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Morning Bell 30 November

Grady Wulff
November 30, 2022

Wall Street closed mostly lower on Tuesday as investors shift focus to the week ahead, filled with key economic data and Fed Chair Jerome Powell’s speech on Wednesday where he is expected to talk about the fiscal and monetary policy. Investors also struggled to recover from sharp losses faced in Monday’s session. The Dow Jones fell just 1 point, the Nasdaq shed 0.6% and the S&P500 closed the day down 0.2%. Investors are anxiously awaiting the release of important jobs and indicative GDP data for Q3 which is out later this week and will play an important role in the Fed’s next interest rate decision at the next FOMC meeting on December 14.

Over in Europe markets closed lower across the board as investors continue to monitor news from China on the COVID-restrictions front. The Stoxx 600 closed down 0.1%, Germany’s DAX fell 0.2% and the French CAC lost 0.06%. Over in the UK, the FTSE100 declined 0.51%.

What to watch today:

  • On the commodities front, crude oil is trading up 1.13% at US$78.16 per barrel, gold is trading up 0.6% at US$1,751 an ounce, and iron ore is trading down almost 1% at US$100.50 a tonne.
  • Looking at economic data out today, it’s a big data day for Australia’s building industry with construction work done for Q3 out at 11am eastern daylight time, and building permits preliminary data for October is out at 11:30am eastern daylight time. Overseas investors will be awaiting the release of US GDP growth rate data 2nd estimate for Q3 with markets expecting an increase of 2.6% for the quarter. JOLTs Job Openings data for October is also out tomorrow which will give an insight into America’s workforce in the tight labour environment.
  • Ahead of the local trading session, the SPI futures are anticipating the ASX to open flat following the lacklustre session on Wall Street overnight.
  • The Aussie dollar is buying 66.88 US cents, 92.62 Japanese Yen, 55.75 British Pence and NZ$1.08.

Trading Ideas:

  • Bell Potter has downgraded its price target on Bubs Australia (ASX:BUB) following the recent shortfall in Q1 of FY23 infant milk formula revenues compared to Bell Potter expectations, and negative year-on-year growth implied in the second quarter expected revenue guidance warrants a more cautious approach to near term revenue growth, earnings growth and valuation.
  • Trading Central has a bullish signal on Coronado Global Resources (ASX:CRN) following the formation of a pattern over a period of 17-days which is roughly the same amount of time the share price may rise from the close of $2.02 to the range of $2.37-$2.45 according to standard principles of technical analysis.

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