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Morning Bell 14 November

Sam Kanaan
November 14, 2023

Wall St had a mixed start to the trading week with the Dow Jones adding 0.16% as traders look past the US outlook cut from Moody’s. The S&P 500 and the tech-heavy Nasdaq finished the day 0.08% and 0.22% lower respectively.

In terms of US stocks, DaVita, Insulet and Henry Schein all gained over 7% each, with Boeing also adding 4% after Emirates announced a $52 billion order for aircraft, helping lift the Dow.

Over in Europe, markets closed higher overnight with the STOXX 600 closing 0.7% higher with travel and leisure stocks leading the way, adding 1.7%. Germany’s DAX gained 0.73%, the French CAC added 0.6% and over in the UK, the FTSE100 ended the trading session 0.89% in the green.

Locally yesterday, the ASX200 fell 0.40% with all but the utilities sector finishing in the red. Losses were led by the energy sector and the real estate sector which lost 0.88% and 0.56% respectively.

What to watch today:

  • The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.86% at the open this morning.
  • In terms of economic data today,
    • Westpac consumer confidence change will be released at 9:30am this morning with a forecast of a 0.7% lowering from the 2.9% in October.
    • And later on tonight, over in the US, core inflation data is set to be released with a consensus to maintains its previous result of 4.1%.
  • On the commodities front this morning,
    • Oil is up 1.60% to 78 US dollars and 40 cents a barrel with OPEC increasing its 2023 global oil demand growth forecast to 2.46 million barrels per day.
    • Gold is up half a percent to 1946 US dollars an ounce and iron ore is up 0.38% to 130 US dollars and 50 cents a tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Elders (ASX:ELD) and has increased its price target to $8.35. The buy rating is maintained by Bell Potter following the release of FY23 results with underlying NPAT ahead of expectations at $103.7m, raising NPAT forecasts in FY24 by 13% and 15% in FY25.
  • And Trading Central has identified a bullish signal in Grange Resources (ASX:GRR), indicating that the stock price may rise from the close of $0.51 to the range of $0.53-$0.55, on a pattern formed over 29 days, according to the standard principles of technical analysis.

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