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:GM - General Motors - BULLISH BIAS
Consider taking entries, exits, stop losses and take profits from key levels
Cheaper imported raw materials lowers manufacturing costs.
- While General Motors manufacture their cars domestically, many of the electrical components and raw materials are sourced from foreign markets and imported to the States.
- A stronger U.S. dollar means these raw materials should be able to be sourced at a competitive price, improving margins at a time where the company may see a decline in vehicle exports owing to the exchange rate increasing costs for foreign markets.
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: Vodafone and Three’s mega merger
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 LOWER on lower base metal prices.
Global Markets Headlines
- OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure (CNBC)
- UK’s Liz Truss pledges tax-cutting future in landmark speech plagued by protest and infighting (CNBC)
- Elon Musk’s plans for Twitter may take inspiration from Chinese super apps (CNBC)
- Apple reportedly in talks to make AirPods and Beats headphones in India (CNBC)
German minister criticizes U.S. over ‘astronomical’ natural gas prices (CNBC)
Elon Musk’s Twitter Reversal Revives Takeover Bid for a Now-Weaker Firm (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)