The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Arcadium Lithium (LTM) board has quickly accepted a $5.85 per share takeover bid from Rio Tinto (RIO)…..I think RIO is getting a good deal picking LTM up around 50% cheaper than where it was at the start of the year.
2. Newmont (NEM) just sold it’s Akyem mine in Ghana for $US1bn….NEM is currently selling off its small mines to focus on its world class tier 1 mines. Even after the recent big run – I still have NEM as a BUY and see it headed above $100.
3. Small business continues to get crushed in Australia with 6600 firms going under over the past 6 months – the most ever….Inflation, tax and over regulation are the major culprits (all government creations).
4. Hindenberg Research thinks Roblox (listed on NYSE) is ‘pedophile hellscape’ and management are cooking the books. (Probably important for parents with kids to know)
5. Warren Buffet has dumped $10bn worth of Bank of America (BofA) shares over the past few months. Warren sold most of his banks about 2 years ago but hung on to his BofA until now….AVOID financials.
ASX Market Update
ASX 200 up 10 points to 8187
A bit of money was switching out of RESOURCES and back into FINANCIALS on concerns the Chinese stimulus measures are not going to be enough to get it’s economy humming again….I’m playing a much longer term game and not getting caught up in all the short noise – I envision commodities and miners becoming more valuable as governments continue to load up with debt and debase their currencies.
BHP fell 1.12%, STO dropped 1.79% while ANZ put on 0.4%.
Random Observation
Nothing good is coming for society with Zuckerberg’s creepy new tech. I think it will be used for pure EVIL….Watch:
The Day Ahead
Going to be a quiet session for us, but PALLADIUM did pop it’s head up a bit….
- ASX 200 futures up 33 points
- BHP in US down 0.38%
- Newmont in US was FLAT
- URNM in US down 1.34%
- Bitcoin down 2.74% to $60,484
Movements affecting our resource stocks today (USD)
- Gold down 0.33% to $2626
- Paper Silver up 0.42% to $30.73
- Platinum down 0.16% to $960
- Palladium up 3.63% to $1043
- Copper down 1% to $4.41
- Brent Crude off 0.6% to $76.72
- Iron ore FLAT @ $105
Asian Market Update
Japan up 0.87%, Hong Kong off 1.38% and China whacked 6.62%
Profit takers moved in hard on Chinese stocks sending the market down over 6%.
Looks like Monday is setting up to be another wild session for markets – this briefing will be watched and analysed all over the world.
Global Market Update
US Market
DOW up 431 points to 42,512
The DOW and S&P 500 closed at record highs as a falling OIL price gave traders confidence that inflation is under control thus more rate cuts are on the way.
European Markets
Germans up 1% Brits added 0.65% and Frenchies put on 0.65%
European stocks rallied as the market is expecting a rate cut from the ECB next week.
Check out this scumbag – the ‘victory’ he is claiming is definitely not one for the commoners but rather the top 1% as they have successfully executed one of the greatest wealth heists in human history. The sucking of wealth up the food chain has been extraordinary.
When I see blatant propaganda like this from central bankers, I always think about this quote from Henry Ford:
Key Market Summary
