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:EVN- Evolution Mining Ltd
- Key levels on the chart - consider taking trades from key support/resistance zones.
- UBS updates its near-term gold price forecast with a more bullish view
- The Fed is forecast to cut interest rates from 5.0% to 3.25% from mid-2023
- Key gold picks include Northern Star, SSR Mining, Gold Road Resources, De Grey & Evolution Mining.
- "Investors have had mixed feelings towards gold in 2022, in part due to the crosscurrents of rising real rates and a strong dollar (bearish gold) versus high inflation and elevated macro uncertainty (bullish gold)," UBS analysts said in a note last Friday.
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 Warren Buffett’s stake in TSMC send its share price soaring?
Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs
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 SLIGHTLY HIGHER on mixed commodity prices.
Global Markets Headlines
- Binance deploys $1 billion to keep crypto industry afloat after FTX crash (CNBC)
- Mainland China’s total daily Covid cases soar above Shanghai lockdown highs (CNBC)
- Turkey cuts rates by 150 basis points and ends easing cycle (CNBC)
- Anwar Ibrahim sworn in as tenth Malaysian prime minister (CNBC)
- Fed officials see smaller rate hikes coming ‘soon,’ minutes show (CNBC)
- Bank of England official favors more rate hikes, but sees potential for cuts (CNBC)
- Apple and Elon Musk’s Twitter are on a collision course (CNBC)
U.S. President Biden says Russian oil price cap in play (Reuters)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)