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European markets closed higher after the European Central Bank reported that the disinflation process in Europe was “nearing completion.” The STOXX 600 closed 0.25% higher, the German DAX up 0.4%, France’s CAC up 0.56% and the FTSE 100 up 0.6%.

US equities rallied on Wall Street overnight, ending a four- day streak of losses, as hope that trade tensions between the US and China could potentially ease soon. The Dow Jones advanced 2.66%, the S&P500 up 2.51% and the Nasdaq up 2.7%.

Yesterday the ASX200 closed slightly lower, just 0.03%, with what was a quieter trading day to start the three-day working week between Easter and Anzac Day long weekends. Financials, consumer staples and materials were the only sectors to close in the green.

West African Resources (ASX:WAF) and Evolution Mining (ASX:EVN) lead the gains, while Paladin Energy (ASX:PDN) and Zip Co. (ASX:ZIP) declined the most.

 What to watch today:

• Following US equities, the Aussie market is set up to jump 1.28% at the open this morning, according to the SPI futures.
• In economic data today, the S&P Global Manufacturing and Services Flash PMI will be released, a forward looking estimate of the final PMI out next week.
• In commodities,
  • Crude Oil recovered earlier losses, trading over 3% higher at US$64.36 per barrel, likely in a technical rebound after falling over 2% in the previous session. With that in mind, the outlook for crude is bearish as progress in discussions between the US and Iran has increased the possibility of a deal to bring Iranian oil exports back to the market.
  • The price of gold has declined, down more than 3%, trading at US$3,327.97 an ounce, after having touched a new record of US$3,500 earlier in the trading session.
  • And iron ore is steady at US$99.88 per tonne.
• And Woolworths (ASX:WOW) is scheduled to pay its fully franked interim dividend of 39cps today.

Trading Ideas:

• Bell Potter maintains its BUY rating on Alcidion (ASX:ALC), a commercial healthcare IT company and have maintained their 12-month price target of $0.11. At ALC’s current share price of $0.08, this implies 39.2% share price growth in a year.
• And Trading Central have identified a bearish signal in Qube Holdings (ASX:QUB) indicating that the stock price may fall from the close of $3.79.