Need 4 Speed - ASX Report - 10/10/22
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 NextGen platform and follow us on Twitter: Azeem Sheriff - @Azeem__Sheriff CMC Markets - @CMCMarketsAUSNZ
Trading Idea of the Day
NYSE:OXY - Occidental Petroleum Corp - BULLISH BIAS
Key levels on the chart - consider taking trades from key support/resistance zones. Occidental Petroleum is a US oil giant focused predominantly on shareholder returns through dividends, share buybacks and debt repayment.Sky high oil prices and tight supply make oil an appealing investment, with OPEC+ reducing global oil supply by 2 million barrels per day, creating higher demand with lower supply, sending oil prices higher with the aim to place a restrictive floor around the $80 mark.
A decade of low oil prices of ever-increasing ESG concerns has caused a structural undersupply of fossil fuels. Conflict in Eastern Europe has put further pressure on oil supply across Europe.
Increased oil and gas pricing globally has made Occidental a cash printing machine in 2022.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: IBM shares flat on $20bn plan to support US chipmaking Podcast of the Day: Tidal Financial CIO Michael Venuto on the ETF industry
APAC Daily Report
Click here to access our daily APAC report, prepared by my fellow market analyst @TinaTeng_CMC
Market Snapshot & Highlights as of 7am AEST
EXPECTATIONS: Energy HIGHER (higher oil) & Materials LOWER on lower base metal prices.
Global Markets Headlines
U.S. unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong (CNBC) What AMD’s warning means for the other chip stocks, according to Bank of America (CNBC) Tesla stock had its worst week since March 2020 during a ‘very intense 7 days’ for Elon Musk (CNBC) European markets close lower after key U.S. jobs report; Credit Suisse jump 5% (CNBC)Strong Dollar Pressures U.S. Manufacturing Rebound (WSJ)
A Jittery Stock Market Heads Into Earnings Season (WSJ)
Not Ready to Go Full EV? Some Car Companies Bet Bigger on Hybrids (WSJ)
(All news & data sourced from AFR / The Australian / Bloomberg / Reuters / CNBC / Wall Street Journal / Morningstar / OPTO / Trading Economics)
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