nine entertainment

US markets saw little change overnight, with the Dow Jones down 0.12%, while the Nasdaq gained 0.08% and the S&P500 ended 0.1% higher. The S&P500 gained for the eight straight day, making this the longest win streak in 2 years. 

European markets closed higher, with the STOXX 600 recovering earlier losses of around 0.3%. The release of earnings results was the key driver share price movements in Europe overnight, with Credit Agricole, Adidas, ABN Amro and Marks and Spencer all reporting before the bell. 

What to watch today:

• Our local market is set to open higher, with the SPI futures suggesting a rise of 0.36% at the open this morning. 
• In commodities, 
  • The price of crude oil has sharply dropped, trading over 2% lower at the time of recording, at around US$75 per barrel. This is the lowest level since the 20th of July this year. The fall was prompted by emerging demand concerns from the largest consumers, the US and China. And adding to worries about global demand is the weaker-than-expected Chinese exports in October. So, keep watch of ASX energy producers today. 
  • The gold price is also lower, extending its decline for the third session in a row, pressures by the higher US dollar, 
  • While iron ore is in the green, sitting at its highest level in 7-months at US$127 per tonne. 
• Today, watch the share price movements of NAB, with the bank set to release its full year results. Goldman Sachs analysts are expecting cash earnings up to 11% on the prior corresponding period, ahead of consensus. Goldman Sachs also are expecting a final dividend of 83 cps, in line with consensus. 
• And companies that are set to hold their AGMs today include Amcor (ASX:AMC), De Grey Mining (ASX:DEG), Nine Entertainment (ASX:NEC) and Star Entertainment (ASX:SGR). 

Trading Ideas:

• Bell Potter maintains a Buy rating on Adacel Technologies (ASX:ADA) a global provider of simulation and control systems from the civil aviation and defence sectors. Their core products are air traffic control simulation systems and air traffic management automation systems. Bell Potter have increased their price target on the stock by 13% to $0.90. At ADA’s current share price of $0.78, this implies 15.4% share price growth in a year. 

Wall Street closed the midweek session in negative territory after the Federal Reserve announced a 25-basis point rate hike overnight, marking the 10th straight rate hike in the US in a bid to tackle the country’s 40-year high inflation. Early investor optimism was dented after Fed Chair Jerome Powell ruled out cutting interest rates as he doesn’t expect inflation to fall quick enough. The Dow Jones industrials index fell 0.8%, the S&P500 lost 0.7% and the tech-heavy Nasdaq dropped 0.46%. While interest rates have risen again in the US, there are signs of the tight labour market loosening as US job openings fell for a third straight month in March and layoffs increased to the highest level in more than 2-years. The manufacturing sector is also contracting, and the consumer is struggling with the rising cost of living in the world’s largest economy. On the contrary, the US ISM Services PMI increased to 51.9 points in April from 51.2 points in March, which was higher than expectations and marks the fourth consecutive month of growth in the services sector.

The local market closed almost 1% lower on Wednesday in the aftermath of the RBA’s shock 25-basis point rate hike announcement on Tuesday. Further turbulence in the US banking sector and a slump in oil prices caused investors to flee financial and energy stocks on Wednesday, while communications services and consumer staples stocks were the only sectors to end the midweek session in the green. The energy sector dived over 2% on Wednesday as oil fell 1.5% on Wednesday to US$70.60/barrel amid concerns about the US economy discussing ways to avoid a debt default and investors preparing for further rate hikes to come in the region. US Treasury Secretary Janet Yellen said the US government could run out of money within a month while the White House said President Joe Biden would not negotiate over the debt ceiling, but said he will discuss starting a ‘separate budget process’. While it was a red day on the ASX yesterday, gold stocks rallied as investors shifted into the safe-haven assets amid rising fears of further banking turbulence to come. Gold Road Resources led the winners on the local bourse yesterday, rising 4.68%, while West African Resources added 4.28% and Evolution Mining lifted 3.74%.

What to watch today:

• Ahead of the local trading session the SPI futures are anticipating the ASX to open almost half a percent lower on Thursday.
• On the commodities front this morning, the price of oil has dived over 8% to trade at US$65.99/barrel following the Fed’s rate hike decision, while gold is up 1.7% at US$2050/ounce and iron ore is flat at US$105/tonne.
• The Aussie dollar is buying US$0.67, 89.65 Japanese Yen, 53.20 British Pence and NZ$1.07.
• Stocks trading ex-dividend today include Jupiter Mines (ASX:JMS) and Waterco (ASX:WAT). If you’ve been thinking about these stocks it might be worth considering buying in today as stocks trading ex-dividend generally trade lower on the ex-dividend date.

Trading Ideas:

• Trading Central has identified a bearish signal on Fortescue Metals Group (ASX:FMG) following the formation of a pattern over a period of 29-days which is roughly the same amount of time the share price may fall from the close of $19.99 to the range of $16.60 to $17.20 according to standard principles of technical analysis.
• Trading Central has also identified a bearish signal on Nine Entertainment (ASX:NEC) following the formation of a pattern over a period of 202 days which is roughly the same amount of time the share price may fall from the close of $2.03 to the range of $1.57 to $1.65 according to standard principles of technical analysis.

Equities closed higher in New York, as traders ignored concerns over higher interest rates. The Dow gained more than 400 points or 1.25%, boosted by Salesforce shares rallying 11%, on a strong quarter and forward guidance. The S&P500 trading 0.5% higher, while the Nasdaq was down earlier in the session, however also closed up 0.5%. 

Rates moved higher, with the 10-year note yield trading above 4% and the 2-year note yield reaching levels not seen in over a decade. 

European markets closed in the green, recovering from earlier losses, after the eurozone inflation data came in above expectations. Headline inflation fell to 8.5% in February, from 8.6% the previous month. 

What to watch today:

• The SPI futures are this morning suggesting that Australian market will open 0.31% higher. 
• We may see miners Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) end the week on a positive note, after their shares on the NYSE pushed higher in late trade overnight. Yesterday, ASX-listed BHP saw its biggest one-day gain in almost 4-months, amid evidence of China’s reopening economy. 
• In commodities, 
  • Oil prices have jumped, as the market weighs hopes for a rebound in Chinese demand, against concerns about further policy tightening from the Fed. So, keep your eye on energy producers today such as Woodside Energy (ASX:WDS) and Beach Energy (ASX:BPT). 
  • Gold has remained steady for three days, amid the prospect of further monetary tightening. 
  • Iron ore is strong, currently trading 1.6% higher with investors optimistic about higher Chinese demand after since the country’s reopening. 
• Stocks that are set to go ex-dividend today are Ampol (ASX:ALD), Nine Entertainment (ASX:NEC) and Treasury Wine Estates (ASX:TWE). Remember, this may see share prices fall, as investors take their profits. 

Trading Ideas:

• Bell Potter maintain a Buy rating on Mincor resources (ASX:MCR), although the company’s H1 2023 results were below Bell’s forecasts. They have reduced their price target by 9% to $1.70, and at MCR’s current share price of $1.27, this implies 34% share price growth in a year. 
• Trading Central have identified a bearish signal in Macquarie Group (ASX:MQG), indicating that the stock price may fall from the close of $184.86 to the range of $174 to $176 over 30 days, according to the standard principles of technical analysis. 

Our local market closed lower yesterday, down 0.9%, snapping its four-day winning streak, with the benchmark ASX200 index on track to finish its worst month since March 2020.

Eight of the eleven industry sectors were in the red, with the real estate sector coming under the most pressure, as many property stocks went ex-dividend yesterday. Meanwhile, financials, consumer staples and the energy sector managed to post small gains.

One of the best performers was Star Entertainment Group (ASX:SGR) after the company appointed Robbie Cooke as its new CEO and Managing Director. This comes after Tyro Payments (ASX:TYR) announced that Mr Cooke would be stepping down from his role as CEO and Managing Director at Tyro, after nearly five years of leadership. Star Entertainment Group lifted 3.3%, while Tyro fell 17%. And one of the worst performers was Carsales.com (ASX:CAR), which fell about 10%, after returning from its trading halt. The business has successfully raised $842m from its institutional entitlement offer to help fund its acquisition of US-based online vehicle marketplace called Trader Interactive.

The most traded stocks by Bell Direct clients yesterday were Fortescue Metals (ASX:FMG), ANZ (ASX:ANZ) and Charter Hall Long WALE REIT (ASX:CLW).

In the US, stocks struggled for direction, after heavy falls in the previous session as investors weighed up fresh signs of a looming economic slowdown. So the market closed mixed. The S&P500 and Nasdaq closed slightly lower, while the Dow Jones finished the day up 0.3%.

What to watch today:

• Following the mixed session in the US, our local market is set to open flat if you go by the SPI futures.
• Moving to commodities, oil prices dipped, snapping its three-day winning streak with tight supply worries not enough to outweigh concerns about a weaker global economy. The WTI Crude oil price currently trades at US$109 a barrel. The gold price fell slightly, trading at US$1,818 an ounce, and the spot iron ore price is trading up 2.5% at US124 a tonne.
• Australian industrial company, CSR (ASX:CSR) is holding its AGM today.
• If you hold KMD Brands (ASX:KMD), Kelly Partners Group (ASX:KPG) or Plato Income Maximiser (ASX:PL8), you will receive your dividend payment today.
• There are a number of ETFs going ex-dividend today, including ETF Securities’ FANG ETF, i.e. Facebook, Amazon, Netflix, Google, as well as ETF Securities’ ACDC ETF, which offers investors exposure to the EV megatrend.

Trading Ideas:

• Bell Potter has maintained its Speculative Buy rating on Liontown Resources (ASX:LTR) with a $2.87 price target. LTR has announced a Final Investment Decision (FID) for its flagship hard-rock lithium project in Western Australia, which Bell Potter believes highlights the LTR team’s strong capability in advancing Kathleen Valley in a market experiencing volatility. The company is also in a strong strategic position in a market for lithium facing supply shortages. At its current share price of $1.12, this implies 156% share price growth in a year.
• Trading Central has a bearish signal on Nine Entertainment (ASX:NEC) indicating that the stock price may fall from the close of $1.90 to the range of $1.56 - $1.62 in the next 8 days according to standard principals of technical analysis. 

The Aussie share market fell for the third straight day yesterday, down 0.14%, off the back of a weakening iron ore price with big miners and blue chips leading the falls.  

For the second straight day, Chalice Mining (ASX:CHN) has topped the leader board, lifting another 5% following the company’s platinum discovery near Perth. The worst performing stocks were BlueScope Steel (ASX:BSL) and Nearmap (ASX:NEA) which saw declines of 5.8% and 4.9% respectively. 

In the US, stocks retreated following October’s consumer price reading coming in at its highest level in 30 years. After inflation data came in higher than estimated, the Dow shed over 200 points, the S&P500 dipped 0.82% and the Nasdaq declined over 1%. 

After a negative session on Wall Street, the futures are suggesting the Aussie share market will open 0.08% lower this morning. 

What to watch today:

• Today the unemployment rate will be released for October. Given there is uncertainty as to how the transition from lockdowns played out, economists have forecast that the unemployment rate will rise from 4.6% in September to 4.8% in October. 
• Keep an eye on cloud accounting platform Xero (ASX:XRO) today, as the company is set to release its half-year results. 
• There are a few companies holding theirs AGMs today, including BHP Group (ASX:BHP), Breville (ASX:BRG), Nine Entertainment (ASX:NEC), Nearmap (ASX:NEA), Cooper Energy (ASX:COE) and REA Group (ASX:REA).
• Australian Pharmaceutical Industries (ASX:API) is set to go ex-dividend today. 
• Oil prices came under pressure after US crude inventories rose by 1 million barrels, which was short of estimates. Keep an eye on energy shares like Woodside Petroleum (ASX:WPL) and Oil Search (ASX:OSH) which could come under pressure today. And the gold price rose as the US dollar firmed, trading nearly 1% higher at US$1,849 an ounce.

Trading Ideas:

• Bell Potter has maintained its BUY rating on software company Nitro Software (ASX:NTO) with a price target of $4.50. The company entered into a trading halt yesterday morning, last trading at $3.84 per share, which implies 19.4% share price growth. Separately, Morgan Stanley has an Overweight rating on the stock. 
• Bullish charting signals have been identified in Alpha HPA (ASX:A4N), Rumble Resources (ASX:RTR) and WiseTech Global (ASX:WTC), and that’s according to Trading Central. 

On Wall Street, both the Dow Jones and S&P500 closed lower for the third straight session. The Nasdaq also fell 0.6% as tech shares like Facebook, Apple, Netflix, and Alphabet, all closed lower. 

US investors will be watching the latest weekly jobless claims data, set to be released Thursday morning, which will give a greater look at the employment picture. 

Following a negative session overnight in the US, the Aussie share market is set to follow suite, with a fall of 0.47% if you go by the futures.

What to watch today:

• In economic news, the ABS will publish its weekly payroll jobs and wages data for the fortnight to August 14, and RBA Deputy Governor, Guy Debelle will deliver an online address tonight at the Asian Securities Industry & Financial Markets Association Compliance Week conference.
• On the COVID-19 front, another half a million Pfizer vaccines have left the UK bound for Australia as part of a vaccine swap, set to arrive in less than one week since the deal was announced last Friday. The federal cabinet also discussed last night the changes required to lift Australia’s overseas travel ban as early as November, which should be announced in the next few days. Keep an eye on travel stocks like Qantas (ASX:QAN), Flight Centre (ASX:FLT) and Webjet (ASX:WEB).
• Companies going ex-dividend today include Auswide (ASX:ABA), Monadelphous (ASX:MND), Nine Entertainment (ASX:NEC), Pro Medicus (ASX:PME), South32 (ASX:S32) and Vita Group (ASX:VTG).  
• The most traded stocks by Bell Direct clients yesterday included Fortescue Metals (ASX:FMG), Zip (ASX:Z1P) and Flight Centre (ASX:FLT). 
• The oil price climbed about 1%, following slow US output after Hurricane Ida. Producers in the Gulf are still struggling to restart operations nine days after Ida swept through the region. 
• The gold price dipped to a two-week low as the dollar extended its gains, while the iron ore price continued to plunge, falling another 2.5% to US$135.56 a tonne.
• Uranium continues to trade at an 8 year high, lifting 3.5% to US$40.

Trading ideas:

• Bell Potter has maintained its BUY recommendation on leading beauty and wellness company BWX (ASX:BWX) and has increased its price target by 7% to $6.10 (previously $5.70). BWX fell about 1% yesterday to $4.85, which implies about 26% share price growth. 
• Bullish charting signals have been identified in Cobalt Blue (ASX:COB), Medlab Clinical (ASX:MDC) and K-TIG (ASX:KTG), according to Trading Central.

The Aussie share market is eyeing a 1.6% gain at the open, which will help us recoup some of the 2.3% lost last week. 

Millions of Australians will receive a second $750 payment from today, with the one-off cash payment going to eligible pensioners, carers and students, which will cost the government over $4 billion. Free childcare ends today after three months, while some parents will receive 100 hours per fortnight subsidised until October 4. 

Despite COVID-19 cases in the U.S. rising to a record high, U.S. stocks charged ahead on Friday after Gilead reported its COVID-19 treatment candidate showed an improvement in clinical recovery and 62% reduction in the mortality rate compared to the level of care. 

What to watch today: 

• Expect stocks linked to the economic recovery to attempt a slight claw back following Wall Street’s lead. 
• Tomorrow NAB (ASX:NAB) will report its business confidence for June, Consumer confidence data is out on Wednesday and unemployment data is out on Thursday with consensus expecting unemployment will lift from 7.1% to 7.4%, less than the RBA’s forecast of 10%. If data is better than expected, expect the market to rally along with banks and consumer discretionary stocks. 

Local Trading ideas:

• UBS reiterated Nine Entertainment (ASX:NEC) as a buy with a $1.70 target, after the CFO announced his resignation after a family member passed away. At the same time, Nine announced its full year earnings (EBITDA) for FY20 should be $390-$410 million beating UBS’ expectations. 
• Bell Potter increased its buy rating and price target of NAB (ASX:NAB) to $19.90.
• Bell Potter initiated coverage of Calix (ASX:CXL) as a speculative buy with a $1.10 target as it’s growing organic revenue amid its U.S. expansion into differentiated water treatments. All in all, Calix has five targets, from CO2 emissions in cement manufacture to commercialising its aquaculture and crop protection with a total combined market of $70 billion. 

The Australian sharemarket is having a choppy start to the week and is tracking 1.4% lower before noon, erasing Friday's 1.3% gain. However, for the month of April, the market is still up 6.4%.

In Australia, investors will be watching: the Energy sector, Caltex (ASX:CTX), Fortescue Metals (ASX:FMG) and the Staples sector.

Looking at the biggest stock moves: AP Eagers (ASX:APE), Nine Entertainment (ASX:NEC), Domain (ASX:DHG) and Southern Cross Media (ASX:SXL).

Journalist Natalia Cooper talks to Deb Knight about her experience of preparing to become a mother, Jo Abi has a new baby sitter and may have a few small trust issues, Jane de Graaff from 9Honey Kitchen shares some Halloween food hacks and child psychologist Sandy Rea addresses whether or not people should be sharing photos of their children on social media.

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Shelly Horton speaks to Deb Knight about her choice not to have children, Jo Abi is finding ways to ditch her kids during the school holidays, Jody Allen from stayathomemum.com.au gives tips on how to set up a money making side hustle, and Sandy Rea explains how we can teach children resilience through gratitude.

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See omnystudio.com/listener for privacy information.

Join Jane de Graaff as she catches up with Australia's hottest food talent, to ask the question that sends every one of us into a meltdown come dinner time, "what the f@*#'s for dinner"?
Jane will not only help you sort out tonight's menu, but with inside tips from some serious foodies she'll also find ways to make it some of the tastiest food that's ever been on your table.

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