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: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
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U.S.-listed Chinese stocks drop 15% after Beijing’s power reshuffle makes the market ‘uninvestable’ (CNBC)
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Rishi Sunak to be Britain’s new prime minister as rivals quit race (CNBC)
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Apple raises prices on its TV and Music streaming services (CNBC)
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Wave of LNG tankers is overwhelming Europe in energy crisis and hitting natural gas prices (CNBC)
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Tesla shares closed down 1% after Elon Musk’s EV firm cuts price of cars in China (CNBC)
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JPMorgan president says a recession may be price to pay to beat inflation, market bottom not in yet (CNBC)
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Fears of a severe recession deepen as European business activity slows on surging energy costs (CNBC)
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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)
