The Aussie share market is set to open lower, with the futures suggesting a fall of 0.6%.

What to watch today:

• The oil price rose for the fifth day, up 1.5% overnight to US$75.45, its highest level since July, amid supply concerns. Oil stocks will be on watch today.
• The iron ore price in China rebounded 7.2% to US$119.31, supporting New York listed BHP and Rio Tinto, which rose 1% overnight. Expect ASX listed versions and other iron ore stocks to do well today.
• Lithium stocks will also be on the radar today after Ford announced it’s going to spend $11.4 billion on creating two new lithium-ion battery plants, that will produce electric vehicles and batteries. The plants are to be built in Kentucky and Tennessee. Ford is building the twin lithium battery plants though a joint venture with South-Korean based SK Innovation.
• In corporate news, Beach Energy (ASX:BPT) provided an investor update, announcing it will increase production to 28 million barrels of oil equivalent by financial year 2024. That’s a 13% compound annual growth rate. In addition, Beach Energy affirmed it’s on track to cut its carbon emissions by 25% from 2018 to 2025, with plans to be net zero emissions by 2050
• In economic news, retail sales data for August is set to be released today at 11.30am. Sales fell 2.7% and are expected to fall again. Keep an eye on retailers, especially those impacted by import bottlenecks like Accent (ASX:AX1).

Trading Ideas:

• UBS has a BUY rating on fertilizer business Incitect Pivot (ASX:IPL) and has increased IPL’s price target to $2.15.
• Bullish charting signals have been seen in Carnarvon (ASX:CVN), Kalium Lakes (ASX:KLL), and Starpharma (ASX:SPL) according to Trading Central