The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. London Metals Exchange (LME) has not updated its inventory data since last week, citing technical difficulties....Wake up mining executives - you guys accept pricing based of futures traded on the LME - the GRIFT is smacking you in the FACE!!
2. Weight loss outfit, Jenny Craig filed for bankruptcy - gorged on too much debt.
3. The Pick n Pay Chairman in South Africa (major supermarket operator) is warning the entire food industry in his country is under existential threat.....South Africa electricity grid looks screwed....Crazy that PLATINUM prices are still 50% lower than its record high, considering South Africa produces over 70% of the world's PLATINUM.....BUY BUY BUY.
4. Iron ore prices surged 7% yesterday.
5. A flood of money poured into APPLE's bond offerings....Anyone that bought into it's 30 year issue is going to get decimated....Yes if you hold on for 30 years you will get the face value of $100 back, but what will that $100 buy you by then? Bugger all - thus in this inflationary environment it is almost a certainty these bonds will crash in value over the coming years....Frightening how people still think bonds are a safe and effective investment.
ASX Market Update
ASX 200 down 12 points to 7264
CBA shares finished slightly higher after reporting it made a net profit of $2.6bn for the quarter....Is anyone else finding it strange that we are not hearing screams of super profits tax on the banks right now???? Makes me think banks are getting rewarded for becoming ultra woke and pushing all the major agendas onto society - being climate change, vaccines, Ukraine, LGBTQ++ or the Voice....Heck...The board of Suncorp (SUN) has gone next level as they are now sponsoring staff if they want to get their old fellas lopped off! I am not joking...
Each to their own....but should SUN shareholders have to pony up the money for that?...And if we are all about equality these days - what about an extra 6 weeks paid leave for those who plan on staying as a dude or a chick??... I rate SUN as an AVOID.
More info on the Chinese banks offering GOLD to its customers....They are going to drain the WESTERN world's GOLD.....Smart....Just so SMART!
Just in: Many Chinese banks have launched RMB account conversion gold account business. It can purchase gold from a RMB account and deposit it into a gold account. Unlike purchasing gold in a store, bank account gold is recorded in two ways: current and fixed. (1) pic.twitter.com/hdZaA3Q1Rd— Bai Xiaojun (@oriental_ghost) May 8, 2023
The Day Ahead
- Our SPI is down 12 points
- Bitcoin up 0.3% to $27,611
Movements affecting our resource stocks today (USD)
- BHP in the US up down 0.62%
- Gold up 0.43% to $2042
- Paper Silver FLAT @ $25.85
- Platinum up 2.45% to $1114 (go you good thing!!)
- Copper down 0.62% to $3.90
- Brent Crude up 0.39% to $77.31
- Iron ore up 7% to $107
Asian Market Update
Japan up 1%, Hong Kong down 2% and China fell 1.1%
With first class infrastructure, the Chinese are the grand masters of moving stuff in bulk....I struggle getting my head around the sheer size of the operation.
This is just for April!
Global Market Update
DOW down 56 points to 33,561
Not a lot of action on Wall Street overnight as traders wait for the inflation data that will be out tomorrow.
Germans FLAT, Brits down 0.18% and Frenchies fell 0.59%
Quiet over in Europe as well....
Rumor has it that the King is so impressed with Suncorp (SUN),
Key Market Summary