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The Aussie share market is eyeing a 0.2% fall at the open today.

It was a monumental day in the U.S. on Thursday as the Federal Reserve unveiled a new framework to let inflation run above its 2% goal, while it would keep interest rates lower for longer. This will encourage wage growth and encourage people back into the work force, while also helping businesses keep credit costs low. This news sent treasury yields higher, which lifted financial stocks like JP Morgan and American Express.

Oil lost about US$0.40 to US$43.04 as one of the strongest hurricanes in years made landfall in the heart of the Gulf of Mexico’s oil and gas production.

Companies reporting today:

• Australian Finance Group (ASX:AFG), Boral (ASX:BLD), Costa Group Holdings (ASX:CGC) and Harvey Norman (ASX:HVN).

What to watch today:

• Keep an eye on BHP (ASX:BHP) and Rio Tinto (ASX:RIO), as both of their UK and U.S. listed entities closed lower overnight.

Local trading ideas:

• Accent Group (ASX:AX1) was reiterated as a Bell Potter buy overnight, increasing AX1’s price target to $1.85. That implies 21% share price growth in a year, from yesterday’s close.
• City Chic Collective (ASX:CCX) was reiterated as a Bell Potter buy, increasing CCX’s price target to $3.95. That implies 19% share price growth in a year, from yesterday’s close. Bell Potter sees significant upside in its expansion into the U.S. and thinks it will benefit from the online shift.
• UBS reiterated data centre and cloud business NEXTDC (ASX:NXT) as a buy with a 12-month price target of $14.15. UBS expects returns to increase and has modelled earnings will continue to grow for the next five years, while its debt to equity will decrease.