G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
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Trading Idea of the Day
ASX:HVN - Harvey Norman Holdings Ltd (BULLISH - long term & BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Harvey Norman's aggregated quarterly sales were negatively affected by depreciation in the euro, pound and NZ$
- The group flagged a major expansion into the Malaysian market, with plans to grow there from 28 to 80 stores by 2028.
Consensus is Moderate Buy.
Based on Morningstar’s fair value of $4.89 the stock appears to be undervalued.
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: Global X Social Media Index ETF underperforms as ad spend falls
Podcast of the Day: Investment educator Brian Feroldi’s three principles for long-term investing
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 LOWER (lower oil prices) & Materials LOWER on overall base metal prices.
Global Markets Headlines
- Bitcoin could plunge 70% to $5,000, Standard Chartered predicts, in possible 2023 ‘surprise’ (CNBC)
- iPhone maker Foxconn’s revenue slumps after Covid outbreak, unrest at China plant (CNBC)
- Chinese stocks rally on reopening hopes; Morgan Stanley upgrades to overweight (CNBC)
- Oil prices rose as much as 2% on hopes of China’s reopening and as OPEC+ maintains output targets (CNBC)
Fed to Weigh Higher Interest Rates Next Year While Slowing Rises This Month (WSJ)
Tankers seen heading to Russia as oil price cap goes into effect on exports (CNBC)
Apple explores moving some iPad production to India, sources say (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)