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Morning Bell 14 April

Sophia Mavridis
April 14, 2023

US equities had a strong run overnight, after the US producer price index for March was released, which was another economic report to point to the fact that US inflation may be cooling down. PPI dropped 0.5% month over month, compared to market expectations for prices to be flat. Excluding food and energy, the core wholesale prices reading declined, when the market was expecting an increase.

All three major benchmarks rallied. The Dow and the S&P500 both closed over 1% higher, with the S&P500 closing at its highest level since February. The Nasdaq closed 2% higher, boosted by the PPI report. So its good to see tech stocks among the gainers, after being hit the hardest during the periods of rising inflation and rates.

What to watch today:

  • The SPI futures are suggesting that the Australian market will open 0.2% higher, following Wall Streets lead.
  • In commodities,
    • Oil prices are trading lower, easing from the five-month high hit earlier this week. Watch energy producers such as Beach Energy (ASX:BPT) and Woodside Energy (ASX:WDS)
    • Gold moved higher overnight, trading at its highest level since March 2022. Gold miners such as Newcrest Mining (ASX:NCM) and St Barbara (ASX:SBM) could have a good finish to the week.
    • And iron ore is also flat at US$121.50 per tonne.

Trading Ideas:

  • Bell Potter maintain a Buy rating on Beach Energy (ASX:BPT) and have lowered their price target from $2.21 to $2.18. at BPT’s current share price of $1.52, this implies 43.4% share price growth in a year.
  • And Trading Central have identified a bearish signal in Stanmore Resources (ASX:SMR) indicating that the stock price may fall from the close of $3.26 to the range of $2.40 to $2.55 over 34 days, according to the standard principles of technical analysis.

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