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
NYSE:PDD - Pinduoduo Inc - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- The company is pioneering what it calls a feed-based shopping experience where users are presented with a social media-like feed where they can discover products they may not have known they wanted.
- However, this should be approached with some caution. As the impacts of the economic slowdown are felt among China’s population, consumer spending won’t be as frivolous. Consumers will no longer be looking for what they may want, as their primary concern will be only what they need.
- While COVID-19 lockdowns and tougher economic conditions lead to a shaky start to 2022, the company saw a recovery in consumer sentiment in the second quarter, notably during the 618 shopping festival, a sign that consumer spending can be somewhat resilient even in trying times.
- This is optimistic for the time being, but investors should be wary of consumer sentiment deteriorating if the macroeconomic impacts linger for the near future.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Apple valued more than Amazon, Alphabet and Meta combined
Podcast of the Day: Portfolio manager Michael Kao’s dollar wrecking ball theory
APAC Daily Report
Market Snapshot & Highlights as of 7:30am AEDT
Global Markets Headlines
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)