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Morning Bell 1 September

Sophia Mavridis
September 1, 2023

US equities closed mixed overnight ahead of the August payrolls report, closing out August with losses for all three benchmarks. The S&P 500 and the Dow Jones closed the session in the red, while the tech-heavy Nasdaq was in the green. For the month of August however, the Nasdaq is down 2.17%, the Dow dropped 2.36% and the S&P500 down 1.77%.

European stocks were also lower, following the release of euro zone inflation data, which remained unchanged from July at 5.3%.

What to watch today:

  • The Australian market is set to open lower this morning, with the SPI futures suggesting a drop of 0.52% at the open.
  • In commodities,
    • Crude oil is trading 2.4% higher, advancing for the sixth straight session and nearing levels last seen in November 2022, driven by expectations of tight supplies. Recent PMI data has also showed that China’s manufacturing sector contracted for the fifth consecutive month, which increases expectations that OPEC+ nations will extend output cuts. So, keep watch of ASX energy producers today.
    • Gold is slightly lower, after strengthening above US$1,940 an ounce, following weather-than-anticipated US economic data, as well as a lower US dollar and Treasury yields.
    • And iron ore is in the green, remaining close to the one-month higher of US$117.50, as the market bets on stronger demand from steel producers. So, iron ore miners will also be on watch today, including Fortescue Metals (ASX:FMG), Champion Iron (ASX:CIA) or Mineral Resources (ASX:MIN).
  • And there is a long list of companies set to go ex-dividend today, which often sees share prices fall, as investors take their profits. Some include Ampol (ASX:ALD), Eagers Automotive (ASX:APE), Coles (ASX:COL) and Gold Road Resources (ASX:GOR).

Trading Ideas:

  • Bell Potter maintains a buy rating on PointsBet Holdings (ASX:PBH), after the corporate bookmaker reporting FY23 results in line with Bell Potter’s expectations. They have lowered their valuation of the Australian business from $180 to $150 million due to a reduction in their forecast FY24 EBITDA from $20 to $15 million. This has lowered their 12-month price target by 5% to $2.10. At PBH’s current share price of $1.62, this implies 29.2% share price growth in a year.
  • And Trading Central have identified a bearish signal in PM Capital Global Opportunities Fund (ASX:PGF), indicating that the stock price may fall from the close of $1.89 to the range of $1.78 to $1.80 over 25 days, according to the standard principles of technical analysis.

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