Skip to main content

Morning Bell 13 August

Bell Direct
August 13, 2024

Wall St closed mixed overnight as investors await key inflation data, set to be released on Wednesday. The Dow Jones closed 0.36% lower, the S&P 500 closed flat overnight and the tech-heavy Nasdaq saw a rise of 0.21%.

Over in Europe, markets closed mixed as investors await inflation data to come out from both the US and the UK. The STOXX600 closed flat overnight with travel and leisure stocks falling 0.8%. This was offset by oil and gas stocks which gained 0.6% after OPEC trimmed its 2024 global oil demand growth forecast. Germany’s DAX had a small gain of 0.02%, the French CAC fell 0.25% and over in the UK the FTSE100 rallied over half a percent.

Locally yesterday, the ASX200 rose 0.46% by market close. Gains were led by the information technology and consumer discretionary sectors which rose by 1.93% and 1.91% respectively. This was offset by the materials sector which fell over half a percent by the closing bell.

What to watch today:

  • The SPI futures are suggesting that the Australian share market will open flat at the open this morning.
  • On the commodities front this morning,
    • Oil is up 3.84% to 79 US dollars and 78 cents a barrel following the escalating conflict in the middle east which is threatening tighter global oil supplies. As well as this, OPEC have reduced its 2024 global oil demand forecast to 2.11 million barrels per day from 2.25 million barrels.
    • Gold is trading 1.71% higher at 2472 US dollars an ounce and iron ore is trading half a percent higher at 101 US dollars and 26 cents a tonne.

Trading Idea:

  • Bell Potter maintains a buy rating on Beach Energy (ASX:BPT) and has a 12-month price target of $1.40. The buy rating is maintained by Bell Potter as the capex is now trending lower and production growth will see free cash flow lift from FY26. BPT’s near-term production growth is a key differentiator when compared with domestic peers. With a positive view on Australian east coast gas and LNG markets, and a strong production and earnings growth outlook, the buy rating is maintained.

Morning Bell 24 March

Jessica Amir
March 24, 2021

Morning Bell 23 March

Jessica Amir
March 23, 2021

Morning Bell 22 March

Jessica Amir
March 22, 2021

Weekly Wrap 19 March

Jessica Amir
March 19, 2021

Morning Bell 19 March

Jessica Amir
March 19, 2021

Morning Bell 18 March

Jessica Amir
March 18, 2021

Morning Bell 17 March

Jessica Amir
March 17, 2021

Morning Bell 16 March

Jessica Amir
March 16, 2021

Morning Bell 15 March

Jessica Amir
March 15, 2021

Weekly Wrap 12 March

Jessica Amir
March 12, 2021

Morning Bell 12 March

Jessica Amir
March 12, 2021

Morning Bell 11 March

Bell Direct
March 11, 2021