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Morning Bell 27 October

Bell Direct
October 27, 2023

Wall St closed lower on Thursday as earnings season results failed to live up to investor expectations. The tech-heavy Nasdaq had the sharpest decline out of all three major indices losing 1.76%, dropping deeper into correction territory following the release of results from technology company Meta which fell short of expectations. The S&P 500 and the Dow Jones also finished the day in the red, losing 1.18% and 0.76% respectively.

Over in Europe, markets closed lower as investor attention remains on earnings season and government bond yields. The STOXX 600 closed down 0.5% with most major sectors finishing in negative territory. Germany’s DAX closed just over one percent lower, the French CAC ended the trading day down 0.38% and over in the UK the FTSE 100 retreated 0.81%.

Locally yesterday, the ASX 200 closed 0.61% lower with the information technology and real estate sector closing 2.56% and 2.07% lower respectively. This was slightly offset by the utilities sector which gained 1.30% by market close yesterday.

What to watch today:

  • The Australian share market is set to open slightly lower, with the SPI futures suggesting a fall of 0.04% at the open this morning.
  • On the commodities front this morning,
    • Oil is down 2.08% at 83 US dollars and 61 cents a barrel following an increase in supply, with crude oil inventories unexpectedly rising by 1.371 million barrels.
    • Gold is up 0.25% to 1984 US dollars and 57 cents an ounce as investors react to stronger than expected economic data from the US.
    • And iron ore is trading flat, at 120 US dollars and 50 cents a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Gold Road Resources (ASX:GOR) despite increasing its price target to $2.10. The buy rating is maintained as an expansion of their gold mines is yielding increased profitability and cash build. Beyond the expansion, Gold Road’s corporate strategy includes the establishment of a second, 100% owned gold mine.
  • And Trading Central has identified a bullish signal in SG Fleet Group (ASX:SGF), indicating that the stock price may rise from the close of $2.54 to the range of $2.82-$2.88 on a pattern formed over 21 days, according to the standard principles of technical analysis.

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