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Morning Bell 9 November

Bell Direct
November 9, 2023

US markets saw little change overnight, with the Dow Jones down 0.12%, while the Nasdaq gained 0.08% and the S&P500 ended 0.1% higher. The S&P500 gained for the eight straight day, making this the longest win streak in 2 years.

European markets closed higher, with the STOXX 600 recovering earlier losses of around 0.3%. The release of earnings results was the key driver share price movements in Europe overnight, with Credit Agricole, Adidas, ABN Amro and Marks and Spencer all reporting before the bell.

What to watch today:

  • Our local market is set to open higher, with the SPI futures suggesting a rise of 0.36% at the open this morning.
  • In commodities,
    • The price of crude oil has sharply dropped, trading over 2% lower at the time of recording, at around US$75 per barrel. This is the lowest level since the 20th of July this year. The fall was prompted by emerging demand concerns from the largest consumers, the US and China. And adding to worries about global demand is the weaker-than-expected Chinese exports in October. So, keep watch of ASX energy producers today.
    • The gold price is also lower, extending its decline for the third session in a row, pressures by the higher US dollar,
    • While iron ore is in the green, sitting at its highest level in 7-months at US$127 per tonne.
  • Today, watch the share price movements of NAB, with the bank set to release its full year results. Goldman Sachs analysts are expecting cash earnings up to 11% on the prior corresponding period, ahead of consensus. Goldman Sachs also are expecting a final dividend of 83 cps, in line with consensus.
  • And companies that are set to hold their AGMs today include Amcor (ASX:AMC), De Grey Mining (ASX:DEG), Nine Entertainment (ASX:NEC) and Star Entertainment (ASX:SGR).

Trading Ideas:

  • Bell Potter maintains a Buy rating on Adacel Technologies (ASX:ADA) a global provider of simulation and control systems from the civil aviation and defence sectors. Their core products are air traffic control simulation systems and air traffic management automation systems. Bell Potter have increased their price target on the stock by 13% to $0.90. At ADA’s current share price of $0.78, this implies 15.4% share price growth in a year.

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