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:GMG - Goodman Group Ltd (BULLISH - long term & BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Goodman Group is on track for operating earnings per share (EPS) growth of 11% in FY23.
- Within the recent 1Q FY23 update management flagged a 'patient and cautious' approach, especially given the uncertain economic outlook.
- Ord Minnett retains a Hold rating and $22 target price but flags early signs of development margins moderating from unsustainably high levels.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: US cannabis sales jump 12.7%
Podcast of the Day: Michael Loukas of TrueMark on why diversification isn’t always key
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Key inflation measure that the Fed follows rose 0.2% in October, less than expected (CNBC)
- Russian oil sanctions are about to kick in. And they could disrupt markets in a big way (CNBC)
- Salesforce shares slump nearly 10% after co-CEO Bret Taylor announces surprise departure (CNBC)
- China signals slight Covid policy easing — but don’t expect sweeping changes yet (CNBC)
- Tesla recalls 435,000 cars in China over rear light issue and will issue software update (CNBC)
- Fed Chair Powell says smaller interest rate hikes could start in December (CNBC)
India may become the third-largest economy by 2030, overtaking Japan and Germany (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)