Need 4 Speed - ASX Report - 12/10/22

G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst! 

For real-time up-to-date data/news/research/ideas/strategies, check out our insights panel on the CMC Markets NextGen platform and follow us on Twitter: 

Azeem Sheriff - @Azeem__Sheriff 
CMC Markets - @CMCMarketsAUSNZ

Trading Idea of the Day

ASX:FMG - Fortescue Metals Group - BEARISH BIAS

• Key levels on the chart - consider taking trades from key support/resistance zones.

• Iron ore shipments have been dropping to China week on week, as China's property crisis continues and demand for iron ore reduces.

• China's 0 COVID policy has not helped as well, with Shanghai looking to go back into lockdown after multiple cases identified, which can severely limit any property development projects in play.

• Expecting FMG to move further lower to price of 14 which is next key support zone.

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: Sprott Gold Miners ETF struggles as gold prices drop
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 8am AEST

EXPECTATIONS: Energy LOWER (lower oil) & Materials LOWER on overall lower base metal prices.

Global Markets Headlines

• Bank of England’s Bailey tells pension funds they have 3 days to rebalance (CNBC)

• IMF cuts global growth forecast for next year, warns ‘the worst is yet to come’ (CNBC)

• Auto giant Stellantis looks to Australian materials, including nickel, for its EVs (CNBC)

• Boeing orders, deliveries rise in September (CNBC)

• All you need to know about the Nord Stream gas leaks — and why Europe suspects ‘gross sabotage’ (CNBC)

• Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut (WSJ)

• America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now (WSJ)

(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)