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Morning Bell 9 September

Paulina Peters
September 9, 2021

On Wall Street, both the Dow Jones and S&P500 closed lower for the third straight session. The Nasdaq also fell 0.6% as tech shares like Facebook, Apple, Netflix, and Alphabet, all closed lower.

US investors will be watching the latest weekly jobless claims data, set to be released Thursday morning, which will give a greater look at the employment picture.

Following a negative session overnight in the US, the Aussie share market is set to follow suite, with a fall of 0.47% if you go by the futures.

What to watch today:

  • In economic news, the ABS will publish its weekly payroll jobs and wages data for the fortnight to August 14, and RBA Deputy Governor, Guy Debelle will deliver an online address tonight at the Asian Securities Industry & Financial Markets Association Compliance Week conference.
  • On the COVID-19 front, another half a million Pfizer vaccines have left the UK bound for Australia as part of a vaccine swap, set to arrive in less than one week since the deal was announced last Friday. The federal cabinet also discussed last night the changes required to lift Australia’s overseas travel ban as early as November, which should be announced in the next few days. Keep an eye on travel stocks like Qantas (ASX:QAN), Flight Centre (ASX:FLT) and Webjet (ASX:WEB).
  • Companies going ex-dividend today include Auswide (ASX:ABA), Monadelphous (ASX:MND), Nine Entertainment (ASX:NEC), Pro Medicus (ASX:PME), South32 (ASX:S32) and Vita Group (ASX:VTG).
  • The most traded stocks by Bell Direct clients yesterday included Fortescue Metals (ASX:FMG), Zip (ASX:Z1P) and Flight Centre (ASX:FLT).
  • The oil price climbed about 1%, following slow US output after Hurricane Ida. Producers in the Gulf are still struggling to restart operations nine days after Ida swept through the region.
  • The gold price dipped to a two-week low as the dollar extended its gains, while the iron ore price continued to plunge, falling another 2.5% to US$135.56 a tonne.
  • Uranium continues to trade at an 8 year high, lifting 3.5% to US$40.

Trading ideas:

  • Bell Potter has maintained its BUY recommendation on leading beauty and wellness company BWX (ASX:BWX) and has increased its price target by 7% to $6.10 (previously $5.70). BWX fell about 1% yesterday to $4.85, which implies about 26% share price growth.
  • Bullish charting signals have been identified in Cobalt Blue (ASX:COB), Medlab Clinical (ASX:MDC) and K-TIG (ASX:KTG), according to Trading Central.

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