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Trading Idea of the Day
ASX:COL - Coles Group - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance levels
- Coles falls under the Consumer Staples sector which is generally a defensive stock and therefore resistant to economic cycles including any upcoming recessions
- Coles can maintain their profit margins and pass on their costs to customers which provides protection for their bottom line.
ASX & Economic Key Events
APAC Daily Report
Market Snapshot & Highlights as of 7am AEST
Global Markets Headlines
- Ford stock suffers worst day since 2011 after cost warning, shedding $7 billion in market value (CNBC)
- Ether drops 15% since Ethereum network upgrade as traders take profits and fret over rate hikes (CNBC)
- UN secretary general says ‘polluters must pay,’ calls for extra tax on fossil fuel profits (CNBC)
- The Japanese yen is at 24-year lows. Here’s what to expect at the next BOJ meeting (CNBC)
- Chinese EV maker Xpeng launches rival to Tesla’s semi-autonomous driving system (CNBC)
- Peloton adds $3,195 rowing machine to fitness equipment lineup (CNBC)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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