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Morning Bell 28 October

Sophia Mavridis
October 28, 2022

US equities closed mixed overnight after new data showed third-quarter GDP grew faster than expected, encouraging investors to buy stocks linked to the health of the economy. The US economy grew at a 2.6% annualised pace for the period, against the Dow Jones estimate for 2.3% growth. The Dow closed almost 200 points higher, while the S&P500 closed 0.6% lower. The Nasdaq also closed lower, down 1.6%, weighed down by Meta. Meta reported weak fourth-quarter forecast and disappointing third-quarter earnings, which saw its share price tumble 25%.

What to watch today:

  • The SPI futures are suggesting the Australian market will drop 0.38% at the open this morning, following the mixed session in New York.
  • In commodities, the oil price is has jumped, underpinned by record US crude exports data. The US exported a record amount of crude and fuel last week, with total petroleum shipments reaching 11.4 million barrels a day. This is even as fuel inventories hit seasonal lows, adding to concerns about tight supply. So keep watch of energy shares today such as Woodside (ASX:WDS) and Beach Energy (ASX:BPT). Meanwhile gold is hovering near the highest levels in two weeks, as the US dollar and Treasury yields retreated, while iron ore is trading in the red, at its lowest in 22 months, as expectations of lower demand continue to put pressure on prices.
  • Macquarie Group (ASX:MQG) will be in focus today, as the investment bank is set to release its half year results. Goldman Sachs expect to MQG to report a cash NPAT of $2,183 million, which is higher than market consensus estimates of $2,157 million.
  • De Grey Mining (ASX:DEG) and ResMed (ASX:RMD) will each be releasing a quarterly report today.

Trading Ideas:

  • Bell Potter maintain a Buy rating on Regis Resources (ASX:RRL) after the company gave a quarterly production update yesterday. Bell Potter have lowered their price target to $2.68, and at its current share price of $1.56 this implies 71.8 share price growth in a year.
  • Trading Central have identified a bullish signal in Lynas Rare Earths (ASX:LYC) indicating that the stock price may rise from the close of $8.34 to the range of $9.05 to $9.25 over 30 days according to the standard principles of technical analysis.

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