Morning Bell 24 November

US equities ended the trading week with a strong rebound. All three industry benchmarks closed in the green on Friday. The Dow Jones up 1.08%, the S&P500 up 0.98% and the tech heavy Nasdaq up 0.88%. This rebound came after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year.

European markets closed mixed amid global volatility. The German DAX was down 0.8% while France’s CAC was slightly higher, just 0.2%. The FTSE100 gained 0.13% while the STOXX600 ended 0.33% lower.

Locally the ASX200 ended the week down 2.52% and on Friday closed 1.59% after a touch week in Australian and US markets.

What to watch today:

• However following the US rebound, our local market is set to rise 1.09% at the open this morning, according to the SPI futures.
• Also on watch today will be the share price movements of Pro Medicus (ASX:PME) as the health imaging company holds its AGM and are set to provide a trading update.
• In commodities,
  • Crude oil has dropped 1.59%, to US$58.06 per barrel the lowest in one month, after President Volodymyr Zelenskiy signaled a willingness to pursue peace talks, so keep watch of ASX listed energy producers today.
  • Gold is trading 0.3% lower at US$4,063.98 an ounce, as markets digested stronger US labour data, dovish central bank signals and softer US yields.
  • And iron ore is trading flat at U$104.26 per tonne.

Trading ideas:

• Bell Potter maintain a buy rating on WiseTech Global (ASX:WTC), noting the stock could offer more than 50% upside over the next year. They have lowered their price target to $100.00, stating that in FY26 they now forecast revenue and EBITDA of US$1.40bn and US$569m which is towards the lower end of the guidance range for the former and close to the middle for the latter. They see more risk at revenue than EBITDA this year, particularly with the greater-than-usual revenue skew to H2. At the current share price of $65.76 this implies 52.1% share price growth in a year.
• And Trading Central have identified a bearish signal in NexGen Energy (ASX:NXG) indicating that the price may fall from the close of $11.82 to the range of $9.10 to $9.60 over 22 days, according to the standard principles of technical analysis.