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 - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
CMC Markets ANZ - @CMCMarketsAUSNZ
CMC Markets Singapore - @CMCMarketsSG
CMC Markets Canada - @CMCMarkets_CA
Trading Idea of the Day
ASX:FLT - Flight Centre (BULLISH - long term & BEARISH - short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Flight Centre's corporate travel segment has returned to pre-covid form
- Management said they expect to see a 'significant second half profit improvement' underpinned by strong top-line growth and greater stability in supply chains.
- Leisure bookings remain subdued, impacted by the 'lack of competition and spare capacity'
- Revenue margins forecast to remain below pre-covid levels for FY23
- A meaningful recovery in international capacity is projected for the near-term, with capacity "likely to be back to circa 70% of pre-COVID levels by December and approaching 90% by mid-2023."
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: Pinduoduo and Bilibili share prices rise on the back of earnings
Podcast of the Day: Michael Loukas of TrueMark on why diversification isn’t always key
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 8:00am AEDT
EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials HIGHER on overall commodity prices.
Global Markets Headlines
- Fed Chair Powell says smaller interest rate hikes could start in December (CNBC)
- European Central Bank says bitcoin is on the ‘road to irrelevance’ (CNBC)
- Crypto exchange Kraken lays off 1,100 employees (CNBC)
- Elon Musk says the Fed must cut rates ‘immediately’ to stop a severe recession (CNBC)
- Biden’s Inflation Reduction Act makes green hydrogen profitable at scale, Goldman Sachs says (CNBC)
- Euro zone inflation rate eases slightly to 10% as surge in energy prices slows (CNBC)
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China could reopen in March, but zero-Covid has shaken confidence in supply chains, economist says (CNBC)
(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.
