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The Aussie share market is set to kick off its shortest and last trading week of the year on solid footing. The futures are suggesting a lift of 0.5% at the open.

It comes as European markets closed higher on Monday and US equities soared to brand new record highs – for two key reasons. Firstly, Trump unexpectedly signed the $900 billion COVID-19 relief bill into law, that includes paying most Americans $600. Secondly, the UK is expected to approve Oxford-Astra Zeneca’s COVID-19 vaccine this week.

Commodities
– Oil fell 1% to US$47.70 as supply looks to increase.
– Iron ore rose 0.2% to US$155 – a new high.
– Inversely, expect selling today in Gold stocks as the safe haven came under pressure again, down 0.3% to US$1,877 on US stimulus being rolled out.

What else to watch
– No economic news today. All eyes will be on local company news.
– Whether or not the US House vote on increasing the $600 payout to Americans to $2,000.

Trading ideas:
– UBS increased Fortescue Metals’ (ASX:FMG) buy rating and target price to $24.
– UBS also reiterated CSL (ASX:CSL) as a buy with a $346 target.
– Qantas (ASX:QAN) looks likely to rally once travel restrictions ease. QAN is buy stock for UBS and Morgan Stanley.
– Resimac Group (ASX:RMC), EMvision Medical Devices (ASX:EMV) and – People Infrastructure (ASX:PPE) are all showing bullish charting signals according to Trading Central.