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 NextGen platform and follow us on Twitter:
Azeem Sheriff - @Azeem__Sheriff
CMC Markets - @CMCMarketsAUSNZ
Trading Idea of the Day
ASX:MQG - Macquarie Group Ltd - BULLISH BIAS (long term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Macquarie group has been focusing recently on renewable energy which is providing it with a competitive advantage over other banks especially in the investments area.
- Macquarie Group has the best of both worlds with exposure to mortgages and also investments/asset management, so higher NIM will support it's lending business whilst maintaining its leadership in global asset management
- A strong USD will assist with Macquarie's earnings report next month as most of Macquarie's income/assets are derived from the US, so could see a positive earnings report, beating expectations with positive forward guidance.
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: Apple’s Foxconn targets 5% of global EV production
Podcast of the Day: Market strategist Kiril Sokoloff’s thematic investment radar
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 8am AEDT
EXPECTATIONS: Energy FLAT/LOWER (flat energy prices) & Materials FLAT/LOWER on overall base metal prices.
Global Markets Headlines
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With UK leader Liz Truss quitting, here are the top contenders to replace her (CNBC)
- Fed’s Harker sees ‘lack of progress’ on inflation, expects aggressive rate hikes ahead (CNBC)
- Tesla shares slide after Q3 revenue miss, Bernstein says earnings call ‘didn’t sit well with us’ (CNBC)
- 10-year Treasury yield tops 4.2% for first time since 2008 (CNBC)
- Customers battle to regain billions in bitcoin the DOJ recovered in its largest seizure of stolen crypto (CNBC)
- Turkey slashes interest rates by 150 basis points despite inflation at 83% (CNBC)
- Japanese yen hits 150 against the U.S. dollar, weakest levels not seen since August 1990 (CNBC)
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Liz Truss Resigns as U.K. Prime Minister After Tax Plan Caused Market Turmoil (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
