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
NYSE:OXY - Occidental Petroleum Corporation - BULLISH BIAS
Sky high oil prices and tight supply make oil an appealing investment.
A decade of low oil prices of ever-increasing ESG concerns has caused a structural undersupply of fossil fuels. Conflict in Eastern Europe has put further pressure on oil supply across Europe.
- Increased oil and gas pricing globally has made Occidental a cash printing machine in 2022.
- Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.
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: Tesla share price tumbles as it misses Q3 delivery target
Podcast of the Day: Portfolio manager Caroline Cai’s take on an emerging markets’ debt crisis
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 7am AEST
EXPECTATIONS: Energy HIGHER (higher oil) & Materials HIGHER on rising base metal prices.
Global Markets Headlines
- Twitter shares surge 22% after Elon Musk revives deal to buy company at original price (CNBC)
- Credit Suisse to remain ‘under pressure’ but analysts wary of Lehman comparison (CNBC)
- Bankrupt crypto lender Celsius loses another top executive and co-founder, internal memo says (CNBC)
- Biden approves $625 million in aid to Kyiv; Ukraine pushes further into territory ‘annexed’ by Moscow (CNBC)
- North Korean missile launch raises alarm in Washington (CNBC)
- Amazon freezes corporate hiring in its retail business (CNBC)
- Ray Dalio gives up Bridgewater’s control as part of succession plan (CNBC)
- UN warns that the world is on the brink of recession, and developing nations will bear the brunt (CNBC)
- U.S. Job Openings Fell in August, Layoffs Up Slightly (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)