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Morning Bell 1 November

Sophia Mavridis
November 1, 2021

On Friday, the ASX200 had its worst day in 4-weeks, ending the month slightly lower, falling 0.1% in October. All sectors closed in the red on Friday. Some of the best performers on Friday were GUD Holdings (ASX:GUD) up 6.9%. ResMed (ASX:RMD) also made gains. Its trading update saw revenue climb 20%. Unibail-Rodamco-Westfield (ASX:URW) declined the most despite its centres reopening.

European markets closed mixed, while the US stock market finished at record highs. This was despite disappointing earnings reports from Amazon & Apple.

Following US equities, the SPI futures are suggesting the ASX200 will rise 0.9% today.

What to watch today:

  • In economic news, on Friday the Producer Price Index was released. That’s business inflation data, which rose 1.1% in September, which was more than expected. Economic data to look out for today includes the Manufacturing PMI for October. Forecasts expect PMI to be 57.3. PMI above 50 represents an expansion from the month prior. Home Loan data for September will also be released today at 10:30am AEDT.
  • More than 15 stocks and ETFs are set to go ex-dividend today. Keep in mind this often sees shares fall as investors take profits.
  • The oil price is trading higher, above US$83, ahead of OPEC’s meeting on Thursday, with expectations to maintain production cuts.
  • Gold is trading lower as treasury yields are higher, and the dollar is lower. Coal is trading at its lowest levels since the end of September as China struggles with the energy crisis. And the seaborne iron ore price is trading lower at US$121.

Trading ideas:

  • Bell Potter maintain their BUY rating on copper production company Aeris Resources (ASX:AIS), on a 4% lower price target of $0.22. They lowered FY22 earnings forecast by 20%, on higher costs and lower production. AIS last closed at $0.16, implying 37.5% share price growth in a year.
  • Bullish charting signals have been identified in Syrah Resources (AS:SYR), Incannex Healthcare (ASX:IHL) and Alpha HPA (ASX:A4N), according to Trading Central.

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