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Morning Bell 9 December

Grady Wulff
December 9, 2022

Wall Street felt some relief on Thursday after new weekly jobless claims in the US ticked higher to 230,000 from 226,000 the week prior in a sign the Fed’s aggressive interest rate hikes are beginning to have an impact on the nation’s tight labour market. The slight uptick in jobless claims underpinned a rally on Thursday that saw the Dow Jones add 0.3%, the S&P500 lift 0.5% and the tech heavy Nasdaq added 0.9%.

Despite the slight relief rally, investors remain focused on the Fed’s FOMC meeting next week where it is expected another 50-basis points.

Over in Europe, markets closed mostly lower again as investor fears of a global recession continued to dominate sentiment across markets in the region. Germany’s DAX added just 0.02%, while the French CAC fell 0.14% and the UK’s FTSE100 lost 0.23%.

What to watch today:

  • Ahead of the local trading session the SPI futures is anticipating the ASX to open 0.31% higher buoyed by the rally on Wall St overnight.
  • On the commodities front, crude oil continues its decline trading 0.7% lower at US$71.51/barrel, coal is trading almost 1% lower at US$405/tonne, gold is up 0.11% at US$1788/ounce and iron ore is down 1.83% at US$107.50/tonne.
  • The Australian dollar has strengthened to buy 67.73 US cents, 92.58 Japanese yen, 55.33 British pence and 1 New Zealand dollar and 6 cents.
  • Taking a look at economic data out today, China’s inflation rate data for November is released around midday Australian eastern daylight time, with the market expecting a decline to 1.6% from 2.1% in October.

Trading Ideas:

  • Trading Central has identified a bearish signal on Viva Energy Group (ASX:VEA) following the formation of a pattern over a period of 157-days which is roughly the same amount of time the share price may fall from the close of $2.66 to the range of $1.95-$2.10 according to standard principles of technical analysis.
  • And Trading Central has also identified a bearish signal on Bravura Solutions (ASX:BVS) following the formation of a pattern over a period of 23-days which is roughly the same amount of time the share price may fall from the close of $0.78 to the range of $0.40-$0.48 according to standard principles of technical analysis.

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