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 -
Tina Teng -
CMC Markets ANZ -
CMC Markets Singapore -
CMC Markets Canada -
Trading Idea of the Day
ASX:EDV- Endeavour Group Ltd - BULLISH BIAS (long term) - BULLISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
- Retail sales growth is driven by inflation while volume begins to ease.
- Liquor sales remain surprisingly resilient as the segment cycles elevated sales from last year.
- Macquarie prefers Consumer Staples including Coles Group (COL) and Endeavour Group (EDV) over Discretionary names.
- Prices in Consumer Staples have been relatively stable, compared to Discretionary names which have fluctuated.
- As we head into a potential global recession next year, we could see a significant reduction in demand for goods, leading to a significant reduction in forward guidance.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Australia’s decarbonisation powers AGL, Fortescue and Origin shares
Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Apple and Elon Musk’s Twitter are on a collision course (CNBC)
- Fed officials see smaller rate hikes coming ‘soon,’ minutes show (CNBC)
- China may have ‘passed the point of no return’ as Covid infections soar (CNBC)
- Manchester United’s American owners consider selling club (CNBC)
(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.