Where I'd spend $10,000 on ASX shares today

Here are 2 cheap ASX shares on my buy list today

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The markets are not having a good week, to put it lightly. The S&P/ASX 200 (INDEXASX: XJO) has lost another 1.43% at the time of writing and is sitting at 6,615 points. But weeks like this can be great opportunities to pick up shares for a discount – like any market, the ASX does have a sale from time to time.

So here's how I would spend $10,000 on ASX shares that are looking cheap today.

Australia and New Zealand Banking Group (ASX: ANZ)

ANZ shares have been under pressure for weeks now. Sluggish growth and dividend/franking cuts have been dampening sentiment of late, and the woes of ANZ's banking stablemate Westpac Banking Corp (ASX: WBC) have done nothing to help.

But ANZ shares are now going for $24.20 (at the time of writing), which is getting close to the 52-week low of $22.98 that we saw last Christmas. That means that anyone who picks up ANZ shares today will be banking a juicy starting yield of 6.61%, which grosses all the way up to 8.6% even at 70% franking.

Thus, I think ANZ shares would be a great buy for any retiree or income investor today.

Zip Co Ltd (ASX: Z1P)

Zip shares have already been under some pressure over the past week or so after the company successfully completed a $60 million placement capital raising. But this week's market volatility has pushed Z1P shares down to $3.56 at the time of writing, which is nearly 10% cheaper than this time last week.

Thus, I think if you're bullish on Zip or even BN-PL in general, this could be a great time to pick up this ASX growth stock.

It's not just Zip feeling the pain today – arch-rival Afterpay Limited (ASX: APT) is also nursing some heavy losses and is currently down 4.5% to $29.14 if you're interested in this space.

Foolish takeaway

ANZ and Zip Co are just 2 of the shares that I think are looking attractive at today's prices. There are many more shares for sale out there, so get shopping!

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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