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Morning Bell 20 June

Bell Direct
June 20, 2024

Wall Street was closed on Wednesday for the Juneteenth holiday which is the National Independence Day celebrated on the 19th of June every year. Investors will be eagerly awaiting the opening of trade in the US on Thursday though to see if Nvidia, and the Nasdaq and S&P500 as a whole are able to maintain their respective record runs.

In Europe overnight, markets in the region closed slightly lower aside from the FTSE100 after UK inflation data came in at 2% for May which is inline with the Bank of England’s target. The STOXX600 fell 0.18% on Wednesday, Germany’s DAX fell 0.1% and the French CAC fell 0.77%. UK inflation for May hitting the BOE’s target rate of 2% ahead of Thursday’s policy rate decision is timely despite economists’ expecting the BOE to maintain the current rate of 5.25% for the month ahead before cutting in August.

Across the Asia markets on Wednesday, it was a sea of green as energy stocks boosted markets to a positive close. Hong Kong’s Hang Seng rose 2% on Wednesday, and Taiwan’s weighted index topped a record over 23,000 for the first time. Japan’s trade data for May also out yesterday showed exports grew 13.5% YoY while imports grew 9.5%, with exports topping economists’ expectations while imports fell slightly short.

What to watch today:

  • Locally on Wednesday, the ASX200 pulled back in afternoon trade to close 0.1% lower as a sell-off in industrials and telecom stocks offset gains among energy and consumer staples companies.
  • A nuclear power plant promise from Federal Opposition leader Peter Dutton as part of his election push boosted uranium miners yesterday with Paladin ending the day up 1.11%, Boss Energy climbing 2.2% and Deep Yellow adding 4.21%.
  • Mortgage insurer, Helia, tanked 20.85% yesterday on news that CBA, Helia’s biggest client, will potentially put its contract up for tender. This fall in share price saw Helia lose almost a fifth of its market value yesterday.
  • Ahead of Thursday’s session on the ASX, the SPI futures are expecting the local market to open the day down 0.23%, extending on the midweek losses.
  • On the commodities front this morning, oil is trading down 0.28% at US$81.34/barrel, gold is up 0.08% at US$2330.28/ounce and iron ore is up just 0.06% at US$107.11/tonne.
  • 1 Aussie dollar is buying 67 US cents, 105.40 Japanese Yen, 52.43 British Pence and 1 New Zealand dollar and 9 cents.

Trading Ideas:

  • Bell Potter has maintained a buy rating on Beach Energy (ASX:BPT) and slightly decreased the 12-month price target on the energy exploration and development company following the release of the company’s strategic review including further cost reductions, more disciplined capital management and growth focus on three core producing energy hubs.
  • Trading Central has identified a bullish signal on OM Holdings (ASX:OMH) following the formation of a pattern over a period of 27-days which is roughly the same amount of time the share price may rise from the close of $0.46 to the range of $0.62 to $0.66 according to standard principles of technical analysis.

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