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Need 4 Speed - ASX Report - 31/10/22

ASX Trading

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 Invest platform and follow us on Twitter: 

Azeem Sheriff - @Azeem__Sheriff 
CMC Markets - @CMCMarketsAUSNZ

Trading Idea of the Day

NYSE:AXP - American Express Company - BULLISH BIAS

  • Key levels on the chart - consider taking trades from key support/resistance zones.
  • Performance in the most recent quarter remained strong, with record levels of revenue and cardholder spending, a reflection of the growing customer base. Cardholder spending was up 30% from a year prior on an FX-adjusted basis, spearheaded by increases in travel and entertainment spending, which surpassed pre-pandemic spending for the first time in April.
  • Quarterly revenues were up 31% on a year-on-year basis, reaching US$13.4 Billion yet quarterly EPS was down $0.23 to $2.57 off the back of increased customer engagement costs and operating expenses.
  • American Express added 3.2 million new proprietary cards in the quarter, driven by heightened demand for their premium product offerings. Card numbers for their U.S. Consumer Platinum, Gold and Delta co-brand Cards each reached all-time highs in the quarter.
  • American Express recently boasted of ‘exceptional’ credit performance, with delinquencies and write-offs near historical lows, but it is yet to be seen if they’ll experience a reversal of fortunes as households are plunged into hardship due to the rising cost of living.

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: European lithium miner valued close to $1bn to merge with SPAC
Podcast of the Day: Portfolio manager Caroline Cai’s take on an emerging markets’ debt crisis

APAC Daily Report

Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC

Market Snapshot & Highlights as of 7:30am AEDT

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

Global Markets Headlines

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


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