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Morning Bell 8 November

Grady Wulff
December 8, 2022

Wall Street extended the recent red run into the midweek session as investors fear higher interest rates and a subsequent economic downturn are increasingly likely given recent surprising economic data out in the US. The Dow Jones fell 0.2%, the S&P500 lost 0.3% and the tech heavy Nasdaq shed 0.7%.

Further remarks from a host of Wall Street executives added to investor fears of recession, with JPMorgan CEO Jamie Dimon saying the US$1.5trn in excess savings across America’s bank accounts was quickly diminishing amid rising prices of goods and services.

Over in Europe, the global sell-off continued amid rising fears of a global recession. Germany’s DAX fell 0.57%, the French CAC lost 0.41% and in the UK, the FTSE100 closed the midweek session down 0.43%.

On the commodities front, oil extended losses overnight trading 2.78% lower at US$72.18/barrel, coal is down almost 1% at US$405/tonne, gold is up almost 1% at US$1787.67/ounce and iron ore is flat at US$109.50/tonne.

The Aussie dollar is buying 67.27 US cents, 91.76 Japanese yen, 55.05 British pence and 1 New Zealand dollar and 6 cents.

What to watch today:

  • Ahead of the local trading session here in Australia the SPI futures is anticipating the ASX to open 0.26% lower on the back of the turbulent global sessions overnight.
  • Taking a look at economic data out today, Australia’s trade balance data for October is released with the market expecting a decline in trade surplus to $11.9bn from $12.44bn in September.

Trading Ideas:

  • Bell Potter has initiated coverage of The Environmental Group (ASX:EGL) with a buy rating and a price target of $0.26, as the company is seen to be at a significant inflection point. In Bell Potter’s view, core segments validate the majority of EGL’s current share price, providing a cheap option on a high ceiling polyfluoroalkyl substances (PFAS) opportunity.
  • Trading Central has identified a bullish signal on Maggie Beer Holdings (ASX:MBH) following the formation of a pattern over a period of 24-days which is roughly the same amount of time the share price may rise from the close of $0.21 to the range of $0.24-$0.26 according to standard principles of technical analysis.

 

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