Morning bell 22 September

Bell Direct
September 22, 2020

Overnight we saw a risk off environment unfold as the UK considers another national lockdown to slow rising infection rates. That saw tourism stocks move lower with Carnival shares down 6.7% and Delta Air falling 9.2%. Elsewhere, investors sold down banks as allegations swirled that a number of international banks have been moving illicit funds over the last two decades. But there was some light – technology shares slightly rebounded – U.S. tech darlings led Wall Street to a record high but the September-blues hit, so overnight investors bit into low hanging fruit. As for the US major indices, the S&P500 lost 1.2%, the Dow fell 1.8% and the Nasdaq fell just slightly, 0.1%.

Commodities:
– Oil lost 4% to US$39.31 after climbing 10% last week
– Gold fell 3% – US$1,910 as investors flowed funds into the safe haven U.S. dollar.

What to watch today?
– The Local futures are suggesting a pull back of almost 1% following Wall Street’s fall.
– Stocks in Hydrogen, batteries, green steel, carbon capture and storage, and soil carbon may be worth a look as they’ve been flagged as the federal government’s priority in low-emission technologies to develop over the next decade.
– The RBA Deputy Governor, Guy Debelle’s speech on the Australian Economy and Monetary Policy will be in focus. So look for hints on negative interest rates and if the RBA thinks the second half of 2020 will show solid or tepid recovery.

Trading Ideas:
– Australian Pharmaceutical Industries (ASX:API), which owns Priceline, Soul Pattinson Chemist and Clear Skincare clinics was downgraded to a Bell Potter Sell with a $0.85 price target, implying a 17% pull back from yesterday’s close of $1.02.
– Laybuy Group (ASX:LBY) was initiated as Bell Potter speculative Buy with a $2.40 price target, implying 41% upside from in a year, from yesterday’s close of $1.71.
– And keep an eye on Johns Lyng Group (ASX:JLG), Shine Justice (ASX:SHJ) and Aspen Group (ASX:APZ) -all three are giving off bullish charting signals – according to Trading Central.

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