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:COL - Coles Group - BULLISH BIAS
- Key levels on the chart - consider taking trades from key support/resistance levels
- Coles falls under the Consumer Staples sector which is generally a defensive stock and therefore resistant to economic cycles including any upcoming recessions
- Coles can maintain their profit margins and pass on their costs to customers which provides protection for their bottom line.
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ASX & Economic Key Events
ASX Key Events Calendar (TODAY)
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Economic Key Events (TODAY)
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Economic Key Events (YESTERDAY)
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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 LOWER (lower oil/nat gas) & Materials LOWER.
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Global Markets Headlines
Apple share price overtakes Tesla as most shorted stock (OPTO)
The Fed is expected to raise rates by three-quarters of a point, but what it says could matter more (CNBC)
- Ford stock suffers worst day since 2011 after cost warning, shedding $7 billion in market value (CNBC)
- Ether drops 15% since Ethereum network upgrade as traders take profits and fret over rate hikes (CNBC)
- UN secretary general says ‘polluters must pay,’ calls for extra tax on fossil fuel profits (CNBC)
- The Japanese yen is at 24-year lows. Here’s what to expect at the next BOJ meeting (CNBC)
- Chinese EV maker Xpeng launches rival to Tesla’s semi-autonomous driving system (CNBC)
- Peloton adds $3,195 rowing machine to fitness equipment lineup (CNBC)
Climbing Housing Costs Could Prop Up Inflation for a While (WSJ)
Bank CEOs to Go Before Congress, With Economy and High Inflation in Focus (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.
