cyc

Yesterday the ASX200 closed in the red, down 0.55%, as investors took profits from several companies trading ex-dividend.

In New York, all three major indices closed with gains. The S&P500 and the Dow Jones closed higher 0.3% and 0.4% respectively. While the Nasdaq advanced 0.1%.

Following US equities, the SPI futures are suggesting the ASX200 will open 0.2% higher. 

What to watch today:

• In economic news, yesterday Australia’s Balance of Trade data was released. In July, trade surplus rose by $1 billion, to a record high of $12.1 billion, after June’s reading was upwardly revised to $11.1b. The $12.1b reading was well above the market consensus of $10.2 billion. And today, the Markit Services PMI for August will be released at 9am AEST.  
• Companies going ex-dividend today include Ampol (ASX:ALD), Bendigo and Adelaide Bank (ASX:BEN), Cyclopharm (ASX:CYC), People Infrastructure (ASX:PPE) and Resimac Group (ASX:RMC). 
• One of the most traded stocks by Bell Direct clients yesterday was Fortescue Metals (ASX:FMG). Its share price was under pressure due to the weakening iron ore price, which fell to a 7-month low this week. Flight Centre (ASX:FLT) was also one of the most traded stocks yesterday, after announcing a joint venture with a travel management business in Japan. 
• The oil price is trading 2.4% higher at US$69 a barrel. 
• Gold is trading lower at US$1,809 an ounce, awaiting the US government employment report and the Fed’s decision. 
• And the iron ore price is trading 1.8% lower at US$140 as China looks to flatline its output of steel.

Trading ideas:

• Bell Potter have upgraded their rating on biotechnology company Imugene (ASX:IMU) from a HOLD to a Speculative BUY, and have increased their price target from $0.25 to $0.52. The upgrade comes after IMU announced 3 separate studies that have the potential to be attractive to future development partners. IMU closed at $0.30 yesterday, implying 30% share price growth in a year. 
• Bullish charting signals have been identified in Azure Minerals (ASX:AZS), HomeCo Daily Needs (ASX:HDN) and BARD1 Life Sciences (ASX:BD1), according to Trading Central. 

Ajay Shankar and Alexander Leipold from Omega Theta at Maryland join the show this week to talk about their chapter's professional development event, 2020 Consulting Career Day. They secured business leaders across the consulting industry to join calls with chapter members to answer questions, workshop, and network using Zoom and Gatherly. 

Fall 2020 Virtual Award Submissions: Professional Development

The ASX200 is eyeing a lift of 0.1% at the open.

The US unemployment rate fell to 6.3% in January, this was better than the projected 6.7% as Americans continue to head back to work. The US Democrats moved forward in the process of passing a $1.9 trillion COVID-19 relief bill without Republican votes.

Imdex (ASX:IMD) and Charter Hall Long WALE REIT (ASX:CLW) report results today.

Local trading ideas:

• UBS marked Cochlear (ASX:COH) as a sell, forecasting revenue and sales to decline in the half year.
• Bell Potter increased Cyclopharm’s (ASX:CYC) speculative buy rating with a new price target of $3.40.
• Immutep (ASX:IMM) had its speculative buy rating upgraded with a new $0.65 target by Bell Potter.
• Andromeda Metals (ASX:AND), Reckon (ASX:RKN) and Kingston Resources (ASX:KSN) are giving off bullish charting signals according to Trading Central.

Aussie equities are set to start the trading week in the right direction, with the futures eyeing a 0.6% lift at the open.

A trading idea for today, Bell Potter reiterated Cyclopharm (ASX:CYC) as a buy with a $1.77 price target, implying a 31% share price growth in a year from Friday's close of $1.35. 

Investors will be watching Auckland International Airport (ASX:AIA) & Ramsay Health Care (ASX:RHC).

In today's morning bell, Jessica covers:

• Aussie futures (0:05)
• Overseas markets (0:26)

What to watch today:

• Auckland Health Care (ASX:AIA) (1:00)
• Ramsay Health Care (ASX:RHC) (1:36)
• A 'recovery steadily' later this year for the US economy (2:11)
• Bell Potter trading idea: Cyclopharm (ASX:CYC) (2:31)