Wall St closed mixed to start the trading week as investors prepare for the start of earnings season. The Dow Jones closed 0.12% lower overnight, the S&P500 gained 0.08% and the tech-heavy Nasdaq ended Monday’s trading session 0.07% higher.

Over in Europe, markets closed lower as investors look ahead to European Central Bank meetings later this week. The STOXX600 closed 0.18% lower with the majority of sectors trading in the red. This was led by autos which fell 1.35%, whilst healthcare stocks rose 0.66%. Germany’s DAX fell over half a percent, the French CAC lost nearly 1% and over in the UK the FTSE100 gained 0.08% by the closing bell.

Locally yesterday, the ASX200 closed 0.86% higher with all sectors closing in the green. Gains were led by the information technology and communication services sectors which rose 1.53% and 1.4% respectively.

What to watch today:

• The Australian share market is set to open lower, with the SPI futures suggesting a fall of 0.69% at market open this morning.
• On the commodity front this morning,
   
  • Oil is trading 1.62% lower at US$75.91/barrel, gold is trading 0.12% lower at US$2383/ounce and iron ore is trading 0.26% lower at US$106.86/tonne.

Trading Idea:

• Bell Potter maintains a buy rating on Burgundy Diamond Mines (ASX:BDM) and has a 12-month price target of $0.28. The buy rating is maintained by Bell Potter as they expect positive news flow over the second half of 2024 as BDM report on mine life extension activities and continue to optimise existing operations. As well as this, their Ekati diamond mine is a highly strategic asset within the luxury goods value chain, hence the buy rating is maintained.