The local futures are pricing in that the market could fall 0.9% at the open. Overnight on markets, the undertone was mostly negative, with COVID-19 cases spiking in the U.S., China and Europe. The Dow fell 2.3%, marking its worst fall in 8-weeks. the S&P 500 shed 1.9% and the Nasdaq fell 1.6%.

Commodities were weaker. Oil fell over 3% to US$38.55 with Libyan output rising. Gold steadied at US$1,904, as investors topped up their bond exposure instead.What to watch today:
• Boral (ASX:BLD) agrees to sell its 50% stake in USG Boral for A$1.43 billion
• Northern Star (ASX:NST) announced first quarter gold sales are at the top end of guidance.
• Evolution Mining (ASX:EVN) announced quarter results. Pointsbet Holdings (ASX:PBH) is due to hand down theirs today.
• AGMs: Bendigo and Adelaide Bank (ASX:BEN), Nick Scali (ASX:NCK), Bega Cheese (ASX:BGA), Boral (ASX:BLD) & Link Market Services (ASX:LNK).

Trading ideas:
• Bell Potter upgraded Technology One’s (ASX:TNE) Buy rating, increasing its price target to $10, implying 14.4% upside in a year.
• Bell Potter downgraded Stanmore Coal (ASX:SMR) as a Sell, dropping its price target to $0.50, implying a fall 31% in a year.
• UBS reiterated Flexigroup (ASX:FXL) as a Buy with a $1.45 price target.
• UBS reiterated Westpac (ASX:WBC) as a Buy with a $20.50 price target. Bell Potter targets WBC as a hold with a $20 target.
• Perenti Global (ASX:PRN), Arena REIT (ASX:ARF), and IDP Education (ASX:IEL) are all showing bullish charting signals - according to Trading Central.


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