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Morning Bell 2 September

Sophia Mavridis
September 2, 2022

In New York overnight, shares turned around, regaining some of the week’s losses. The Dow and the S&P500 ending the first day of the month on a high note, with investors looking forward to the US jobs report for August. Meanwhile, the Nasdaq dropped 0.3%, posting a 5-day loosing streak, which was last seen for the Nasdaq in February. All three major averages however, are on track to finish the week lower. And the 2-year US Treasury yield topped 3.5%, which is the highest level since November 2007. This weighed on weigh sensitive growth stocks.

What to watch today:

  • The SPI futures are suggesting our local market will edge higher this morning, set to rise 0.29% at the open.
  • In commodities,
    • Crude oil has dropped almost 4%, as US recession concerns and a weakening demand outlook have overshadowed concerns over tight supply.
    • Gold is also trading lower, hovering at its lowest in 6 weeks, pressured by the Fed’s commitment in fighting inflation with aggressive policy tightening.
    • Iron ore is also in the red, trading at levels not seen in nearly 10 months. Power cuts for Chinese manufacturers has lowered capacity for steel production and demand for steel inputs.
  • Watch the share price movements of biotechnology company Imugene (ASX:IMU), which is set to publish its earnings results today, as well as Catalano Seafood (ASX:CSF) which is set to hold its AGM today.

Trading Ideas:

  • Bell Potter maintain their Buy rating on DGL Group (ASX:DGL). The company published its FY22 results: Underlying EBITDA was up 59% year-over-year, in-line with Bell Potter’s estimates. Factoring in their expectations for FY23, the broker has lowered their price target from $3.50 to $2.15. At DGL’s current share price of $1.84, this implies 16.8% share price growth in a year.
  • Trading Central have identified a bearish signal in Regis Healthcare (ASX:REG), indicating that the stock price may fall from the close of $2.03 to the range of $1.68 to $1.74, over 10 days according to the standard principles of technical analysis.

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