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 -  
Tina Teng -
CMC Markets ANZ - 
CMC Markets Singapore -
CMC Markets Canada - 

Trading Idea of the Day
 

ASX:ELD- Elders 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.
• Shaw & Partners stated that the "share price overreaction ignores the solid business the Managing Director has built".
• Elders delivered 39% underlying earnings growth to $232.1m, at the top-end guidance, that's a remarkable result.
• The positive earnings result was significantly overshadowed by the near-term uncertainty created by recent extreme weather conditions but more importantly, the Managing Director Mark Allison's intentions to retire within the next 12 months after almost a decade of leadership at Elders.
• High demand for agricultural commodities is expected to create favourable trading conditions in 1H FY23, which adds investor optimism at undervalued prices.

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: Fund managers turn bullish on China stocks  

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

EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials HIGHER on overall higher commodity metal prices.

Global Markets Headlines
 

• Collapsed crypto firm FTX has about $1.24 billion of cash — but still owes at least $3.1 billion (CNBC)
• UK economy is lagging substantially behind other developed nations, OECD report says (CNBC)
• Disney is counting on Bob Iger to make hard decisions about its streaming and TV assets (CNBC)
• Bitcoin bounces slightly after hitting 2-year low as traders try to gauge FTX contagion (CNBC)
• Saudi Arabia inflicts seismic World Cup shock on Argentina (CNBC)
• Cristiano Ronaldo to leave Manchester United ‘with immediate effect’ (CNBC)
• Malaysian king says leading coalitions don’t have the numbers to form a government (CNBC)
• How AMD became a chip giant and leapfrogged Intel after years of playing catch-up (CNBC)

• Sequoia Capital Apologizes to Limited Partners for FTX Investment (WSJ)
   

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)

Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.