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
Tina Teng - @Tinateng_CMC
CMC Markets ANZ - @CMCMarketsAUSNZ
CMC Markets Singapore - @CMCMarketsSG
CMC Markets Canada - @CMCMarkets_CA
Trading Idea of the Day
ASX:FLT - Flight Centre (BULLISH - long term & BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Flight Centre's corporate travel segment has returned to pre-covid form
- Management said they expect to see a 'significant second half profit improvement' underpinned by strong top-line growth and greater stability in supply chains.
- Leisure bookings remain subdued, impacted by the 'lack of competition and spare capacity'
- Revenue margins forecast to remain below pre-covid levels for FY23
- A meaningful recovery in international capacity is projected for the near-term, with capacity "likely to be back to circa 70% of pre-COVID levels by December and approaching 90% by mid-2023."
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: Pinduoduo and Bilibili share prices rise on the back of earnings
Podcast of the Day: Michael Loukas of TrueMark on why diversification isn’t always key
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 8:00am AEDT
EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials HIGHER on overall commodity prices.
Global Markets Headlines
- Fed Chair Powell says smaller interest rate hikes could start in December (CNBC)
- European Central Bank says bitcoin is on the ‘road to irrelevance’ (CNBC)
- Crypto exchange Kraken lays off 1,100 employees (CNBC)
- Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession (CNBC)
- Biden’s Inflation Reduction Act makes green hydrogen profitable at scale, Goldman Sachs says (CNBC)
- Euro zone inflation rate eases slightly to 10% as surge in energy prices slows (CNBC)
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China could reopen in March, but zero-Covid has shaken confidence in supply chains, economist says (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
