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Morning Bell 20 September

Paulina Peters
September 20, 2022

The three US benchmarks closed higher to start the new trading week ahead of the Federal Reserve’s two-day policy meeting set to kick off on Tuesday. The Dow Jones jumped nearly 200 points and the S&P500 and Nasdaq both closed around 0.7% higher. Yields also pushed higher. The 10-year Treasury yield hit as high as 3.51%, its highest level in 11 years. Across the sea in Europe, markets closed mixed, as investors await the Fed’s decision.

What to watch today:

  • The SPI futures are suggesting that the ASX200 will open 0.82% higher after Wall Street’s positive session.
  • In economic news, today the latest minutes from the RBA’s most recent Board meeting will be published.
  • Core Lithium (ASX:CXO) is expected to release its annual results this week, so keep an eye on this lithium stock.
  • In commodities:
    • Oil prices lifted slightly higher as worries of tight supply outweighed fears that global demand could slow. The crude oil price currently trades around US$86 a barrel.
    • The gold price traded flat as the US dollar and Treasury yields rose.
    • The spot iron ore price traded nearly 3% lower to US$101 a tonne. Keep watch of iron ore stocks like Fortescue Metals (ASX:FMG) and BHP Group (ASX:BHP).
  • If you hold Coronado Global Resources (ASX:CRN) or Shaver Shop Group (ASX:SSG) you will receive your dividend payment today.

Trading Ideas:

  • Bell Potter have maintained its Buy rating on neuroscience technology company, Cogstate (ASX:CGS), and have reduced its price target from $2 to $1.95. Its technologies provide rapid, reliable, and highly sensitive computerised cognitive tests to replace costly and error-prone paper assessments. At its current share price of $1.46, Bell Potter’s price target of $1.95 implies about 34% share price growth in a year.
  • Trading Central has a bearish signal on AGL Energy (ASX:AGL) indicating that the stock price may fall from its close of $6.97 to the range of $6.00 – $6.20, in the next 8 days according to standard principals of technical analysis.

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