Skip to main content

Morning Bell 16 November

Sam Kanaan
November 16, 2023

Wall St closed the trading session higher, following the release of promising inflation data. The S&P 500 rose 0.16%, the tech-heavy Nasdaq gained 0.07% and the Dow Jones traded 0.47% higher on Wednesday.

The US treasury yield increased by 9 basis points, following its 18-basis point fall on Tuesday.

In terms of US shares, following the release of better-than-expected results, Target’s share price increased by 18% with apparel company VF also adding 15%.

Over in Europe, markets closed higher overnight following the release of key data from China and the US. The STOXX600 rose 0.4%, led by technology stocks which gained 2.2% with the majority of other sectors ending the trading day in the green. Germany’s DAX added 0.86%, the French CAC ended the day 0.33% higher and over in the UK, the FTSE100 went up 0.62%.

Locally yesterday, the ASX200 ended the trading day up 1.42% with all but the energy sector ending positive. The biggest gains were made by the real estate and information technology sector which ended the day 4.58% and 3.35% higher respectively.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.11% at the open this morning.
  • In terms of economic data,
    • At 10:30 this morning Australian unemployment data is set to be released with a consensus of a 0.1% increase from its previous result of 3.6%.
  • On the commodities front,
    • Oil is down 2.37% to US$76.41/barrel,
    • Gold is down 0.09% to US$1961/ounce
    • And iron ore is up 1.92% to US$133/tonne.

Trading Ideas:

  • Bell Potter maintains a buy rating on Life360 (ASX:360) and has increased its 12-month price target by $0.25. The buy rating is maintained by Bell Potter as positive results in Q3 have helped increase the price target to $11.25, which is a greater than 15% premium to the previous share price, hence the buy rating is maintained.
  • And Trading Central has identified a bullish signal on Evolution mining (ASX:EVN), indicating that the stock price may rise form the close of $3.78 to the range of $4.35-$4.50 on a pattern formed over 30 days, according to the standard principles of technical analysis.

Morning Bell 15 April

Grady Wulff
April 15, 2024

7 Minutes with 7 Executives

Bell Direct
April 12, 2024

Weekly Wrap 12 April

Grady Wulff
April 12, 2024

Morning Bell 12 April

Sam Kanaan
April 12, 2024

Morning Bell 11 April

Grady Wulff
April 11, 2024

Morning Bell 10 April

Grady Wulff
April 10, 2024

Morning Bell 9 April

Sam Kanaan
April 9, 2024

Morning Bell 8 April

Grady Wulff
April 8, 2024

Morning Bell 5 April

Sam Kanaan
April 5, 2024

Morning Bell 4 April

Sophia Mavridis
April 4, 2024

Morning Bell 3 April

Grady Wulff
April 3, 2024