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:PLS - Pilbara Minerals Ltd - BEARISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
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Sky high oil prices and tight supply make oil an appealing investment.
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A decade of low oil prices and ever-increasing ESG concerns have caused a structural undersupply of fossil fuels. Conflict in Eastern Europe has put further pressure on oil supply across Europe.
- Increased oil and gas pricing globally have made Occidental a cash printing machine in 2022.
- Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.
- Buffett has a view that oil prices over the coming decade will be much higher than most people expect. Berkshire now owns over 20% of the entire company and has SEC approval to buy a lot more.
- Buffett, also likes the low P/E and Oxy’s focus on returning cash to shareholders.
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: Will slowing services growth eat into the Apple share price?
Podcast of the Day: Doomberg on Nord Stream sabotage and monetary mayhem
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 lower commodity prices.
Global Markets Headlines
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Several key races are too close to call, leaving control of Congress up in the air (CNBC)
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Elon Musk took over a struggling business with Twitter and has quickly made it worse (CNBC)
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Bitcoin tumbles to its lowest in nearly 2 years; Solana drops another 40% (CNBC)
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Tesla sinks to almost two-year low on Elon Musk stock sales, Twitter distraction (CNBC)
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Meta laying off more than 11,000 employees: Read Zuckerberg’s letter announcing the cuts (CNBC)
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Binance CEO tells employees he didn’t ‘master plan’ FTX demise (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
