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Morning Bell 31 October

Sophia Mavridis
October 31, 2022

The local market snapped a four-session winning streak on Friday, to close 0.87% lower as investors sharply sold off 4% amid a sharp decline in commodity prices, including iron ore tumbling 5.6%.

BrainChip (ASX:BRN) was the most sold-off stock on Friday, with the world-leading AI on-chip processing and learning technology company tanking 21.2% after releasing a Q3 update, outlining that the $1.5 billion company generated cash receipts of just $118,000 and an operating loss and operating cash outflow of $3.8 million for the quarter. Macquarie (ASX:MQG) shares were virtually unchanged at the closing bell on Friday despite the investment bank releasing strong half-year results including net operating income up 11% to $8.641 billion, profit after tax rising 13% to $2.305 billion and an interim dividend rise of 10% to $3 per share. Total operating expenses also rose though by 13% to $2.305 billion.

The most traded stocks by Bell Direct clients on Friday were BHP Group (ASX:BHP), BrainChip (ASX:BRN) and Lake Resources (ASX:LKE).

Overseas on Friday, the US market ended higher after a turbulent week, following the release of Apple’s earnings report that boosted the tech-heavy Nasdaq higher to lead the gains on Wall St. The Dow Jones industrial index added 2.6%, the Nasdaq rose 2.87% and the S&P500 lifted 2.46% on the last trading session of the week. Investor sentiment was also boosted on Friday – investors are optimistic that the Fed may indicate this week that it is preparing to pivot toward a slower pace of monetary tightening.

In Europe, markets closed mixed after the European Central Bank raised its interest rate by 75-basis points, alongside the release of a number of company earnings reports. The Stoxx 600 closed up just 0.1% while Germany’s DAX added 0.24% and the French CAC climbed 0.27%, but the UK’s FTSE100 fell almost 0.4%. Shell shares fell more than 1.5% on Friday despite the oil and gas giant releasing third quarter results on Thursday including quarterly profits more than doubling from the same period a year earlier.

What to watch today:

  • The ASX is set to open 1.36% higher, following the strong rally on Wall Street that ended the last trading week higher.
  • In commodities this morning, crude oil is trading 0.7% lower at US$96.31 per barrel, gold is trading 1% lower at US$1,644 per ounce, iron ore is down 5.6% at US$84 per tonne and gas is trading down 5.8% at US$2.84 per gallon.
  • There is no local economic data released today, however local investors will be keenly awaiting the release of the RBA’s interest rate decision out tomorrow at 1:30pm AEDT with the market expecting another rise of 0.25% taking the nation’s cash rate to 2.85%.

Trading Ideas:

  • Trading Central has identified a bullish signal on Auckland International Airport (ASX:AIA) following the formation of a pattern over a period of 27 days which is roughly the same amount of time the share price may rise from the close of $6.82 to the range of $7.13 to $7.21 according to standard principles of technical analysis.
  • Trading Central has also identified a bearish signal on Sigma Healthcare (ASX:SIG) following the formation of a pattern over a period of 34 days which is roughly the same amount of time the share price may fall from the close of $0.65 to the range of $0.53 to $0.55 according to standard principles of technical analysis.

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