US stocks treaded water overnight, with trading cautious ahead of the US Central bank’s decision on interest rates. Although US rates are expected to remain on hold at 0.25%, the world is awaiting to see what the Fed will say about inflationary concerns, which have been pushing up safe haven bonds, to a year high.
What to watch today:
- Yesterday the local share market gained 0.8%, with most sectors making gains yesterday but Mining and Energy.
- Today, the Aussie share market could lose half of yesterday’s gain and fall 0.4% – if the futures are correct.
- Keep an eye on tech stocks: Afterpay (ASX:APT) just launched a new sales campaign.
- Auckland Airport (ASX:AIZ) announced traffic numbers for February, with traffic falling 71%. AIZ traders think the worst is over and its shares are in a technical share price break out suggesting its stock could grow further following 6 days of gains.
- The small frequently traded lithium company Lake Resources (ASX:LKE) announced it has the ability to potentially increase lithium production.
- Separately commodity screens were quiet: Gold, Silver, Copper and Oil didn’t move much from the prior session.
- The iron ore spot price sank almost 6% seeing BHP and Rio in New York fall. So you might have your day to top up iron stocks today.
- After PointsBet Holdings (ASX:PBH) rose about 4% yesterday, Bell Potter reiterated the stock as a Speculative Buy with a $20.55 target.
- De Grey Mining (ASX:DEG), Sovereign Metals (ASX:SVM) and King Island Scheelite (ASX:KIS) are giving off bullish charting signals according to Trading Central