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Morning Bell 9 May

Sophia Mavridis
May 9, 2023

In New York overnight, there was little change as investors look ahead to key inflation readings, including April’s consumer price index report. The S&P500 closed with a small gain of 0.05%, the Nasdaq added 0.18% and the 30-stock Dow Jones closed 0.17% lower.

European markets closed higher as traders digested rate hikes by the Federal Reserve and the European Central Bank at the end of last week. Traders now look ahead to more corporate earnings, economic data, and a Bank of England rate decision this week.

What to watch today:

  • The Australian market is set to open higher this morning, with the SPI futures suggesting a rise of 0.42%.
  • Today watch Commonwealth Bank (ASX:CBA)’s share price movements as they’re set to release their quarterly report. Yesterday, Westpac announced a $4 billion profit from October to March, 22% higher than the corresponding amount from the previous financial year.
  • Coronado Global Resources (ASX:CRN) is also reporting today.
  • In commodities,
    • The price of oil has rebounded further from a one-and-a-half year low on a weaker US dollar, expectations of supply cuts by OPEC and as concerns eased over an economic downturn in the US economy.
    • Gold is also trading higher, recovering some earlier losses from the previous session. Last week, gold reached nearly record highs after the Fed announced the 25-basis point hike.
    • And iron ore is trading at its lowest level in five months, due to evidence of low demand from Chinese steelmakers.

Trading Ideas:

  • Bell Potter maintains a BUY rating on Lynas Rare Earths (ASX:LYC) and have increased their price target by 11% to $8.90. At LYC’s current share price of $7.37, this implies 21% share price growth in a year.
  • And Trading Central have identified a bullish signal in Region Group (ASX:RGN) indicating that the stock price may rise from the close of $2.56 to the range of $2.76 to $2.80 over 50 days according to the standard principles of technical analysis.

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