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Morning Bell 29 February

Bell Direct
February 29, 2024

Wall St has closed lower for the third straight day as investors await Important inflation data coming out later in the week. The Dow Jones lost 0.06%, the S&P500 dropped 0.17% and the tech-heavy Nasdaq ended the trading session 0.55% lower.

Over in Europe, markets closed lower as cautious investment sentiment continued on from earlier in the week. The STOXX600 closed 0.3% lower with the majority of sectors ending the trading session in the red. Losses were led by technology stocks which lost 1.4%, whilst auto stocks rose by almost 1%. Germany’s DAX gained 0.25%, the French CAC gained 0.08% and over in the UK the FTSE100 closed 0.76% lower.

Locally yesterday, the ASX200 closed 0.03% lower with the consumer staples sector leading losses, down 0.81%. This was offset by the information technology sector which rallied 2.88% by the closing bell. Also yesterday, CPI data for January was released with it staying steady at 3.4%, the same as the previous month, 0.2% lower than the consensus and forecast of 3.6%.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.25% at the open this morning.
  • On the commodity front this morning,
    • Oil is trading over half a percent lower at US$78.44 cents a barrel, with the latest EIA report showing a higher-then-expected 4.199 million barrel rise in US crude oil inventories last week.
    • Gold is trading 0.20% higher at US$2033 an ounce and iron ore is trading flat at US$119.50 cents a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating of Cyclopharm (ASX:CYC) and has kept its 12-month price target steady at $3.80. The buy rating is maintained following strong earnings results in which commercial revenue increased by 14%. As well, short term catalysts include the announcement of first patient images from the US and subsequent contract signings of which are at various stages of approval.
  • And Trading Central has identified a bullish signal on Abacus Group (ASX:ABG), indicating that the stock price may rise from the close of $1.14 to the range of $1.16-$1.18, on a pattern formed over 19 days, according to the standard principles of technical analysis.

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