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Morning Bell 2 February

Grady Wulff
February 2, 2023

The Federal Reserve has raised the US cash rate by 25-basis points as the market expected at the conclusion of the FOMC meeting overnight. The Fed has now eased rate hikes for a second straight month for the cash rate to sit between 4.5%-4.75% but said it will need to continue raising rates in order to reach a stance of monetary policy that is sufficient to return inflation to the target 2%. Recent favourable economic data including lower consumer spending and slowing economic growth in the US were contributing factors to the Fed’s rate hike decision.

US markets rebounded in afternoon trade to close the day higher as the Fed pulled back its pace of rate hikes. The Nasdaq rose 2% boosted by gains in chipmakers on the back of strong earnings out of Advanced Micro Devices. The S&P500 reversed an earlier loss to close the session up 1.05% and the Dow rose 0.02% at the closing bell.

European markets closed mixed on Wednesday as investors awaited the Fed’s latest interest rate decision which was released after the closing bell in Europe. Germany’s DAX added 0.35%, while the French CAC fell 0.07% and in the UK the FTSE100 fell 0.14%.

Investors expected the 25-basis point rate hike announced by the Fed overnight however will continue to monitor commentary around the decision to gain any insight into what other central banks around the world might do at their respective rate hike meetings over the coming days.

What to watch today:

  • On the economic calendar today the Bank of England’s latest interest rate decision will be announced later tonight with the market expecting a 50-basis point rise to 4%.
  • The SPI futures are anticipating the local market to open 0.31% higher buoyed by the strong session on Wall St overnight.
  • On the commodities front, oil is trading 2.41% lower at US$76.97/barrel, gold is up 1.02% at US$1947.40/ounce and iron ore is down 0.77% at US$129/tonne.
  • The Aussie dollar is buying 71 US cents, 91.83 Japanese yen, 57.01 British pence and 1 New Zealand dollar and 10 cents.

Trading Ideas:

  • Bell Potter has upgraded its rating and price target on Gold Road Resources (ASX:GOR) to a buy rating and a price target of $1.95 following the release of the company’s fourth quarter results including a revaluation of the company’s listed investments. The company’s 50%-owned Gruyere mine is beginning to yield increasing cash flow and earnings as production expands to greater than 350 thousand ounces per annum. Gold Road Resources also has a 19.99% stake in De Grey Mining (ASX:DEG), owner of the Mallina Gold Project, where 8.5 million ounces of gold have been delineated at the Tier-1 ‘Hemi Mining Centre’.
  • Trading Central has identified a bullish signal on The Lottery Corp (ASX:TLC) following the formation of a pattern over a period of 12-days which is roughly the same amount of time the share price may rise from the close of $4.86 to the range of $5.12 to $5.20 according to standard principles of technical analysis.

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