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Wall St closed higher on Friday to end what was a volatile month, with the Dow Jones posting a fresh record high. The S&P 500 gained over 1%, the tech-heavy Nasdaq jumped 1.13% and the Dow Jones ended the trading day over half a percent higher. US inflation data was released on Friday, with the personal consumption expenditure price index rising 0.2% in July, in line with economist expectations.

Over in Europe, markets closed lower as investors consumed the latest inflation data from around the world. The STOXX 600 closed 0.09% higher on Friday, Germany’s DAX fell 0.03%, the French CAC dropped 0.13% and over in the UK the FTSE100 ended Friday’s trading session 0.04% lower.

Locally on Friday, the ASX200 gained 0.58% with the majority of sectors finishing in the green. Gains were led by the industrial and energy sectors which gained 1.65% and 1.27% respectively. This was offset by the consumer discretionary sector which fell 0.46% by the closing bell.

What to watch today:

• The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.22% at market open this morning.
• On the commodity front this morning,
  • Oil is trading 3.11% lower at 73 US dollars and 55 cents a barrel as investors factored in the likelihood of a rise in OPEC+ supply starting in October.
  • Gold is trading 0.65% lower at 2503 US dollars an ounce and iron ore is trading 0.07% higher at 98 US dollars and 70 cents a tonne.

Trading Ideas:

• Bell Potter maintains a buy rating on Aeris Resources (ASX:AIS) and has a 12-monht price target of $0.27. The buy rating is maintained by Bell Potter following the release of FY24 results in which EBITDA came in ahead of Bell Potter forecasts and a revenue of $540m was recorded. AIS is a copper dominant producer with all its assets in Australia. Its near-term outlook is highly leveraged to the copper price and increasing grades and production at the Tritton copper mine. Successful delivery offers significant upside and a strategically attractive asset in Tritton, hence the buy rating is maintained.
• Trading Central has identified a bullish signal in IGO Ltd (ASX:IGO), indicating that the stock price may rise form the close of $5.55 to the range of $5.75-$5.83, on a pattern formed over 20 days, according to the standard principles of technical analysis.