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Morning Bell 14 September

Grady Wulff
September 14, 2022

US markets snapped the recent rally overnight following the release of key inflation data for August showing the world’s largest economy’s inflation rate hit 8.3% for the month which is a decline from July’s 8.5% but above the market expectations of 8.1%. Investors sharply sold out of stocks broadly on Wall St over concerns the Fed will take even more aggressive action to cool inflation by rising interest rates further. The Dow Jones fell 3.3%, the Nasdaq plunged 4.35% and the S&P500 fell 3.52%.

The sell-off extended over to London where the FTSE 100’s green run came to an end with the index falling 1.17% while Germany’s DAX closed the day down 1.6%, and the French CAC lost 1.4%.

Ukraine’s recent advances and counterattacks in the nation’s recaptured area to 6,000 square kilometres which has impressed the White House and other western allies. From a markets perspective, global markets just want to see de-escalation of tensions to help stabilise inflation and cool the global energy crisis.

What to watch today:

  • Locally, the global energy crisis has driven demand for Australian-based energy stocks with the sector up 37.36% YTD as countries look for new supply deals with Australian providers which we have already seen through Woodside Energy (ASX:WDS) signing a supply agreement for the supply of LNG with Europe. This year, the energy sector is one of just two sectors that have posted gains in the current market environment.
  • In commodities, crude oil is trading almost half a percent lower at US$87 a barrel, natural gas is up almost 1%, gold is trading more than 1.2% lower at US$1,703 an ounce, and iron ore is flat around US$104 a tonne.
  • Ahead of the local trading day, ASX futures is expecting the market’s green streak to come to an end today, with the futures expecting a fall of 1.75% to start the day on the back of that sharp sell-off in the US overnight.
  • On the economic data front for today, UK inflation data for August is released this afternoon with the market expecting an increase to 10.2% from 10.1% in July.

Trading Ideas:

  • Bell Potter maintains a buy rating on The a2 Milk Company (ASX:A2M) and has increased its share price target from $6.35 to $6.60 following recent market updates including its New Zealand baby formula manufacturer Synlait Milk having its licence to produce baby formula for the Chinese market extended until February 2023.
  • Trading Central has identified a bullish signal on Brambles (ASX:BXB) following a pattern forming over a period of 15-days which is roughly the period of time in which the price target between the range of $13.10-$13.40 may be achieved from the close of $12.08, according to standard principles of technical analysis.

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