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Morning Bell 12 October

Grady Wulff
October 12, 2022

 Taking a look at global markets overnight, in the final hours of trade on Tuesday the S&P500 overturned a morning rally to close 0.65% lower, the tech-heavy Nasdaq shed 1.1% and the significant early morning rally for the Dow Jones weakened, causing the industrials index to close just 0.12% higher. Stocks lost momentum in afternoon trade ahead of key inflation data out later in the week that will provide an update on the state of the US economy.

In the UK and Europe, it’s a different story today as investors continued selling out of the markets there on Tuesday with the UK’s FTSE100 ending Tuesday’s session down 1.06%, while in Europe, Germany’s DAX fell almost half a percent while the FRENCH CAC ended the session down 0.13%. European markets were sold-off for a fifth straight session amid persistent investor concerns over global growth, the prospect of further monetary policy tightening and the escalating tensions between Russia and Ukraine. Over the last month investors have pulled 694 million pounds worth of investments in UK shares, Asia-focused equities manager Platinum Asset Management posted $172 million in outflows for September and retail investors locally have pulled $400 million from Magellan Financial Group in the last month amid rising interest rates and the possible recessionary market environment especially for the UK and Europe.

What to watch today: 

  • Ahead of the new trading day, ASX futures are expecting the local market to open 0.33% lower following the afternoon sell-off on Wall St overnight.
  • On the commodities front, brent crude oil continues to decline this morning, trading 1.65% lower at US$94.62 per barrel, gold has rebounded to trade 0.58% higher around US$1677 per ounce, and iron ore is trading flat at US$98 per ton.
  • In economic data, there is no local economic data released today but over in the UK investors will be awaiting GDP data for the month of August, while US PPI data for September will be out later tonight.
  • Stocks going ex-dividend today include Horizon Oil (ASX:HZN), Regis Resources (ASX:RRL), and WAM Global – Wilson Asset Management (ASX:WGB). If you have been thinking about these stocks it might be worth considering buying in today as stocks going ex-dividend generally trade lower on the ex-dividend date.
  • The Aussie dollar has weakened to buy 62.62 US cents, 56.50 British Pence, 92.06 Japanese Yen and 1 New Zealand Dollar and 12 cents.

Trading Ideas:

  • Trading Central has identified a bullish signal on Superloop (ASX:SLC) following the formation of a pattern over a 32-day period, which is roughly the same amount of time the share price may rise from the close of $0.71 to the range of $0.82-$0.84 according to standard principles of technical analysis.
  • Trading Central has also identified a bullish signal on Race Oncology (ASX:RAC) following the formation of a pattern over a period of 15-days which is roughly the same amount of time the share price may rise from the close of $2.05 to the range of $2.25 to $2.29 according to standard principles of technical analysis.

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