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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Trading Idea of the Day
ASX:MPL - Medibank Private Ltd - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance zones.
Recent cyber attack saw the share price drop around 20%, after CEO confirmed breach of customer data but also confirmed FY 23 forward guidance on customer outlook reduced making this stock quite undervalued.
Company is an insurance company and the overall business is still quite strong and generally tends to weather a recessionary environment quite well due to its pricing power, ability to pass on costs to customers.
The stock offers a great technical setup on a weekly chart, playing the range and nearing the bottom of that range, great risk to reward for any bullish traders/investors.
Company also pays a relatively stable/decent dividend of around 4.5%
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: Can Aston Martin stock reverse its downtrend amid losses?
Podcast of the Day: Doomberg on Nord Stream sabotage and monetary mayhem
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
The Fed is expected to raise rates by three-quarters of a point and signal it could slow the pace (CNBC)
‘We’re not against profits,’ White House advisor says after Biden’s tax threats on oil companies (CNBC)
Twitter reportedly limits employee access to content-moderation tools as midterm election nears (CNBC)
Oil CEOs warn this winter’s energy crisis will be nothing compared to the next (CNBC)
SpaceX launches Falcon Heavy, the world’s most powerful rocket, on Space Force mission (CNBC)
Bank of England sells £750 million worth of bonds at first QE unwind auction (CNBC)
Britain’s new PM is a fan of crypto. There are hopes he’ll give the industry a boost (CNBC)
Elon Musk Wants More Paying Twitter Users, Hinting at $8 a Month for Verified Accounts (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
