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Morning Bell 26 August

Sophia Mavridis
August 26, 2022

The highly anticipated 3-day Jackson Hole Economic Symposium kicked off overnight. It’s an annual event that focuses on an important economic issue that faces world economies each year. This year they’re discussing “reassessing constraints on the economy and policy” and over 100 global central bankers, academics, finance ministers and journalists from around the world attend. It’s closely followed by market participants because any unexpected remarks emanating from the heavyweights at the symposium have the potential to affect global stock markets. Mostly, investors are looking for clues on whether policymakers will cut rates when the current hiking cycle is over.

Also, the GDP growth rate for the US was released. With an upward revision to consumer spending and inventories. The US economy contracted an annualised 0.6% in Q2, which was less than forecasts.

US equities closed higher. The Dow up 1%, the S&P500 up 1.4% and the Nasdaq up 1.7%.

What to watch today:

  • The SPI futures are suggesting the Australian market will open flat this morning.
  • The week is ending with another long list of companies set to publish their earnings results today. Some companies include uranium production company Paladin Energy (ASX:PDN), which has gained over 15% this week and over 11% in yesterday’s session alone. Blue-chip retail conglomerate Wesfarmers (ASX:WES) is also reporting today. And Ramsay Healthcare (ASX:RHC) is also set to publish results. They’re the largest operator of private hospitals in Australia and provide healthcare in 10 different countries.
  • In commodities,
    • The oil price has dropped, failing to hold onto earlier gains, as investors balance signs of tightening supplies.
    • Gold is trading in the green, rising for a third straight session as the US dollar eases.
    • And iron ore is also higher, now recovering from the lowest level it hit in over a month.
  • Companies set to go ex-dividend today include Alumina (ASX:AWC), GUD Holdings (ASX:GUD), Lendlease Group (ASX:LLC) and Newcrest Mining (ASX:NCM).

Trading Ideas:

  • Bell Potter maintain a Buy rating on Eagers Automotive (ASX:APE), after the company reported yesterday. Revenue was up 4%, but below Bell Potter’s forecast , however its underlying profit before tax margin came in higher than the broker’s forecasts. Bell Potter have increased their price target form $14.75 to $15, and at its current share price of $13.16, this implies 14% share price growth in a year.

Trading Central have identified a bullish signal in Qube Holdings (ASX:QUB), indicating that the stock price may rise from the close of $2.94 to the range of $2.96 to $3, over 33 days, according to the standard principles of technical analysis.

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