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The Australian share market looks set to rise 1.4% at the open, marking the second trading day for August.

Overnight Microsoft shares lifted 5.6% to a brand-new record high, supported by U.S. President Trump calling on Microsoft to buy TikTok.

What to watch today:

• The RBA will meet today with rates expected to remain on hold at 0.25%. While the focus will be on further bond buying and if that will kick off again, particularly as Victorian COVID-19 restrictions tightened to level 4 with a curfew in place.
•  The Federal Government will introduce a $1,500 payment to workers in Victoria who are required to self-isolate.

Companies reporting today:

• BWP Trust (ASX:BWP)

Local trading ideas:

• Bell Potter reiterated Tabcorp Holdings (ASX:TAH) as a buy following its solid FY20 result. Its shares are up 61% from the COVID-19 low.
• Magellan Financial Group (ASX:MFG) was reiterated as a UBS hold, with a target price of $56.70. Yesterday MFG closed 0.3% higher at $61.16. Despite growing its inflows, UBS says maintaining inflows is becoming increasingly capital intensive as its business enters a more mature growth phase.
• Cleanaway Waste Management (ASX:CWY) is showing a bullish uptrend according to Trading Central’s data. Its chart is showing a bullish signal, ‘by an inside bar’ chart, suggesting CWY’s stock price may rise from the close of $2.12. UBS has the stock as a hold with a $2.15 target.