G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst! 

For real-time up-to-date data/news/research/ideas/strategies, check out our insights panel on the CMC Markets Invest platform and follow us on Twitter: 

Azeem Sheriff - @Azeem__Sheriff 
CMC Markets - @CMCMarketsAUSNZ

Trading Idea of the Day

ASX:FMG - Fortescue Metals Group - BULLISH BIAS

• Key levels on the chart - consider taking trades from key support/resistance zones.

• World No. 2 iron ore producer Vale SA saw a steeper-than-expected drop in profit on slumping prices and lingering cost inflation which saw the largest iron ore miners globally tumble.

• The Brazilian mining giant reported adjusted earnings before items of $US3.7 billion for the third quarter, down 47% from a year ago and well below the $US4.6 billion average analyst estimate.

• Vale is focusing on higher quality ore in a bid to defend margins from the lowest iron ore prices in two years. Futures have slumped on concerns over the cooling impact of higher interest rates, combined with China’s COVID restrictions and real-state woes. We may start to see a similar theme with FMG as well.

• Rio Tinto and BHP have warned that commodity producers will keep struggling with global economic uncertainties and a patchy recovery in China. Baoshan Iron & Steel Co, the world’s largest steel maker, also delivered a bleak outlook for the industry in China this week, predicting demand in the country could fall 5 per cent this year.​

ASX & Economic Key Events

ASX Key Events Calendar (TODAY)

Economic Key Events (TODAY)

Economic Key Events (YESTERDAY)

OPTO For Investors Research

Article of the Day: Slowing cloud spend spooks Alphabet, Amazon and Microsoft
Podcast of the Day: Doomberg on Nord Stream sabotage and monetary mayhem

APAC Daily Report

Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC

Market Snapshot & Highlights as of 7:30am AEDT

EXPECTATIONS: Energy LOWER (lower oil prices) & Materials LOWER on overall lower base metal prices.

Global Markets Headlines

• Lula’s victory in Brazil sparks optimism on deforestation, with ramifications for the world (CNBC)

• Euro zone inflation hits record high of 10.7% as growth slows sharply (CNBC)

• World needs to accept the urgent need for fossil fuel investment now, BP CEO says (CNBC)

• Wheat prices jump by nearly 6% after Russia withdraws from vital Ukrainian export deal (CNBC)

• Chinese tech giants’ push into U.S., Europe’s markets sets up potential clash with Amazon (CNBC)

• China’s factory activity drops, bogged down by more Covid controls (CNBC)

• Elon Musk Ousts Twitter Board, Named Sole Director (WSJ)

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)