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Morning Bell 13 September

Paulina Peters
September 13, 2022

The US market closed higher for the fourth straight session off the back of growing confidence that inflation has peaked. Also boosting sentiment was a weaker US dollar. This saw the Dow rise more than 200 points, and both the S&P500 and Nasdaq lift more than 1%. Investors are now awaiting the release of the August consumer price index report on Tuesday morning US time.

In Europe, markets also closed higher, with the German DAX up the most, rising 2.4%.

What to watch today:

  • The SPI futures are suggesting that the ASX200 will open 0.6% higher.
  • Economic news wise, we’ll get an update on just how confident both consumers and businesses are in the current market. At 10:30am AEST, Westpac’s Consumer Confidence reading will be announced, and at 11:30am, NAB’s Business Confidence for August will be released.
  • AGL Energy (ASX:AGL) will be on watch today, after the gas and electricity provider revealed after market close yesterday that the Loy Yang A Unit 2 will be out of action for longer than expected, after a defect was identified. Management however expects its strong performance during August and September to help offset the earnings impact.
  • In commodities:
    • Oil prices rose off the back of supply uncertainty.
    • The gold price also gained as the US dollar slipped.
    • And the spot iron ore price traded nearly 3% higher to US$105 a tonne.
  • Stocks going ex-dividend today include Grange Resources (ASX:GRR), TPG Telecom (ASX:TPG), IVE Group (ASX:IGL), Inghams (ASX:ING) and News Corp (ASX:NWS).
  • If you hold Domain Holdings (ASX:DHG), GUD Holdings (ASX:GUD) or APA Group (ASX:APA), you will receive your dividend payment today.

Trading Ideas:

  • Bell Potter have maintained its Buy rating on lithium miner, Allkem (ASX:AKE) and have increased its price target from $18.76 to $20.04. Bell Potter expect AKE’s cash generation to lift substantially into 2023, given the ongoing strength in lithium demand, commodity prices and production growth. At its current share price of $15.53, Bell Potter’s price target of $20.04 implies about 29% share price growth in a year.
  • Trading Central has a bearish signal on property group Aspen Group (ASX:APZ) indicating that the stock price may fall from its close of $1.66 to the range of $1.45 – $1.49, in the next 21 days according to standard principals of technical analysis.

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