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 Corp - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.
Sky high oil prices and tight supply make oil an appealing investment, with OPEC+ reducing global oil supply by 2 million barrels per day, creating higher demand with lower supply, sending oil prices higher with the aim to place a restrictive floor around the $80 mark.
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.
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: IBM shares flat on $20bn plan to support US chipmaking
Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry
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. unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong (CNBC)
- What AMD’s warning means for the other chip stocks, according to Bank of America (CNBC)
- Tesla stock had its worst week since March 2020 during a ‘very intense 7 days’ for Elon Musk (CNBC)
- European markets close lower after key U.S. jobs report; Credit Suisse jump 5% (CNBC)
Not Ready to Go Full EV? Some Car Companies Bet Bigger on Hybrids (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
