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The local market rebounded from Thursday’s sell-off on Friday to close the session 0.5% higher, boosted by a surge in energy stocks on the back of a rebound in the price of oil, up 4.30% to US$98.74 per barrel. Block Inc. (ASX:SQ2) was the leading stock on Friday, gaining 10.93% after the fintech company released a Q3 trading update that beat market expectations. Coronado Global Resources (ASX:CRN) extended its rally on Friday adding 8.61%, while Allkem (ASX:AKE) added just over 6% in the last trading session of the week. On the losing end, Ramelius Resources (ASX:RMS) fell 5.63% despite no price sensitive news out of the gold mining company on Friday. Blackmores (ASX:BKL) fell 3.72%, and Hub24 (ASX:HUB) lost 3.27% on Friday.

The most traded stocks by Bell Direct clients on Friday were Pilbara Minerals (ASX:PLS), Allkem (ASX:AKE) and Woodside Energy (ASX:WDS).

Over in the US, Wall Street rallied on Friday after nonfarm payrolls grew by 261,000 in October, which well exceeded market expectations of an increase between 190,000 – 205,000. The unemployment rate in the US increased to 3.7% with the biggest job gainers by industry including health care, professional and technical services and leisure and hospitality. Average hourly earnings in the US also rose 0.45 for the month and were up 4.7% from a year ago. The Dow Jones added 1.26%, the Nasdaq rose 1.28% and the S&P500 jumped 1.36% on Friday. Pfizer shares jumped 1.4% after the biotech company announced it has commenced an early-stage study of a combined COVID-19 and flu vaccine.

Over in Europe, the STOXX600 closed 1.9% higher on Friday after a big week of corporate earnings results. German sportswear brand Adidas jumped 20% on Friday to top the STOXX600 after announcing new collaborations following its split from artist Kanye West. Germany’s DAX added 2.51%, the French CAC rose 2.77% and in the UK the FTSE100 added 1.03%.

What to watch today:

• The ASX is expected to rise 1.32% on the back of the rally on Wall Street that ended last week.
• In economic data today, China’s trade balance data for October is out today with the market expecting an increase in China’s trade surplus to $95.95 billion from $84.74 billion in September. Local investors will be keeping a close eye on local data out tomorrow in terms of Westpac Consumer Confidence data for November and NAB Business Confidence data for October out tomorrow.
• In commodities, it’s a green run to start the week with crude oil up 5.04% at US$92.61 per barrel, brent crude is up 4.30% at US$98.74 per barrel, natural gas is soaring 8.3%, gold is up 3.15% at US$1680.54 per ounce and iron ore is up 4.71% at US$89 per tonne.
• The Aussie dollar has strengthened to buy 64.64 US cents, 57 British Pence, 94.58 Japanese Yen and 1 New Zealand dollar and 9 cents.

Trading Ideas: 

• Trading Central has identified a bullish signal on Strandline Resources (ASX:STA) following the formation of a pattern over a period of 35-days which is roughly the same amount of time the share price may rise from the close of $0.43 per share to the range of $0.58 to $0.62 per share according to standard principles of technical analysis.
• Trading Central has also identified aa bearish signal on JB Hi-Fi (ASX:JBH) following the formation of a pattern over a period of 24-days which is roughly the same amount of time the share price may fall from the close of $42.50 to the range of $35.25 to $36.50 according to standard principles of technical analysis.