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Morning Bell 18 September

Sam Kanaan
September 18, 2023

Wall St closed lower on Friday following a volatile week and ahead of the Federal Reserve’s policy meeting on Thursday. While the tech- heavy Nasdaq lost 1.56%, the Dow Jones was also in the red by 0.83%. Meanwhile, the S&P 500 suffered its 2nd week in a row of losses rounding out Friday with a loss of 1.22%

Within the S&P 500 the information technology sector performed the worst with Adobe shares falling more than 4%, despite recording better-than-expected quarterly results. Recently debuted company Arm Holdings also had its share price lowered by 4.2% following its successful public debut.

European stocks ended the week higher on Friday following the market’s reaction to the European Central Bank’s suggestion that its latest rate hike may be its last. The STOXX600 ended Friday up 0.2% with household goods leading gains, up by 1.4%. The German DAX ended the week 0.56% higher and the FTSE100 and the French CAC followed suit closing 0.50% and 0.96% higher respectively.

Locally on Friday, the ASX200 ended the week 1.29% higher, with the materials sector advancing the most, while the info tech sector also performed strongly, up almost 2%.

What to watch today:

  • The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.56% at the open this morning.
  • In terms of economic data this week, the RBA Meeting Minutes will take place on Tuesday. This will give us insight into why the central bank decided to keep the cash rate on hold this month.
  • On the commodity front today,
    • Oil is trading 0.40% higher at 91 US dollars and 12 cents a barrel amid improving global demand outlook.
    • Gold is up 0.72% to 1924 US dollars an ounce following China’s better-than-expected industrial output results and a weaker US dollar.
    • And iron ore is up 2.03% to 125 US dollars and 50 cents a tonne following an increase in expectations that Beijing will mandate steel output controls in the near future.

Trading Ideas:

  • Bell Potter has initiated coverage on Seven Group Holdings (ASX:SVW) who is a leading Australian diversified operating and investment Group with market leading businesses in Industrial Services. Bell Potter are positive on the near-term outlook for mining production and transitional energy markets and have placed a price target of $33 with the current share price at $29.05.
  • And Trading Central has identified a bullish signal in Deterra Royalties (ASX:DRR), indicating that the stock price may rise from the close of $4.85 to the range of $5.30-$5.45 over 36 days, according to the standard principles of technical analysis.

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