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
CMC Markets ANZ - @CMCMarketsAUSNZ
CMC Markets Singapore - @CMCMarketsSG
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
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- 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)
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U.S. slaps restrictions on Chinese chipmaker and other companies over national security worries (CNBC)
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Bank of England hikes rates by 50 basis points, will continue to respond ‘forcefully’ if needed (CNBC)
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FTX insider turned on Sam Bankman-Fried before bankruptcy, flagging potential fraud to regulators (CNBC)
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China’s retail sales shrink far more than expected, while industrial production disappoints (CNBC)
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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)
