G'day folks and welcome to another trading day with your friendly, neighbourhood CMC Market Analyst!
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Azeem Sheriff - @Azeem__Sheriff
Tina Teng - @Tinateng_CMC
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Trading Idea of the Day
ASX:ELD - Elders Ltd - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Elders announced at 39% jump in annual underlying earnings to $232.1m.
- Longstanding CEO announces his exit.
- Due to extreme rainfall events across the eastern states it’s unclear whether full harvest potential for both summer and winter crops can be reached.
- Full-year FY22 highlights also included: Net profit up 9% to $162.9m, Dividends up 33.3% year-on-year, Real Estate Services gross margin was $61.6m, up 21% on FY21, Net debt stood at $284.9m, up $68m on the prior year.
- Longstanding CEO Mark Allison to step down on or before Nov 23, completing 10yrs of leadership.
ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
Economic Key Events (TODAY)
Economic Key Events (YESTERDAY)
No key events yesterday
OPTO For Investors Research
Article of the Day: Medical cannabis fuels growth in Canopy, Cronos and Curaleaf
Podcast of the Day: Investment educator Brian Feroldi’s three principles for long-term investing
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 LOWER (lower oil prices) & Materials HIGHER on overall higher precious metal prices.
Global Markets Headlines
- Biden objects to China’s ‘aggressive’ approach to Taiwan in three-hour meeting with Xi (CNBC)
- Amazon reportedly plans to lay off about 10,000 employees starting this week (CNBC)
- Fed Vice Chair Brainard says it may ‘soon’ be appropriate to move to slower pace of rate hikes (CNBC)
- Former FTX CEO Sam Bankman-Fried and allies lose gatekeepers to Washington as company collapses (CNBC)
- Crypto.com CEO downplays FTX contagion fears, says he’ll prove naysayers wrong as withdrawals rise (CNBC)
- Binance is seeing a slight increase in withdrawals but otherwise it’s ‘business as usual,’ CEO says (CNBC)
- Sam Bankman-Fried’s Alameda quietly used FTX customer funds for trading, say sources (CNBC)
The metaverse could pump $1.4 trillion a year into Asia’s GDP, Deloitte 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.