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The Aussie market looks set to open 0.3% lower. U.S. President Donald Trump announced that the White House will halt negotiations of a further stimulus package until after the election. The U.S. market was initially marching forth until his announcement, then began to wipe out some of the prior day's gains.

Commodities:

• Oil jumped 1.8% to US$39.91.
• Gold eased from its two-week high, falling about 2% to US$1,882.

What to watch today:

• The focus will be on the budget and how investors and businesses will react.
• For individuals: low and middle-income earners will be entitled to a tax offset of up to $2,745. 
• Wage subsidies: employers will get $200 a week for hiring people under 30 and $100 a week for hiring people between 30 and 35, and they must work at least 20 hours a week.
• Businesses with > $5 billion turnover: ability to buy and write off the entire cost of any depreciating asset they buy before June 30, 2022.
• Infrastructure: $3 billion will go to shovel ready infrastructure projects.

Trading ideas:

• UBS maintained BHP (ASX:BHP) as Buy stock, with a $41 target. After the mining giant announced it’s buying an extra 28% stake in oil assets in the deep-water Gulf of Mexico assets for US$505 million, which will take its holding to 72%.
• Whitehaven Coal (ASX:WHC) and Coronado Global Resources (ASX:CRN) were both reiterated as Bell Potter Buy's, but both had their price targets reduced amid a damper coal price outlook.
• Northern Star (ASX:NST), Saracen Minerals (ASX:SAR) and Resimac Group (ASX:RMC) are all showing bullish charting signals - according to Trading Central.