Wall St closed mixed overnight as the Nasdaq closed over 20,000 points for the first time. The Dow Jones fell by 0.22%, the S&P 500 jumped 0.82% and the tech-heavy Nasdaq gained 1.77%.
US inflation data was released overnight with core inflation coming in steady at 0.3% month on month, the same as its previous result and forecast.
Over in Europe, markets closed higher as US inflation data came in as expected. The STOXX 600 closed 0.28% higher with gains led by media stocks which rose 1.4%, whilst retail stocks dropped 1.7%. Germany’s DAX rose by 0.34%, the French CAC gained 0.39% and over in the UK the FTSE100 ended the trading day 0.26% in the green.
Locally yesterday, the ASX200 fell 0.47% with most major sectors closing in the red. Losses were led by the information technology and industrial sectors which fell by 1.35% and 1.02% respectively. This was offset by the real estate sector which gained 0.81%.
What to watch today:
- The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.45% at market open this morning.
- On the commodities front this morning,
- Oil is trading 2.42% higher at 70 US dollars and 25 cents a barrel, gold is trading 0.76% higher at 2716 US dollars an ounce and iron ore is trading 0.67% lower at 105 US dollars and 63 cents a tonne.
Trading Ideas:
- Bell Potter maintains a buy rating on Champion Iron (ASX:CIA) which has a current share price of $6.11. The buy rating is maintained by Bell Potter as they see upside risk spots in iron ore prices and the shift to higher grade production in the 2nd half of 2025 will likely support average realized prices and earnings amid an iron ore price environment which is generally expected to weaken.
- And Trading Central has identified a bearish signal in Beach Energy (ASX:BPT), indicating that the price may fall from the close of $1.22 to the range of $1.10-$1.12, on a pattern formed over 38 days, according to the standard principles of technical analysis.
