Daily Market Reports | Sep 02 2024
This story features BENDIGO & ADELAIDE BANK LIMITED, and other companies. For more info SHARE ANALYSIS: BEN
| World Overnight | |||
| SPI Overnight | 8031.00 | – 18.00 | – 0.22% |
| S&P ASX 200 | 8091.90 | + 46.80 | 0.58% |
| S&P500 | 5648.40 | + 56.44 | 1.01% |
| Nasdaq Comp | 17713.63 | + 197.20 | 1.13% |
| DJIA | 41563.08 | + 228.03 | 0.55% |
| S&P500 VIX | 15.00 | – 0.65 | – 4.15% |
| US 10-year yield | 3.91 | + 0.04 | 1.14% |
| USD Index | 101.70 | + 0.32 | 0.32% |
| FTSE100 | 8376.63 | – 3.01 | – 0.04% |
| DAX30 | 18906.92 | – 5.65 | – 0.03% |
Good morning.
US share markets rose and the Dow Jones average scored a second consecutive all-time closing high on Friday, with Tesla and Amazon each climbing over 3% after fresh US economic data raised expectations that the US Federal Reserve will cut interest rates modestly in September.
The Dow Jones rose by 228 points or 0.6%, the S&P 500 index gained 1% and the Nasdaq index added 197 points or 1.1%.
For the month of August, the Dow added 1.8%, the S&P 500 rose 2.3% and the Nasdaq climbed 0.7%. The S&P 500 notched its fourth straight winning month.
European share markets also rose on Friday after a significant drop in euro zone inflation cemented market expectations for an ECB interest rate cut in September.
Annual consumer prices in the 20-country euro zone fell to 2.2% in August from 2.6% in July (survey: 2.2%), the slowest pace since July 2021.
US government bond yields rose on Friday, after solid US economic data raised expectations the US central bank was likely to opt for a small interest rate cut at its September meeting.
The US 10-year Treasury yield rose by 4 points to 3.91% and the US 2-year Treasury yield lifted 3 points to 3.92%. The 10-year yield rose 11 points for the week but fell -12 points in August. The 2-year yield was up just 1 point for the week but dipped -34 points in August, a fourth straight monthly drop.
Global oil prices retreated on Friday, with OPEC-Plus planning to proceed with a planned oil output hike from October.
Base metal prices dipped on Friday, as the US dollar strengthened. Gold and iron ore dipped too.
On Friday, Australian shares closed flat for the month of August, who’d have thunk it? SPI futures are suggesting a mild pause is in store this morning.
On the calendar today:
-Australia 2Q inventories
-Australia ANZ Bank job ads
-Australia July building approvals
-US Public Holiday (Labor Day holiday)
-Bendelaide ((BEN)) ex-div 33c (100%)
-Integrated Research ((IRI)) ex-div 2c (100%)
-Pinnacle Investment ((PNI)) ex-div 26.40c (70%)
FNArena Corporate Results Monitor (still updating): https://fnarena.com/index.php/reporting_season/
Corporate news in Australia:
-Star Entertainment ((SGR)) (in trading halt) has asked lenders to relax rules on loan repayments
-The much reported on $20bn sale of AirTrunk ((MQG)) ((GDC)) is apparently close to being decided
-China Investment Corporation is reportedly looking to sell its $5bn stake in Goodman Group ((GMG))
| Spot Metals,Minerals & Energy Futures | |||
| Gold (oz) | 2537.25 | – 17.05 | – 0.67% |
| Silver (oz) | 29.25 | – 0.58 | – 1.94% |
| Copper (lb) | 4.22 | + 0.01 | 0.21% |
| Aluminium (lb) | 1.10 | – 0.01 | – 0.73% |
| Nickel (lb) | 7.54 | – 0.12 | – 1.61% |
| Zinc (lb) | 1.31 | + 0.01 | 0.49% |
| West Texas Crude | 73.65 | – 2.38 | – 3.13% |
| Brent Crude | 76.93 | – 2.02 | – 2.56% |
| Iron Ore (t) | 100.55 | + 1.92 | 1.95% |
The Australian share market over the past thirty days
| Index | 30 Aug 2024 | Week To Date | Month To Date (Aug) | Quarter To Date (Jul-Sep) | Year To Date (2024) |
|---|---|---|---|---|---|
| S&P ASX 200 (ex-div) | 8091.90 | 0.85% | 0.00% | 4.18% | 6.60% |
| BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS | |||
| CCX | City Chic Collective | Upgrade to Buy from Neutral | Citi |
| COL | Coles Group | Downgrade to Hold from Add | Morgans |
| FMG | Fortescue | Upgrade to Hold from Sell | Bell Potter |
| Upgrade to Accumulate from Hold | Ord Minnett | ||
| GYG | Guzman y Gomez | Downgrade to Hold from Add | Morgans |
| HLO | Helloworld Travel | Downgrade to Hold from Add | Morgans |
| IEL | IDP Education | Upgrade to Add from Hold | Morgans |
| IGO | IGO | Upgrade to Outperform from Neutral | Macquarie |
| JLG | Johns Lyng | Downgrade to Neutral from Buy | Citi |
| LOV | Lovisa Holdings | Downgrade to Hold from Buy | Bell Potter |
| LYC | Lynas Rare Earths | Downgrade to Neutral from Buy | UBS |
| MCE | Matrix Composites & Engineering | Upgrade to Speculative Buy from Hold | Bell Potter |
| NGI | Navigator Global Investments | Upgrade to Outperform from Neutral | Macquarie |
| NXD | NextEd Group | Downgrade to Speculative Buy from Buy | Ord Minnett |
| QAN | Qantas Airways | Upgrade to Buy from Accumulate | Ord Minnett |
| SIQ | Smartgroup Corp | Upgrade to Add from Hold | Morgans |
| TAH | Tabcorp Holdings | Downgrade to Neutral from Outperform | Macquarie |
| Downgrade to Hold from Add | Morgans | ||
| Downgrade to Hold from Accumulate | Ord Minnett | ||
| VSL | Vulcan Steel | Downgrade to Hold from Add | Morgans |
| WDS | Woodside Energy | Downgrade to Equal-weight from Overweight | Morgan Stanley |
| WES | Wesfarmers | Downgrade to Sell from Neutral | UBS |
| WOW | Woolworths Group | Downgrade to Hold from Accumulate | Ord Minnett |
For more detail go to FNArena’s Australian Broker Call Report, which is updated each morning, Mon-Fri.
All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website. Click here. (Subscribers can access prices on the website.)
(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author’s and not by association FNArena’s – see disclaimer on the website)
All paying members at FNArena are being reminded they can set an email alert specifically for The Overnight Report. Go to Portfolio and Alerts on the website and tick the box in front of The Overnight Report. You will receive an email alert every time a new Overnight Report has been published on the website.
Find out why FNArena subscribers like the service so much: “Your Feedback (Thank You)” – Warning this story contains unashamedly positive feedback on the service provided. www.fnarena.com
FNArena is proud about its track record and past achievements: Ten Years On
Click to view our Glossary of Financial Terms
CHARTS
For more info SHARE ANALYSIS: BEN - BENDIGO & ADELAIDE BANK LIMITED
For more info SHARE ANALYSIS: GDC - GLOBAL DATA CENTRE GROUP
For more info SHARE ANALYSIS: GMG - GOODMAN GROUP
For more info SHARE ANALYSIS: IRI - INTEGRATED RESEARCH LIMITED
For more info SHARE ANALYSIS: MQG - MACQUARIE GROUP LIMITED
For more info SHARE ANALYSIS: PNI - PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED
For more info SHARE ANALYSIS: SGR - STAR ENTERTAINMENT GROUP LIMITED