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The ASX200 is eyeing a lift of 1.2% at the open. This week the Aussie share market has gained 3.2% so far and yesterday closed 31% up from its bear market bottom.

Trading ideas:

• Metals and mining company South32 (ASX:S32) was upgraded by UBS from a hold to a buy as the company is restarting its share-buy-back, returning money to shareholders.
• Citi reiterated Aurizon Holdings (ASX:AZJ) estimating 10% share price growth to $5.40, following the company maintaining its earnings forecasts and clearing a funding hurler.
• Citi also reiterated CSL (ASX:CSL) as a buy expecting 18% share price growth on the possibility that elevated flu sales could offset the drop in blood plasma donations.

What to watch today:

• Retail trade data is out for April with the market pricing in a fall of 17.9% following the gain of 8.5% in April. If the figure at 11.30am misses the expectation, keep an eye on discretionary spending stocks.
• Australia’s balance of trade data for April is out today. The market is pricing in that April’s trade balance will fall to a $7.5 billion surplus, so keep an eye on mining stocks like Fortescue Metals (ASX:FMG), BHP (ASX:BHP) and Rio Tinto (ASX:RIO).
• Magellan (ASX:MFG) just announced funds under management grew $1 billion to $98 billion in May with the group receiving new retail inflows in the month.

In today’s morning bell, Jessica discusses:

• Local markets – (0:00)
• Global markets – (0:22)
• What to watch today – (1:33)
• Trading ideas: South32 (ASX:S32) – (2:52), Aurizon Holdings (ASX:AZJ) – (3:28) & CSL (ASX:CSL) – (3:44)