASX:LNK) and Virgin Money (ASX:VUK).
- Locally, building approval numbers are out today and NAB’s business confidence is out on Tuesday.
Local trading ideas:
- Bell Potter increased Macquarie Group’s (ASX:MQG) Buy rating and target to $148.00, implying 9% upside.
- Citi reiterated pallet maker Brambles (ASX:BXB) as a Buy with a $12.90 target, expecting further upside in earnings by the end of 2021.
- News Corp (ASX:NWS) has been reiterated as a UBS Buy with a $25 target, after the company reported stronger than expected results last Friday.