Skip to main content

Morning Bell 19 January

Sophia Mavridis
January 19, 2023

Disappointing retail sales data released in the US overnight saw Wall Street close in the red. The Dow Jones tumbled 1.8%, as investors took their profits from the strong start to the year. The S&P500 lost 1.6% and the Nasdaq down 1.2%.

European markets were mixed as uncertainty persisted on the economic outlook, which is a key topic of debate on the agenda at the World Economic Forum in Davos this week. The STOXX 600 gained 0.2% and France’s CAC up 1%, while Germany’s DAX closed flat and the FTSE100 closed 0.3% lower.

What to watch today:

  • The SPI futures are suggesting the Australian market will drop 0.42% at the open this morning.
  • BHP (ASX:BHP)’s share price will be on watch today, with the mining giant set to releasee its second quarter production update.
  • In commodities, oil is more than 1% in the red, at levels last seen in early December. Gold is trading higher at around US$1,903 per ounce, while iron ore is down to US$120.50 per tonne, dropping from the seven-month high of US$127 touched in the previous session.
  • In economic data, at 11:30am AEDT the unemployment rate for December will be announced, expected to remain unchanged at 3.4%.

Trading Ideas:

  • Bell Potter maintains a BUY rating on Allkem (ASX:AKE) and have lowered their price target from $19.45 to $19.36. At AKE’s current share price of $12.25, this implies 58% share price growth in a year.
  • Trading Central have identified a bullish signal in Ampol (ASX:ALD), indicating that the stock price may rise from the close of $29.32 to the range $31.30 – $31.80, over 61 days according to the standard principles of technical analysis.

Weekly Wrap 17 May

Sophia Mavridis
May 17, 2024

Morning Bell 16 May

Sam Kanaan
May 16, 2024

Weekly Wrap 10 May

Grady Wulff
May 10, 2024

Morning Bell 10 May

Sam Kanaan
May 10, 2024

Morning Bell 9 May

Grady Wulff
May 9, 2024

Morning Bell 8 May

Grady Wulff
May 8, 2024

Morning Bell 7 May

Sam Kanaan
May 7, 2024

Morning Bell 6 May

Grady Wulff
May 6, 2024

Weekly Wrap 3 May

Sophia Mavridis
May 3, 2024

Morning Bell 2 May

Sophia Mavridis
May 2, 2024

Morning Bell 1 May

Grady Wulff
May 1, 2024

Morning Bell 30 April

Grady Wulff
April 30, 2024