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Morning Bell 25 July

Sophia Mavridis
July 25, 2023

US equities had a positive run overnight, with all three major benchmarks closing the session in the green, as a busy week of earnings season begins and as investors await the Fed’s next policy decision.

The Dow Jones pisted its 11th straight day of gains, advancing 0.52%. The S&P500 also gained as energy stocks led the index, with the sector up almost % after gas and oil futures approached a three-month high. And the tech-heavy Nasdaq added 0.2%, as investors await the earnings report from some big tech names. Companies set to report this week include Alphabet, Microsoft, and Meta.

In Europe, Germany’s DAX, the FTSE 100 and the STOXX 600 all closed in the green, while France’s CAC was the only benchmarks to close lower. It’s a busy week ahead for central bank meetings in Europe, as well as corporate earnings and the inconclusive results of the Spanish election, which were held on Sunday.

What to watch today:

  • Following Wall Street overnight, the SPI futures are suggesting that our local market is set to rise 0.56% at the open this morning.
  • There is no local economic data out today, markets are waiting for the inflation rate announcement out tomorrow.
  • Stocks to watch today include gold miner Newcrest Mining (ASX:NCM), which is set to release its quarterly report today. And Blackmores (ASX:BKL) which is set to go ex-dividend today. So remember that this often sees the share price fall, as investors take their profits.
  • Looking now at commodities,
    • Crude oil is jumped 2.4% and is current trading at around US$78.91 per barrel. The price is at a three-month high amid an outlook for tighter global supply, as well as an increase in Chinese demand. So keep watch of energy producers today including Woodside Energy (ASX:WDS), Santos (ASX:STO) or Ampol (ASX:ALD).
    • The price of gold is slightly lower as investors await the rate decisions from central banks this week.
    • And iron ore is hovering around a three-month high as investors assess the likelihood that the Chinese government will provide stimulus to boost resource demand and the country’s economic outlook.

Trading Ideas:

  • Bell Potter maintains its BUY rating on Life360 (ASX:360) a market leading family app with driving safety and location sharing features. 360 is scheduled to report its second quarter results mid-August, and Bell Potter are expecting solid results. However, there are areas they’re not expecting strong results, with factors in consideration such as price rises for Android users in the US. They have increased their price target from $9.00 to $9.25, and at 360’s current share price of $7.82, this implies 18.3% share price growth in a year.
  • And Trading Central have identified a bullish of signal on Whitehaven Coal (ASX:WHC), indicating that the stock price may rise from the close of $7.23 to the range of $8.50 to $8.80 over 38 days according to the standard principles of technical analysis.

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