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
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CMC Markets Canada - @CMCMarkets_CA

Trading Idea of the Day

NYSE:PDD - Pinduoduo Inc - BULLISH BIAS

• Key levels on the chart - consider taking trades from key support/resistance zones.
• The company is pioneering what it calls a feed-based shopping experience where users are presented with a social media-like feed where they can discover products they may not have known they wanted.
• However, this should be approached with some caution. As the impacts of the economic slowdown are felt among China’s population, consumer spending won’t be as frivolous. Consumers will no longer be looking for what they may want, as their primary concern will be only what they need.
• While COVID-19 lockdowns and tougher economic conditions lead to a shaky start to 2022, the company saw a recovery in consumer sentiment in the second quarter, notably during the 618 shopping festival, a sign that consumer spending can be somewhat resilient even in trying times.
• This is optimistic for the time being, but investors should be wary of consumer sentiment deteriorating if the macroeconomic impacts linger for the near future.

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: Apple valued more than Amazon, Alphabet and Meta combined

Podcast of the Day: Portfolio manager Michael Kao’s dollar wrecking ball theory

APAC Daily Report

Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC

Market Snapshot & Highlights as of 7:30am AEDT

EXPECTATIONS: Energy HIGHER (higher oil prices) & Materials HIGHER on overall higher base metal prices.

Global Markets Headlines
 

• U.S. feds announce $3.36 billion seizure of bitcoin, the second-largest recovery of crypto so far (CNBC)

• EU says it has serious concerns about Biden’s Inflation Reduction Act (CNBC)

• Meta could begin large-scale layoffs this week, report says (CNBC)

• Why technology spending will rise even as tech stocks tank and layoffs mount (CNBC)

• Airlines face fragile winter, Ryanair CEO says after record summer profits (CNBC)

• China Weighs Gradual Zero-Covid Exit but Proceeds With Caution, Without Timeline (WSJ)

• Elon Musk Says Twitter Will Permanently Ban Users Who Impersonate Others (WSJ)

• As COP27 Begins, U.S. Seeks Billions in Carbon Credits to Wean Developing Countries Off Fossil Fuels (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.