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Morning Bell 19 January

Sophia Mavridis
January 19, 2023

Disappointing retail sales data released in the US overnight saw Wall Street close in the red. The Dow Jones tumbled 1.8%, as investors took their profits from the strong start to the year. The S&P500 lost 1.6% and the Nasdaq down 1.2%

European markets were mixed as uncertainty persisted on the economic outlook, which is a key topic of debate on the agenda at the World Economic Forum in Davos this week. The STOXX 600 gained 0.2% and France’s CAC up 1%, while Germany’s DAX closed flat and the FTSE100 closed 0.3% lower.

What to watch today:

  • The SPI futures are suggesting the Australian market will drop 0.42% at the open this morning.
  • BHP (ASX:BHP)’s share price will be on watch today, with the mining giant set to releasee its second quarter production update.
  • In commodities, oil is more than 1% in the red, at levels last seen in early December. Gold is trading higher at around US$1,903 per ounce, while iron ore is down to US$120.50 per tonne, dropping from the seven-month high of US$127 touched in the previous session.
  • In economic data, at 11:30am AEDT the unemployment rate for December will be announced, expected to remain unchanged at 3.4%.

Trading Ideas:

  • Bell Potter maintains a BUY rating on Allkem (ASX:AKE) and have lowered their price target from $19.45 to $19.36. At AKE’s current share price of $12.25, this implies 58% share price growth in a year.
  • Trading Central have identified a bullish signal in Ampol (ASX:ALD), indicating that the stock price may rise from the close of $29.32 to the range $31.30 – $31.80, over 61 days according to the standard principles of technical analysis.

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