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 NextGen platform and follow us on Twitter:
Azeem Sheriff -
CMC Markets -
Trading Idea of the Day
NYSE:OXY - Occidental Petroleum Corporation - BULLISH BIAS
Sky high oil prices and tight supply make oil an appealing investment.
A decade of low oil prices of ever-increasing ESG concerns has 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 has 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.
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: Tesla share price tumbles as it misses Q3 delivery target
Podcast of the Day: Portfolio manager Caroline Cai’s take on an emerging markets’ debt crisis
APAC Daily Report
Market Snapshot & Highlights as of 7am AEST
EXPECTATIONS: Energy HIGHER (higher oil) & Materials HIGHER on rising base metal prices.
Global Markets Headlines
- Twitter shares surge 22% after Elon Musk revives deal to buy company at original price (CNBC)
- Credit Suisse to remain ‘under pressure’ but analysts wary of Lehman comparison (CNBC)
- Bankrupt crypto lender Celsius loses another top executive and co-founder, internal memo says (CNBC)
- Biden approves $625 million in aid to Kyiv; Ukraine pushes further into territory ‘annexed’ by Moscow (CNBC)
- North Korean missile launch raises alarm in Washington (CNBC)
- Amazon freezes corporate hiring in its retail business (CNBC)
- Ray Dalio gives up Bridgewater’s control as part of succession plan (CNBC)
- UN warns that the world is on the brink of recession, and developing nations will bear the brunt (CNBC)
- U.S. Job Openings Fell in August, Layoffs Up Slightly (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
Disclaimer: CMC Markets Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.