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Morning Bell 11 July

Sophia Mavridis
July 11, 2023

It was a positive session in New York overnight, as all three major averages snapped a three-day decline. Shares were broadly higher with the Dow Jones closing 0.6% higher, while the S&P500 and the Nasdaq gained 0.2%. Industrials led seven of the eleven S&P500 industry sectors higher as the closing bell neared, while communication services led the decliners.

And markets are waiting for US inflation data out tomorrow night is expected to show a modest decline of an annual rate of 4% in May to 3.1%.

What to watch today:

  • The Australian market is set to open higher this morning, with the SPI futures suggesting a 0.62% rise at the open.
  • In economic data, today Westpac will release its data on consumer confidence and NAB will release its data on business confidence. Both are expected to announce an increase in confidence month-on-month.
  • Looking at commodities,
    • Crude oil has fallen, trading at around US$73 per barrel as concerns about a global economic slowdown that could reduce demand for oil outweighed the prospects of tighter global supplies from Saudi Arabia and Russia.
    • Gold is trading flat, as investors weigh the prospects of further monetary tightening against concerns about a global economic slowdown, while poor performance of China’s consumer and producer prices reduced confidence of a recovery and increased deflation risks.
    • And iron ore continued to drop towards US$100 per tonne, so keep watch of iron ore stocks today including Fortescue Metals (ASX:FMG), Rio Tinto (ASX:RIO) or Mineral Resources (ASX:MIN).

Trading Ideas:

  • Bell Potter maintains a Buy rating on Propel Funeral Partners (ASX:PFP) after the company announced two acquisitions in New Zealand at AU$38 million. They have decreased their price target by approximately 5% to $5.60 per share, and at PFP’s current share price of $4.11 this implies 36% share price growth in a year.
  • Bell Potter also maintains their Buy rating on Vitura Health (ASX:VIT) and they believe the company has solidified its position as market leader in medicinal cannabis distribution. Their price target remains unchanged at $0.90, and at VIT’s current share price of $0.54 this implies 66.7% share price growth in a year.

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