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Morning Bell 24 January

Grady Wulff
January 24, 2023
The US Market rallied to start the week, led by the tech-heavy Nasdaq jumping more than 2% as investors weigh the Fed’s rate path moving forward in favour of a slowdown in rate hikes to come. Favourable economic data released last week showed a decline in wholesale and retail sales in a sign consumer spending is also starting to cool. The Dow Jones added 0.76% to start the week and the S&P500 rallied 1.19%. Semiconductor shares, as well as Apple and Tesla shares all climbed on Monday amid hopes that the reopening of China would stimulate business for these tech companies.
In Europe, markets started the week on a positive note as investors globally increasingly believe the Federal Reserve is ready to slow its rate hike pace amid signs of cooling growth in the US economy. Company earnings reports out in Europe also made waves yesterday with German fragrance and flavouring producer Symrise tumbling 7% after missing full year earnings expectations, while French liquor company Remy Cointreau shares rose 3% after Citigroup raised its rating from neutral to buy and raised its price target on the company.
Germany’s DAX closed almost half a percent higher on Monday, while the French CAC added 0.52% and in the UK, the FTSE100 rose 0.18%.
What to watch today:
  • Ahead of the local trading session, the SPI futures are expecting the ASX to open 0.31% higher on the back of a strong session on Wall St overnight.
  • On the commodities front, oil is trading just 0.05% lower at US$81.59/barrel, gold is up 0.12% at US$1928.88/ounce, and iron ore is flat at US$124.50/tonne.
  • The Aussie dollar is buying US$0.70 US cents, 91.81 Japanese yen, 56.52 British pence, and NZ$1.08.
  • On the economic calendar today, NAB business confidence data for December is released with consensus expecting a rise of 3 points to -1 points for the month, after a fall of 4 points in November.
Trading Ideas:
  • Bell Potter has downgraded its price target on Allkem (ASX:AKE) from $19.45 to $19.36 but maintains a buy rating on the lithium company following the release of Q2 results. Bell Potter sees despite a record quarter at the company’s flagship Olaroz operations, the Mt Cattlin project December quarter production of spodumene concentrate fell short of Bell Potter expectations and costs exceeded expectations. Bell Potter sees Allkem is through the worst at Mt Cattlin but expects an ambitious recovery in the second half of the financial year.
  • Trading Central has identified a bullish signal on Ardent Leisure Group (ASX:ALG) following the formation of a pattern over a period of 61-days which is roughly the same amount of time the share price may rise from the close of $0.61 to the range of $0.74 to $0.78 according to standard principles of technical analysis.

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