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
ASX:EDV- Endeavour Group Ltd - BULLISH BIAS (long term) - BULLISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
- Retail sales growth is driven by inflation while volume begins to ease.
- Liquor sales remain surprisingly resilient as the segment cycles elevated sales from last year.
- Macquarie prefers Consumer Staples including Coles Group (COL) and Endeavour Group (EDV) over Discretionary names.
- Prices in Consumer Staples have been relatively stable, compared to Discretionary names which have fluctuated.
- As we head into a potential global recession next year, we could see a significant reduction in demand for goods, leading to a significant reduction in forward guidance.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Australia’s decarbonisation powers AGL, Fortescue and Origin shares
Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Apple and Elon Musk’s Twitter are on a collision course (CNBC)
- Fed officials see smaller rate hikes coming ‘soon,’ minutes show (CNBC)
- China may have ‘passed the point of no return’ as Covid infections soar (CNBC)
- Manchester United’s American owners consider selling club (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)