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Trading Idea of the Day
ASX:FMG - Fortescue Metals Group - BEARISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
Iron ore shipments have been dropping to China week on week, as China's property crisis continues and demand for iron ore reduces.
China's 0 COVID policy has not helped as well, with Shanghai looking to go back into lockdown after multiple cases identified, which can severely limit any property development projects in play.
Expecting FMG to move further lower to price of 14 which is next key support zone.
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: Sprott Gold Miners ETF struggles as gold prices drop
Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 8am AEST
EXPECTATIONS: Energy LOWER (lower oil) & Materials LOWER on overall lower base metal prices.
Global Markets Headlines
Bank of England’s Bailey tells pension funds they have 3 days to rebalance (CNBC)
IMF cuts global growth forecast for next year, warns ‘the worst is yet to come’ (CNBC)
Auto giant Stellantis looks to Australian materials, including nickel, for its EVs (CNBC)
All you need to know about the Nord Stream gas leaks — and why Europe suspects ‘gross sabotage’ (CNBC)
Saudi Arabia Defied U.S. Warnings Ahead of OPEC+ Production Cut (WSJ)
America’s Oldest Bank, BNY Mellon, Will Hold That Crypto Now (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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