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The local market took lead from Wall Street on Friday to close the final trading session of the week up 0.52%, led by a strong rally for materials and information technology stocks.

The winning stocks on Friday were led by Champion Iron (ASX:CIA) jumping 5.15% as China’s easing of some COVID-19 restrictions fuelled a rally in the price of iron ore, while Sandfire Resources (ASX:SFR) and BrainChip Holdings (ASX:BRN) each added 4.81% and 4.1% respectively. On the losing end of the market, Novonix (ASX:NVX) fell 4.53%, while Capricorn Metals (ASX:CMM) and Pinnacle Investment Management (ASX:PNI) tanked 4.33% and 3.77% respectively on Friday.

The most traded stocks by Bell Direct clients on Friday were Fortescue Metals Group (ASX:FMG), BHP Group (ASX:BHP) and Core Lithium (ASX:CXO).

Over in the US on Friday, Wall Street reversed again to end the week lower as investors look ahead to key inflation data and the last FOMC meeting which ae both this week. If key CPI data comes out higher-than-expected on Tuesday, the Fed’s may continue the aggressive approach at raising interest rates to tackle the nation’s 40-year high inflation. The Dow Jones fell 0.9%, the S&P500 shed 0.73% and the tech-heavy Nasdaq closed the day down 0.7%.

Over in Europe, it was a green end to the week as investor optimism was boosted by reports of China’s reopening and positive economic outlook. Germany’s DAX added 0.74%, the French CAC rose 0.46% and, in the UK, the FTSE100 rose just 0.06%. Investors in the region also await key decisions out of the Bank of England’s next policy meeting.

What to watch today:

• Ahead of the local trading session, the SPI futures is expecting the ASX to open 0.48% lower ahead of the FOMC meeting and key US inflation data out this week.
• On the commodities front, crude oil is trading 0.62% lower at US$71.02 per barrel, coal is up 1.64% at US$402 per tonne, gold is up 0.44% at US$1,797.04 per ounce and iron ore is up 1.36% at US$111.50 per tonne.
• The Aussie dollar has strengthened to buy 67.69 US cents, 92.94 Japanese Yen, 55.45 British Pence and NZ$1.06.
• On the economic data front today, British GDP data for October is out with the market expecting growth to 0.4% from a decline in growth of 0.6% in September.

Trading Ideas:

• Trading Central has identified a bullish signal on Azure Minerals (ASX:AZS) following the formation of a pattern over a period of 22-days which is roughly the same amount of time the share price will rise from the close of $0.26 to the range of $0.32-$0.34 according to standard principles of technical analysis.
• Trading Central has also identified a bearish signal on Dalrymple Bay Infrastructure (ASX:DBI) following the formation of a pattern over a period of 20-days which is roughly the same amount of time the share price may fall from the close of $2.40 to the range of $2.28-$2.30 according to standard principles of technical analysis.