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Trading Idea of the Day
NYSE:SCHN - Schnitzer Steel Industries - BULLISH BIAS
- According to the New South Wales government, the steel production industry alone emits 6-9 % of global CO2 emissions and with a growing population, the demand for steel is expected to rise by 50% by 2050.
- Schnitzer Steel has recognised this growing demand for steel and has made it its mission to decarbonize the steel industry. Through its extensive steel recycling business, Schnitzer Steel repurposes millions of tons of steel that would otherwise end up in a landfill.
- Through efficient recovery technologies and a mill powered by hydroelectricity, the company is able to reduce air emissions significantly per ton of steel produced compared to traditional methods.
- In 2021 the company achieved its goal of 100% net carbon-free electricity use at its facilities. For the 8th consecutive year, Schnitzer Steel has earned a place among Ethisphere’s list of the World’s Most Ethical Companies which is a testament to the company’s dedication to enacting positive environmental change in the steel industry.
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
- U.S. delivers angry rebuke of massive OPEC+ production cut — and it could backfire for Saudi Arabia (CNBC)
- Elon Musk seeks to stop Oct. 17 trial date to close Twitter deal on original terms (CNBC)
- Bank of England says pension funds were hours from disaster before it intervened (CNBC)
- Goldman Sachs raises crude price forecast after ‘OPEC+ takes on the West’ (CNBC)
- Europe’s gas storage is almost full for winter. But next year could look very different (CNBC)
TikTok Parent ByteDance Sees Losses Swell in Push for Growth (WSJ)
Peloton to Cut 500 More Jobs in Latest Bid for Turnaround (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)