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Trading Idea of the Day
ASX:EVN- Evolution Mining Ltd
- Key levels on the chart - consider taking trades from key support/resistance zones.
- UBS updates its near-term gold price forecast with a more bullish view
- The Fed is forecast to cut interest rates from 5.0% to 3.25% from mid-2023
- Key gold picks include Northern Star, SSR Mining, Gold Road Resources, De Grey & Evolution Mining.
- "Investors have had mixed feelings towards gold in 2022, in part due to the crosscurrents of rising real rates and a strong dollar (bearish gold) versus high inflation and elevated macro uncertainty (bullish gold)," UBS analysts said in a note last Friday.
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: Will Warren Buffett’s stake in TSMC send its share price soaring?
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 LOWER (lower oil prices) & Materials SLIGHTLY HIGHER on mixed commodity prices.
Global Markets Headlines
- Binance deploys $1 billion to keep crypto industry afloat after FTX crash (CNBC)
- Mainland China’s total daily Covid cases soar above Shanghai lockdown highs (CNBC)
- Turkey cuts rates by 150 basis points and ends easing cycle (CNBC)
- Anwar Ibrahim sworn in as tenth Malaysian prime minister (CNBC)
- Fed officials see smaller rate hikes coming ‘soon,’ minutes show (CNBC)
- Bank of England official favors more rate hikes, but sees potential for cuts (CNBC)
- Apple and Elon Musk’s Twitter are on a collision course (CNBC)
U.S. President Biden says Russian oil price cap in play (Reuters)
(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.