G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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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
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
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 is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.