G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Trading Idea of the Day
ASX:MQG - Macquarie Group Ltd - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Macquarie group has been focusing recently on renewable energy which is providing it with a competitive advantage over other banks especially in the investments area.
- Macquarie Group has the best of both worlds with exposure to mortgages and also investments/asset management, so higher NIM will support it's lending business whilst maintaining its leadership in global asset management
- A strong USD will assist with Macquarie's earnings report next month as most of Macquarie's income/assets are derived from the US, so could see a positive earnings report, beating expectations with positive forward guidance.
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: Warren Buffett’s Berkshire Hathaway could soon be worth more than Tesla
Podcast of the Day: Why Cohesive Capital’s John Barber is bullish about private equity
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 AEDT
EXPECTATIONS: Energy LOWER (lower oil prices) & Materials HIGHER on overall higher base metal prices.
Global Markets Headlines
U.S.-listed Chinese stocks drop 15% after Beijing’s power reshuffle makes the market ‘uninvestable’ (CNBC)
Rishi Sunak to be Britain’s new prime minister as rivals quit race (CNBC)
Apple raises prices on its TV and Music streaming services (CNBC)
Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices (CNBC)
Tesla shares closed down 1% after Elon Musk’s EV firm cuts price of cars in China (CNBC)
JPMorgan president says a recession may be price to pay to beat inflation, market bottom not in yet (CNBC)
Fears of a severe recession deepen as European business activity slows on surging energy costs (CNBC)
China’s Xi Jinping, Secure in Power, Faces Deepening Economic Challenges (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)