australian federal budget

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On the eve of the Australian Federal Budget being handed down tomorrow night - with a massive $4 billion injection into infrastructure expected – the Aussie share market futures suggest the market will get off to a slow start this week – the futures suggesting a dip of 0.1%. 

What to watch: 

• Iron ore surged over 3% taking the key steel ingredient off the charts to US$204. Morgan Stanley expects the iron ore price will rise to US$215 this year – and this will benefit Fortescue Metals Group (ASX:FMG). 
• All eyes on Crown Resorts (ASX:CWN) following an increased takeover offer and a merger proposal.
• Pendal (ASX:PDL) reported half year results and entered a trading halt after announcing plans to buy a US investment company for $413 million.
• The a2Milk Company (ASX:A2M) shares are likely to come under further pressure today as it advised it won’t be meeting its guidance and that its earnings will be significantly lower.
• Economic news out – NAB business confidence for April.  

Trading ideas:

• Bell Potter reiterated Regis Resources (ASX:RRL) as a BUY but reduced its price target to $4.08, implying 51% growth in a year. 
• OceanaGold (ASX:OGC), Hazer (ASX:HZR) and Euro Manganese (ASX:EMN) are all giving off bullish charting signals according to Trading Central.

The futures are suggesting a lift of 1.2% or 67 points, but trading is expected to be thin given it’s a public holiday in NSW, SA, ACT, QLD – so expect industrials and economic recovery stocks to be stronger, and tech stocks to follow Wall Street lower. 

It’s also going to be one of the busiest weeks economically since the pandemic - with the Australian Federal Budget being handed down tomorrow night and the RBA meeting with rates expect to remain on hold, while Westpac has gone out in a limb expecting a cut of 0.1%. 

What to watch today?
• Oil tracks steady, US$37, Gold holds at US$1,908.  
• On the economic side: NAB confidence numbers are out along with services sector data.  

Trading ideas:
• Integrated Research (ASX:IRI) was upgraded as a Buy by Bell Potter, with a new $4.25 target, on the back of the company releasing new products and renewing licences. Bell Potter is forecasting EPS growth of 10%, 11% and 15%, over the next three years.
• AFT Pharma (ASX:AFP) was rated a Hold by Bell Potter, with an increased $5.11 target after seeing a strong rise in sales in over-the-counter medicines associated with the protection of COVID-19 infections.
• Keep an eye on Black Cat Syndicate (ASX:BC8) and Amaysim (ASX:AYS) – both showing bullish charting signals - according to Trading Central.