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
NYSE:BBY Best Buy - BULLISH BIAS
- A declining Yen makes Japanese electronic goods more appealing.
- Electronic goods retails in the US eg) Best Buy, can import a higher volume of these electronics as USD strengthens and Yen declines, providing them more purchasing power,
- Profit margins on these goods may see an uplift and should help to offset some of the impacts caused by tougher economic conditions.
- Although two key risk factors involve over-purchasing and keeping excess inventory in storage and also the potential reduction in consumer demand.
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: Cineworld lags meme stocks Bed Bath & Beyond and BlackBerry
Podcast of the Day: OPTO Sessions Inside Callum Thomas’ Topdown Charts analysis process
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 falling base metal prices.
Global Markets Headlines
- Nord Stream pipelines hit by suspicious leaks in possible sabotage; Russia says it has ‘a right’ to use nuclear weapons (CNBC)
- Fed’s Evans says he’s getting a little nervous about going too far, too fast with rate hikes (CNBC)
- UK lenders halt mortgage deals to customers after market chaos (CNBC)
- Celsius CEO resigns in the middle of bankruptcy proceedings (CNBC)
- Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank (CNBC)
- Larry Summers blasts UK tax cuts as ‘utterly irresponsible’ and warns of possible contagion (CNBC)
- Bankrupt crypto lender Voyager to sell assets to Sam Bankman-Fried’s FTX for $1.4 billion (CNBC)
U.K. Seeks to Calm Investors Over Clash Between Inflation Fight and Truss Tax Cuts (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.
