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Well US equities closed slightly higher overnight with all three major benchmarks in the green, with the Nasdaq marking its longest positive streak since January.

European markets closed lower, with the STOXX 600 down 0.2%, as sector movements were muted. Only oil and gas stocks gained.

What to watch today:

• The Australian share market is set to open lower this morning, with the SPI futures suggesting a 0.17% decline.
• In economic data, at 2:30pm today the RBA will announce its next interest rate decision. After four months of holding the cash rate steady, today interest rates are expected to lift from 4.1% to 4.35%, off the back of higher-than-expected quarterly inflation and strong spending figures.
• Looking at commodities,
  • Oil is strong, recovering losses from the previous session following top crude producers Saudi Arabia and Russia, announcing that they’ll maintain extra voluntary oil output cuts until the end of the year.
  • Gold is in the red has investors weigh the latest economic data against geopolitical risks.
  • And iron ore is trading at its highest level in seven months, amid hopes that economic stimulus from the Chinese government will create demand for resources.

Trading Ideas:

• Bell Potter maintains a buy rating on Cobram Estate Olives (ASX:CBO) a vertically integrated producer and marketer of olive oil products with operations in Australia and the US, and export customers in approximately in 17 countries. Their 12-month price target is $1.70 and at CBO’s current share price of $1.29, this implies 32% share price growth in a year.
• And Trading Central have identified a bullish signal in Beacon Lighting Group (ASX:BLX), indicating that the stock price may rise from the close of $1.84 to the range of $2.03 to $2.07 over 18 days, according to the standard principles of technical analysis.