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:META - Meta Platforms Inc - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
US big tech have been smashed this year making 52 week lows.
Meta still has 4 mostly used social media applications and their advertising revenue is still very strong despite the stock price. There's been negative sentiment with its virtual reality Metaworld kick off but this is a long term plan from Mr Zuckerberg.
US big techs are significantly undervalued and present a decent opportunity for those investors looking to buy into these companies over the long term.
Talks of a global recession are dampening future cash flows in the valuation process for these big techs which is reducing the share price.
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: BlackRock, JPMorgan and Morgan Stanley earnings forecasted to dip
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
Fed officials expect higher rates to stay in place, meeting minutes show (CNBC)
- Biden threatens ‘consequences’ for Saudi Arabia after OPEC cut, but his options are limited (CNBC)
- British pound choppy as Bank of England reiterates Friday bond-buying deadline (CNBC)
- U.S. wholesale prices rose 0.4% in September, more than expected as inflation persists (CNBC)
- America’s ‘once unthinkable’ chip export restrictions will hobble China’s semiconductor ambitions (CNBC)
- Further 20% fall in U.S. stocks ‘certainly possible,’ says IMF director (CNBC)
- BOE buys record 2.38 billion pounds of gilts at reverse auction (CNBC)
TikTok Parent ByteDance Plans Music-Streaming Expansion (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)