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
ASX:EDV- Endeavour Group Ltd - BULLISH BIAS (long term) - BULLISH BIAS (short term)
- Key levels on the chart - consider taking trades from key support/resistance zones.
- Price is significantly undervalued and at a key support, a level not seen since the beginning of COVID.
- Retail sales growth is driven by inflation while volume begins to ease.
- Liquor sales remain surprisingly resilient as the segment cycles elevated sales from last year.
- Macquarie prefers Consumer Staples including Coles Group (COL) and Endeavour Group (EDV) over Discretionary names.
- Prices in Consumer Staples have been relatively stable, compared to Discretionary names which have fluctuated.
- As we head into a potential global recession next year, we could see a significant reduction in demand for goods, leading to a significant reduction in forward guidance.
ASX & Economic Key Events
OPTO For Investors Research
Article of the Day: Australia’s decarbonisation powers AGL, Fortescue and Origin shares
Podcast of the Day: BlackRock’s Carolyn Weinberg on the democratising power of ETFs
APAC Daily Report
Market Snapshot & Highlights as of 8:00am AEDT
Global Markets Headlines
- Apple and Elon Musk’s Twitter are on a collision course (CNBC)
- Fed officials see smaller rate hikes coming ‘soon,’ minutes show (CNBC)
- China may have ‘passed the point of no return’ as Covid infections soar (CNBC)
- Manchester United’s American owners consider selling club (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.