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Morning Bell 15 December

Grady Wulff
December 15, 2022

US markets turned lower on Wednesday after the Federal Reserve raised the US cash rate by a further 50-basis points to the targeted range between 4.25-4.5%, the highest level in 15-years. The rate hike comes against signs of cooling inflation in the region with CPI for November easing to the lowest level since December last year in data out yesterday. Stocks came under pressure as markets factored in expectations that interest rates in the world’s largest economy would peak at 4.9% in the Spring.

The Dow Jones fell 0.18%, the S&P500 lost 0.22% and the Nasdaq fell 0.16%.

What to watch today:

  • Over in Europe, markets slipped on Wednesday as investors globally responded to new inflation readings out of the U.S. and looked ahead to the Fed’s cash rate decision. The STOXX600 closed flat, Germany’s DAX lost 0.26%, the French CAC dropped 0.21% and, in the UK, the FTSE100 fell 0.09%. Monetary policy updates from the EU, UK and Swiss central banks will be announced today.
  • On the commodities front crude oil is up 3.05% at US$77.69/barrel, uranium is down 0.72% at U.S$48.35/pound, gold is flat at US$1810/ounce and iron ore is down 2.64% at US$110.50/tonne.
  • The Aussie dollar is buying 69 US cents, 92.83 Japanese yen, 55.45 British pence and 1 New Zealand dollar and 6 cents.
  • Ahead of the local trading session in Australia, the SPI futures are anticipating the ASX to open almost half a percent lower following the global sell-off overnight.
  • Taking a look at economic data out today, Australia’s unemployment rate is out at 11:30am Australian eastern daylight time, with some economists forecasting a drop to 3.3% for November from 3.4% in October.

Trading Ideas:

  • Trading Central has identified a bullish signal on Bowen Coking Coal (ASX:BCB) following the formation of a pattern over the period of 36-days which is roughly the same amount of time the share price may rise from the close of $0.29 to the range of $0.33-$0.35 according to standard principles of technical analysis.
  • Trading Central has identified a bearish signal on Autosports Group (ASX:ASG) following the formation of a pattern over a period of 11-days which is roughly the same amount of time the share price may fall from the close of $1.95 to the range of $1.78-$1.82 according to standard principles of technical analysis.

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