Latest stock market news videos & Morning Bell

Good morning, well the Aussies share market is eyeing a bit of a pause today the futures are suggesting a drop at the open of 0.2%, with traders awaiting key retail trade data out today.

Overseas markets were positive, global equities, oil and gold all gained ground overnight and the oil price which is a proxy for economic activity, firm to above $20 a barrel for the first time since mid-April, after demand begins to steadily rise with further U.S states including Florida and Texas reopening.

Now also helping the oil price are the production cuts that have kicked in from Norway and Canada, however what weighed on overseas markets particularly Wall Street was weaker than expected economic data with the U.S trade deficit the balance between imports and exports falling slightly more than expected, losing 12% falling to $44.4 billion, the surprise came as exports dropped to their lowest level since 2016.

Looking at U.S stocks, pharmaceutical giant Pfizer their shares rose 2.4%, while for the sectors, Health and IT lead the rally up 1% each.

All in all, the Nasdaq out of the indices gain the most 1.1% and the S&P500 followed. Elsewhere the gold price inched slightly ahead to $1,714 dollars an ounce.

Now what to watch today, well the donation and church pay app called Pushpay (ASX:PPH) announced revenue rose over 30% in the 12 months right through to March, while its profit fell 15% weighed by its acquisition of another payment platform.

All in all, Pushpay which largely operates in the U.S and New Zealand met or exceeded their guidance levels.

Now Genworth Mortgage Insurance (ASX:GMA) is set to announce the first quarter financial results so keep an eye on those today.

Now to a trading idea, while the car dealership company A.P Eagers was reiterated as a Bell Potter Buy.

Now the reason for that is new vehicle sales have fallen in Australia for the last 25 weeks and you could expect this trend to somewhat reverse given local lock downs in Australia are easing, but Bell Potter says we could also expect a behavioural shift in Australia as consumers are less likely to catch public transport and more likely to drive a car.

Now this is what we saw with new vehicle sales in China rising on a week on week basis after their restrictions eased now Bell Potter expects A.P Eagers’ shares to grow almost 50% in the year to $6.50.

Now what else to watch, on the economic front Australian retail data is out for March a rise of 8.2% is expected giving stockpiling continued last month with shelf items and toilet paper and health supplements continuing to come off our shelves.

I’m Jessica Amir from Bell Direct, happy trading and stay safe.