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
Tina Teng - @Tinateng_CMC
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CMC Markets Canada - @CMCMarkets_CA
Trading Idea of the Day
ASX:CXO - Core Lithium Ltd - (NEUTRAL BIAS - long term & BEARISH BIAS - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Goldman Sachs initiates a Sell rating on Core Lithium
- The investment bank expects lithium prices to begin falling in the second half of 2023.
- Chinese EV subsidies have pulled forward battery demand by at least 12-24 months, according to Goldman. The team believes the battery maker overcapacity, on the back of accelerated capacity build-out amid a decelerating growth of new energy vehicles sales will eventually weigh on lithium prices," the analysts said.
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: Shell and Equinor boost their exposure to carbon capture tech
Podcast of the Day: The Lead-Lag Report’s Michael Gayed on this year’s treasury anomaly
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 8:00am AEDT
EXPECTATIONS: Energy LOWER (lower oil prices) & Materials LOWER on overall lower base metal prices.
Global Markets Headlines
- Swiss central bank lifts interest rates again to counter ‘further spread of inflation (CNBC)
- ECB hikes rates by 50bps, sees significant increases ahead as it announces plan to shrink balance sheet (CNBC)
U.S. slaps restrictions on Chinese chipmaker and other companies over national security worries (CNBC)
Bank of England hikes rates by 50 basis points, will continue to respond ‘forcefully’ if needed (CNBC)
FTX insider turned on Sam Bankman-Fried before bankruptcy, flagging potential fraud to regulators (CNBC)
China’s retail sales shrink far more than expected, while industrial production disappoints (CNBC)
Morgan Stanley upgrades its 2023 growth outlook for China, expects stronger and earlier rebound (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)