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Morning Bell 1 September

Jessica Amir
September 1, 2021

US stocks soured on the last trading day of August, with the major indices closing slightly lower. House prices across 20 capital cities rose 19.1% year on year, the biggest jump since 1987. In addition, consumer inflation expectations grew higher. Investors are therefore adjusting their portfolios and looking for stocks in higher interest rate environments, as well as taking profit ahead of the Fed’s meeting.

The Aussie share market will kick off September cautiously, with the futures down 0.4%, ahead of economic growth data being released.

What to watch today:

  • GDP data for the second quarter will be released today at 11:30am AEST, expected to be 0.5%. Third quarter GPD will likely show a 3% fall. If the GDP data is weaker than expected, investors are likely to buy staples and utilities, or take profits in growth sectors such as financial, energy and industrials. However, if GDP is stronger than expected, the reverse may occur.
  • The iron ore price fell slightly, while the copper price fell 0.3%. Meanwhile, the oil price fell below US$69, falling from its one month high, amid Hurricane Ida forcing US refineries to shut. Oil has also fallen as Washington pushes OPEC to pump more oil.
  • Companies going ex-dividend today are Iress (ASX:IRE), Wesfarmers (ASX:WES) and Mount Gibson Iron (ASX:MGX).
  • One of the most traded stocks by Bell Direct clients yesterday was Shopping Centres Australasia (ASX:SCP). SCP shares rose 1.5% as more Australians get vaccinated. SCP’s chart flagged a technical bullish signal, with MACD indicating SCP shares could continue to rally over the short term. The chart’s moving averages also recently formed a golden cross, meaning upside could be ahead.

Trading Ideas:

  • Carbon Revolution (ASX:CBR) was reiterated as a Speculative BUY by Bell Potter, with an increased price target of $1.80 (previously $1.78), implying 58% share price growth in a year.
  • FireFinch (ASX:FFX), Aussie Broadband (ASX:ABB) and Ava Risk Group (ASX:AVA) are all giving off bullish charting signals, according to Trading Central.

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