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Morning Bell 12 September

Sam Kanaan
September 12, 2023

Wall St opened the week higher as important inflation data is set to be released later in the week. The tech heavy Nasdaq rebounded after recent weakness, closing the day 1.14% higher. Both the S&P 500 and the Dow Jones also finished Monday in the green gaining 0.67% and 0.25% respectively.

Morgan Stanley has upgraded Tesla stock by 10% following ‘significant breakthroughs with its autonomous software.’ Qualcomm shares also rallied 4%, following news that the chipmaker will be supplying Apple 5G modems for smartphones through 2026.

Stronger-than-expected economic data points from last week has investors looking forward to key US inflation data released later this week, with prior worries that the Federal Reserve may raise rates for longer than previously expected.

Over in Europe, markets closed higher as investors await a big week of economic news from around the world. The STOXX600 ended the day up 0.34% as basic resources rose 2.4% following Anglo American and Rio Tinto trading higher following gains in metal prices. Germany’s DAX closed 0.36% higher, the FTSE 100 closed higher by 0.25% and the French CAC finished the day 0.52% in the green.

Locally yesterday, the ASX200 closed the day half a percent higher following strength in the financial and consumer staples sectors. This was slightly offset by the health sector which finished yesterday 0.67% in the red.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.10% at the open this morning.
  • In terms of commodities,
    • Oil is down 0.38% to 87 US dollars and 17 cents a barrel amid continued concerns over China’s economic recovery.
    • Gold is up 0.21% to 1921 US dollars an ounce as investors await important economic data releases later in the week.
    • And iron ore is down 0.85% to 116 US dollars and 50 cents a tonne following an increase in supply for production as there in an expectation that Beijing will mandate steel output controls.

Trading Ideas:

  • Bell Potter maintains a buy rating on Nufarm (ASX:NUF) and has maintained the 12-month price target of $7.00 with shares in the ag-stock currently trading at $5.14/share. The buy rating remains unchanged following a reversal of destocking trends and growth in the beyond yield program, which is likely to see a rebound in earnings in FY24.
  • And Trading Central has identified a bullish signal in South32 (ASX:S32), indicating that the stock price may rise from the close of $3.29 according to standard principles of technical analysis.

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