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Morning Bell 26 May

Sophia Mavridis
May 26, 2023

In New York overnight, US equities closed mixed, as investors watch for debt ceiling updates. While the Dow Jones closed 0.11% lower, the S&P500 gained 0.9% and the Nasdaq advanced 1.7%.

European markets ended lower. The benchmark Stoxx 600 finished 0.24% lower after a choppy day, weighed down the most by oil and gas stocks, down around 2%.

What to watch today:

  • The Australian market is set to open lower this morning, with the SPI futures suggesting a drop of 0.08%.
  • As for companies to watch today, Fisher & Paykel Healthcare (ASX:FPH) will be releasing its earnings report today, and InvoCare (ASX:IVC) will hold its AGM today.
  • In commodities,
    • Oil prices have sharply fallen, ending a three-day winning streak, after the Russian Deputy Prime Minister ruled out additional production cuts by OPEC+.
    • The Gold price is hovering at around US$1,941 an ounce, levels not seen in over two months, pressured by a rise in Treasury yields and the US dollar. Traders are also monitoring the ongoing debt ceiling conversations and the likelihood of prolonged higher interest rates.
    • Iron ore is lower with reduced steel production in China and a decrease in supply disruptions.

Trading Ideas:

  • Bell Potter maintains their Buy rating on Eagers Automotive (ASX:APE), after the company provided a trading update at its AGM which was slightly below Bell Potter’s expectations, with underlying net profit before tax for the first four months of the year only in line with the PCP. Bell Potter had been expecting some growth, but the first half has been negatively impacted by a number of issues including lower deliveries on key brands (e.g. Toyota, Mitsubishi and Mazda), two wet weather events in New Zealand and some cost pressies such as interest costs on inventory.
  • Trading Central have identified a bullish signal in Lendlease Group (ASX:LLC), indicating that the stock price may rise from the close of $7.77 to the range of $8.60 to $8.75 over 8 days, according to the standard principles of technical analysis.

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