Latest stock market news videos & Morning Bell

Good morning and thanks for your company, I’m Jessica Amir with Bell Direct.

We had sobering weekly unemployment data out of the US overnight with 4.4 million Americans applying for benefits.

Now that takes the total number of jobless claims over the past five weeks to 26 million and that means 16% of the labor force have applied for benefits so traders had that to contend with.

Also absorbing news that a COVID-19 vaccine from Gilead won’t be around the corner as its trial failed in China.

Now despite all of this, European stocks rose with London and German markets up 1% each while US stocks saw a bit of inertia the Dow gained 0.2% while the S&P500 and Nasdaq closed flat.

Looking at commodities West Texas crude oil gained another 20% continuing to rise off its bottom and that was one of its best gains on record as well and it’s now at about $16.87 a barrel US while gold rose to a one-week high and the gold price is currently at $1,752 an ounce.

In currencies the US dollar against the basket of currencies the DXY that lifted up 0.1% and the Australian dollar rose 1.1%  to 63.70 US.

Now adding everything into the equation the Aussie share market is eyeing a lift at the open of 0.2% and that’ll be a welcome news given this week the Aussie market is down about 5% however let’s remember that the market is up 14% from its bottom, despite all of this remembering there’s plenty of green shoots when it comes to stocks.

Now what to watch today, let’s start with some good news the Tasmanian born banking group called MyState (ASX:MYS) was upgraded to a buy by Bell Potter given its been able to consistently grow its profit despite COVID-19 uncertainty.

Its dividend yield for this year is tip to be 5.2% and its shares and MYS shares tip to grow 28% to $4.50 given its growing its earnings and this year MYS shares already up 11% outperforming the market proving share price growth follows earnings growth.

Now Priceline and Soul Patterson chemist owner Australian Pharmaceutical Industries (ASX:API) was reiterated as they hold stock by Bell Potter after API reported softer than expected first half results with underlying earnings down 21% compared to the same time at last year.

The company API also abandoned its half-year dividend to preserve capital and Bell Potter because of this dropped its price target by 16% to $1.09 but, it is important to note that it changes to its underlying earnings not material.

Meantime Speedcast (ASX:SDA) has filed for bankruptcy this morning, the satellite communications tech company’s shares are also down on a yearly basis.

Now Air New Zealand (ASX:AIZ) they have advised that their Auckland to *New York* flight which is planned to start in October has been postponed to late next year.

The NZ airliners suspended services between Auckland and Buenos Aires and between LA and London will not be revived, despite the company receiving a $900 million NZ lifeline credit from the NZ Government.

Now what to watch this evening, well in the US, manufacturing and services data is out and new home sales in the US there as well while over in the UK it’s now their turn to get the March retail numbers.

So, I wonder if their sales will be a record or will be a record like we saw in our March with the rush to buy toilet paper rice and pasta pushing up retail trade in March.

On that note, I am Jessica Amir with Bell Direct happy trading stay safe.