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Morning Bell 18 November

Sophia Mavridis
November 18, 2022

Rising yields sparked recession fears overnight, which saw US equities close in the red. The Dow Jones down 0.3%, the S&P500 down 0.6% and the Nasdaq down 0.7%. While stocks fell, bond yields jumped higher, after the Fed signalled the rate hikes will continue, as they aim to tame inflation.

In Europe, investors digested geopolitical tensions and the UK budget. The UK finance minister Jeremy Hint announced his latest fiscal statement, which included billions of pounds worth of spending cuts and tax hikes. Also, global markets continue to watch the developments in Ukraine after a missile hit Polish territory. The STOXX600 closed down 0.4%, after fluctuating between marginal gains and losses in early trade. Germany’s DAX closed up 0.2%, while the FTSE100 closed flat and France’s CAC ended the session 0.5% lower.

What to watch today:

  • The Australian market is set to open flat this morning, according to the SPI futures.
  • In commodities,
  • The price of oil has dropped over 4% and is hovering around US$82 per barrel, extending losses from the previous session.
  • Gold is also in the red foe the second straight session, after the US dollar was buoyed by stronger than expected US retail sales data. The data clouded the inflation outlook by indicating a need for more interest rate hikes.
  • Iron ore is trading over 2% higher at US$99 per tonne, the highest in seven weeks, amid hopes of strong demand from China, which is of course a top consumer.
  • The a2 Milk Company (ASX:A2M), Lendlease (ASX:LLC), NEXTDC (ASX:NXT) and Mirvac Group (ASX:MGR) are set to hold its AGM today.
  • Stocks going ex-dividend today include Coronado Global Resources (ASX:CRN) and Orica (ASX:ORI).

Trading Ideas:

  • Bell Potter have upgraded their rating on the Australian Agricultural Company (ASX:AAC) from a Hold to a Buy, after the company reported H1 operating EBITDA ahead of Bell Potter’s expectations at $38.3 million. They say the company have an effective go to market strategy and cost controls and are in a position to develop the asset base and add value to the portfolio. Bell Potter have lowered their price target from $2.35 to $2.15, and at its current share price of $1.63, this implies 31.9% share price growth in a year.
  • Trading Central have identified a bullish signal in Steadfast Group (ASX:SDF) indicating that the stock price may rise from the close of $5.19 to the range of $5.59 to $5.69 over 12 days according to the standard principles of technical analysis.

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