The latest market news, commentary and strategy by Adrian Rowney
#Not everyone will get this meme...but below is a photo of my 3 pens...hahaha...bad brain!!
5 Things that Grabbed my Attention
1. This is classic...watch:
JUST IN: 🇺🇸 FED Chair Jerome Powell says "just close the f*cking door" after climate protestors interrupt his speech. pic.twitter.com/feDlOteRaz— Watcher.Guru (@WatcherGuru) November 9, 2023
2. NAB boss Ross McEwan quote : "some of the thinnest mortgage margins I've seen in my time in banking"....I'm maintaining my AVOID on the sector.
3. This year Nufarm (NUF) shares have sold off by around 28% as investors hit the exits on El Nino fears - I think the selloff looks overdone. NUF is due to report results on the 15th of November.... BUY last sale $4.48
4. A stack of PLATINUM/PALLADIUM mines in South Africa are currently loss making, so it's not going to be long until we see closures. This will be bullish for PLATINUM bullion as supply will tighten even further . BUY ETPMPT : the physically backed PLATINUM BULLION ETF.
5. Tritum which manufactures EV chargers is shutting it's Brissie factory - 400 people will be out of work....Tritum shares are listed on the NASDAQ and around down around 98% since IPO.
ASX Market Update
ASX 200 up 19 points to 7014
By lunch our market was up around 50 points but then more sellers moved in.... Xero (XRO) was the worst performer in the top 200 - falling 12.4%. XRO was thrown in the sin bin by the market after slightly missing revenue and subscription growth numbers.
I haven't been imagining it....we're getting squeezed like never before. Record migration into Australia is masking the reality.
The Day Ahead
- Our SPI is down 1 point
- Bitcoin up 1.7% to $36,225
Movements affecting our resource stocks today (USD)
- BHP in the US up 0.4%
- Newmont down 1.96%
- Gold up 0.26% to $1962
- Paper Silver down up 0.34% to $22.65
- Platinum down 1% to $862
- Copper down 0.18% to $3.63
- Brent Crude up 0.4% to $79.86
- Iron ore up 0.3% to $125.15
Asian Market Update
Japan up 1.49%, China FLAT and Hong Kong down 0.33%
Big session for some of these industrial commodities in China - the wave of economic stimulus is obviously driving it.
#China's most-traded #SodaAsh futures surged as much as 9% on night session to hit highest since Feb.#Glass futures jumped up to 5.6% to highest since early Sept.https://t.co/haGgRmRP6L pic.twitter.com/gAQtB2KtSz
— YUAN TALKS (@YuanTalks) November 9, 2023
Global Market Update
DOW down 220 points to 33,891
FED governor Jerome Powell said they won't hesitate to tighten more (meaning increase interest rates) if necessary to bring inflation down....Markets didn't like the sound of that....There was also a very weak auction of US government bonds overnight.
Germans up 0.81%, Brits added 0.73% and Frenchies put on 1.13%
We did it! #Deal🤝
With the European Digital Identity wallet, all 🇪🇺 citizens will be able to have a secured e-identity for their lifetime.
The wallet has the highest level of both security & privacy.
— Thierry Breton (@ThierryBreton) November 8, 2023
A social credit system and Central Bank Digital Coins (CBDC) to follow - people cheering these tyrants have no idea of the consequences....Orwell's 1984 book needs to be moved to the non-fiction section.
Key Market Summary