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Morning Bell 5 October

Bell Direct
October 5, 2023

Favourable jobs data and easing treasury yields boosted Wall St to a positive close on Wednesday with the Dow Jones snapping a losing streak by adding 127 points or 0.4%, while the S&P500 rose 0.8% and the tech-heavy Nasdaq lifted 1.3%. US private payrolls data showed the economy added 89,000 private payrolls last month which was well below the forecasted 160,000 in a sign the tight labour market in the US is starting to ease.

Treasury yields also pulled back from 16-year highs with the 10-year Treasury yield trading at 4.729%. Mortgage demand data also released showed mortgage demand has fallen to its lowest level since 1996 as mortgage rates nearing 8% have decreased demand for the loans.

Investors are still on edge awaiting the release of non-farm payrolls data on Friday to gauge whether the labour market really is easing in the U.S.

Over in Europe, markets closed lower on Wednesday amid dampened global sentiment over rising interest rates and the outlook for inflation to remain stubbornly high. The STOXX600 fell 0.1% on Wednesday weighed down by oil and gas stocks sliding on the declining price of the commodities, while tech stocks closed 1.2% higher.

Locally on Wednesday, the ASX200 extended its red run, closing the session down 0.77% to an 11-month low as financial and communication services stocks weighed on the key index, while the utilities sector was the only sector to close the midweek session higher. The ASX has taken strong lead from the US over the first sessions of the week amid fears of a government shutdown in the world’s largest economy and the release of economic data signalling inflation remains sticky in the region.

Lithium takeover target Liontown Resources added 1% on Wednesday after Gina Rinehart further increased her stake in the near-term lithium producer, taking her holding to 14.7%

Biotech company Noxopharm soared 85% on Wednesday after announcing its CRO-67 preclinical drug candidate for the treatment of pancreatic cancer has been granted orphan drug designation status by the FDA in the US.

What to watch today:

  • Ahead of the local trading session here in Australia, the SPI futures are anticipating the ASX to open Thursday’s session 0.45% higher on the back of Wall Street’s recovery overnight.
  • On the commodities front this morning oil is down 4.96% at US$84.80/barrel, gold is down just 0.09% at US$1821.10/ounce and iron ore is flat at US$119.50/tonne.
  • AU$1.00 is buying US$0.63, 94.28 Japanese Yen, 52.49 British Pence, and NZ$1.07.

Trading Ideas:

  • Bell Potter has initiated coverage of Clinuvel Pharmaceuticals (ASX:CUV) with a buy rating with a 12-month price target of $24/share. Bell Potter sees the company’s distribution of Scenesse, the only approved treatment for patients suffering from a rare inherited disease called EPP, as a strong growth outlet over the coming years, with a 3-year Compound Annual Growth Rate of 34% to $78m in FY23. The company also has diversification beyond Scenesse through conducting a range of pharmaceutical R&D activities and new product launches to diversify its commercial opportunities.
  • And Bell Potter has increased the price target on Adacel Technologies (ASX:ADA) from 75cps to 80cps and maintain a buy rating on the leading global provider of simulation and control systems for civil aviation and defence sectors following the company announcing it has been awarded a new contract from the Federal Aviation Administration valued at US$59m over five years. Adacel lost this services contract to a competitor 6-years ago and the new contract award represents the hardware component only and does not include any software so another contract may be forthcoming for the upgrade of the software.13719457

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