G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
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Trading Idea of the Day
NYSE:AMZN - Amazon.com Inc - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- We all know Amazon as the online shop that has changed the retail landscape forever. But while buying things with one click and having them delivered the next day is useful, Amazon’s Web Services (AWS) is the product that is changing the game for web and app developers.
- AWS is the Amazon Cloud service that has quickly become the #1 provider of cloud computing services that underpin most tech startups and mobile apps. Amazon’s AWS service has outcompeted and outpriced Google and Microsoft and it is no surprise that AWS is the fastest-growing segment within Amazon’s overall business.
- AWS’s ‘pay for what you use model is so important for web developers, start-ups and small businesses as it eliminates the costly overhead of unused computational power, data storage or hosting services. There’s no upfront cost to build a storage system and no need to estimate usage. AWS customers use what they need and their costs are scaled automatically and accordingly.
- Their model has proved so successful to the point where they now dominate the cloud computing space, controlling 33% of the market share compared to Microsoft Azure’s 21%. Estimates say that by 2023, end-user expenditure on the cloud services will reach nearly $600 billion USD and so AWS’s growing dominance will mean that AWS could become the cash-cow driving Amazon’s profits.
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: Cameco, Energy Fuels and Paladin fuelled by uranium rush
Podcast of the Day: Portfolio manager Caroline Cai’s take on an emerging markets’ debt crisis
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 HIGHER (higher oil prices) & Materials LOWER on overall higher base metal prices.
Global Markets Headlines
Amazon Shares Skid After It Gives Weak Outlook Amid Recession Fears (WSJ)
Apple Reports Record Revenue, Continuing Pandemic Streak (WSJ)
Meta shares plunge 24% to the lowest price since 2016 (CNBC)
ECB hikes rates by 75 basis points and scales back support for European banks (CNBC)
U.S. GDP accelerated at 2.6% pace in Q3, better than expected as growth turns positive (CNBC)
Bitcoin miner Core Scientific issues bankruptcy warning and the stock is down 97% for the year (CNBC)
The biggest tech stocks have lost $3 trillion in market cap over the last year (CNBC)
Credit Suisse shares plunge 18% as bank announces huge third-quarter loss and strategic overhaul (CNBC)
Musk says Twitter ‘cannot become a free-for-all hellscape’ (CNBC)
Oil giant Shell reveals plans to hike dividend as quarterly profits more than double (CNBC)
Unilever raises guidance but is downbeat on Europe, China consumer sentiment (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)