Skip to main content

Morning Bell 3 March

Sophia Mavridis
March 3, 2023

Equities closed higher in New York, as traders ignored concerns over higher interest rates. The Dow gained more than 400 points or 1.25%, boosted by Salesforce shares rallying 11%, on a strong quarter and forward guidance. The S&P500 trading 0.5% higher, while the Nasdaq was down earlier in the session, however also closed up 0.5%.

Rates moved higher, with the 10-year note yield trading above 4% and the 2-year note yield reaching levels not seen in over a decade.

European markets closed in the green, recovering from earlier losses, after the eurozone inflation data came in above expectations. Headline inflation fell to 8.5% in February, from 8.6% the previous month.

What to watch today:

  • The SPI futures are this morning suggesting that Australian market will open 0.31% higher.
  • We may see miners Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) end the week on a positive note, after their shares on the NYSE pushed higher in late trade overnight. Yesterday, ASX-listed BHP saw its biggest one-day gain in almost 4-months, amid evidence of China’s reopening economy.
  • In commodities,
    • Oil prices have jumped, as the market weighs hopes for a rebound in Chinese demand, against concerns about further policy tightening from the Fed. So, keep your eye on energy producers today such as Woodside Energy (ASX:WDS) and Beach Energy (ASX:BPT).
    • Gold has remained steady for three days, amid the prospect of further monetary tightening.
    • Iron ore is strong, currently trading 1.6% higher with investors optimistic about higher Chinese demand after since the country’s reopening.
  • Stocks that are set to go ex-dividend today are Ampol (ASX:ALD), Nine Entertainment (ASX:NEC) and Treasury Wine Estates (ASX:TWE). Remember, this may see share prices fall, as investors take their profits.

Trading Ideas:

  • Bell Potter maintain a Buy rating on Mincor resources (ASX:MCR), although the company’s H1 2023 results were below Bell’s forecasts. They have reduced their price target by 9% to $1.70, and at MCR’s current share price of $1.27, this implies 34% share price growth in a year.
  • Trading Central have identified a bearish signal in Macquarie Group (ASX:MQG), indicating that the stock price may fall from the close of $184.86 to the range of $174 to $176 over 30 days, according to the standard principles of technical analysis.

Morning Bell 6 December

Sam Kanaan
December 6, 2023

Morning Bell 5 November

Grady Wulff
December 5, 2023

Morning Bell 4 December

Sam Kanaan
December 4, 2023

Weekly Wrap 1 December

Grady Wulff
December 1, 2023

Morning Bell 1 December

Sam Kannan
December 1, 2023

Morning Bell 30 November

Sophia Mavridis
November 30, 2023

Morning Bell 29 November

Grady Wulff
November 29, 2023

Morning Bell 28 November

Sam Kanaan
November 28, 2023

Morning Bell 27 November

Grady Wulff
November 27, 2023

Weekly Wrap 24 November

Grady Wulff
November 24, 2023

Morning Bell 24 November

Sam Kanaan
November 24, 2023

Morning Bell 23 November

Grady Wulff
November 23, 2023