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Morning Bell 10 September

Sophia Mavridis
September 10, 2021

Wall Street extended its losses overnight, with all three major indices closing in the red. The S&P500 down 0.5%, the Dow Jones down 0.4% and the tech heavy Nasdaq down 0.3%.

Yesterday the ASX200 closed 1.9% lower, with equity sell offs across the market, after the NSW Government announced a roadmap out of lockdown.

Today, despite US equities falling, the SPI futures are suggesting the ASX200 will open 0.3% higher.

What to watch today:

  • Consumer Inflation Expectations for September will be released this morning at 11am AEST. Inflation expectations deceased from 3.7% in July, to 3.3% in August. Forecasts expect it to fall to 3.2%.
  • Companies going ex-dividend today include: Argo Global (ASX:ALI), Ariadne Australia (ASX:ARA), Base Resources (ASX:BSE), Cleanaway Waste Management (ASX:CWY), Sequoia Financial (ASX:SEQ) and WiseTech (ASC:WTC).
  • The most traded stocks by Bell Direct clients yesterday included ANZ (ASX:ANZ), Flight Centre (ASX:FLT) and Fortescue Metals (ASX:FMG).
  • The oil price has fallen 2.2% and is trading at US$67.80 a barrel, pressured by China’s decision to release crude oil reserves to the market, to lower domestic prices, stabilising domestic supply and demand.
  • Copper is trading 0.5% lower and the iron ore price has fallen 1.3% and is trading at US$133.80 a tonne.

Trading ideas:

  • Bell Potter maintain their BUY rating on Envirosuite (ASX:EVS), and have removed their Speculative rating. Bell Potter also increased their price target on EVS to $0.20, after the company’s positive development of a proof-of-concept contract they entered last week with Western Australia’s Water Corporation.
  • Bullish charting signals have been identified in Viva Leisure (ASX:VVA), Pengana Private Equity Trust (ASX:PE1) and Omni Bridgeway (ASX:OBL), according to Trading Central.

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