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Morning Bell 26 June

Grady Wulff
June 26, 2023

Wall Street slid on Friday with the key indices closing lower for the week and the Nasdaq snapping an 8-week winning streak as investors shift focus to the high potential of a US and possibly global recession. The Dow Jones fell 1.7% over the week, the S&P500 lost 1.4%, and the tech-heavy Nasdaq also fell 1.4%. Inflation around the world remains elevated, and stock markets have been on a solid rally of late, so investors have pulled back optimism and now assess the high likelihood of a US recession as the Federal Reserve maintains an aggressive stance toward tackling inflation. Shares in Goldman Sachs declined on Friday after CNBC reported the investment bank is likely to face a large write down for its 2021 acquisition of fintech firm GreenSky.

Over in Europe, markets in the region closed lower on Friday amid dampened global investor sentiment and on the back of a hawkish 50-basis point rate hike out of the Bank of England on Thursday. In the eurozone flash purchasing managers’ index data, a fall from 52.8 points to 50.3 points. A reading below 50 indicates a contraction, which is something to keep in mind for the euro zone over the month ahead. The STOXX600 fell 0.3% on Friday, Germany’s DAX fell 0.99%, the French CAC lost 0.55%, and, in the UK, the FTSE100 lost 0.54%. German energy company, Siemens Energy tumbled 37% on Friday after scrapping its profit guidance due to issues with its wind turbine division.

On the local index, the ASX200 dived 1.34% on Friday, weighed down by a near 4% loss in the energy sector as the price of oil dipped 3.15% last week to US$69.71/barrel as rate hike concerns and recession fears weigh on demand outlook for the commodity. The utilities and consumer staples sectors were the only two to close in positive territory on Friday.

What to watch today:

  • Ahead of the local trading session, the SPI futures are anticipating the ASX to open Monday’s trading session down 0.23% on dampened global investor sentiment.
  • Taking a look at commodities this morning, oil is up 1.06% to start the new trading week at US$69.89/barrel, coal is down 0.2% at US$125.50/tonne, gold is up 0.16% at US$1923.68/ounce and iron ore is flat at US$114.50/tonne.
  • On the economic data front, the European Central Bank Forum on Central Banking begins today in Portugal where central bank governors, and officials meet to exchange views on current policy issues and discuss the forum’s outlook for longer-term perspective.
  • AU$1.00 is buying US$0.67, 96 Japanese Yen, 52.35 British Pence and NZ$1.09.

Trading Ideas:

  • Bell Potter has increased the price target on Delta Lithium (ASX:DLI) from $1.05 to $1.25 and maintain a buy rating on the lithium explorer following the release of high-grade drilling results and updated deposit dimensions. The company reported drilling results from its Yinnetharra Lithium Project in WA and notes ‘Malinda boasts a lithium Mile’ comprising two major parallel ore zones M1 and M35 each now drilled out over 1.6km in strike length. The company’s Mt Ida asset it also a near-term producer, targeting direct shipping operation from Q4FY23.
  • Trading Central has identified a bearish signal on Helloworld Travel (ASX:HLO) following the formation of a pattern over a period of 49-days which is roughly the same amount of time the share price may fall from the close of $2.47 to the range of $1.95 to $2.05 according to standard principles of technical analysis.

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