The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. US inflation came in at 3.2% vs 3.3% expected....Inflation is now ticking back up as the June reading was 3%.
2. APPLE shares are trading on a whopping PE of 30 times earnings Vs historical average of around 23.
3. According to the SRS Rocco Report, Aussie SILVER production dropped 21% last quarter - yet the tighter supply situation at a time of record demand translated to a SILVER price that basically did nothing in the period.....Surely the mining executives must be starting to get a bit suspicious that bullion bankers/traders who dictate the price on the COMEX are having a lend of them....Just think - OLIVE OIL production also drops 20% and prices skyrocket - but SILVER doesn't react to plunging production....The clock is ticking on the NAKED SHORT SELLERS!
4. Disney+ lost 11.7 million subscribers last quarter....sign that people are feeling the pinch?
5. Just to clarify - Woodside (WDS) workers are not on strike, they just agreed to one if need be.
ASX Market Update
ASX 200 up 19 points to 7357
Decent money was coming in for all of my top energy plays as the market worried about potential industrial action @ Woodside (WDS) and Chevron. A cut in energy supplies would lift prices across the board....NHC up 5.78%, WHC put on 4.3% and WDS rallied 1.85%.
AFR article yesterday....
This is complete and utter nonsense from CBA....Without Met Coal you can't build those stupid windmills or make solar panels....Without GAS you can't make fertilizer - so global starvation....Without OIL you can forget about mining any of those so called 'GREEN' minerals and the world basically comes to a grinding halt.
So by following the science down to a T, I can only conclude that CBA are a bunch of sadists that want to send us back into the dark ages....PURE INSANITY!
The Day Ahead
- Our SPI is down 11 points
- Bitcoin down 0.2% to $29,313
Movements affecting our resource stocks today (USD)
- BHP in the US down 0.3%
- Newmont down 0.18%
- Gold down 0.22% to $1946
- Paper Silver up 0.22% to $22.78
- Platinum up 2.3% to $913
- Copper down 0.75% to $3.75
- Brent Crude down 1.3% to $86.33
- Iron ore down 1.9% to $103.5
Asian Market Update
Japan up 0.84%, China added 0.31% and Hong Kong was FLAT
The price action shows just how important Australia is to the rest of the world....For the record, Woodside or Chevron workers are not on strike.
Chinese #gas suppliers stage strong rally on report of strike in Australia LNG plant. European natural gas surged 40% on Wed to hit highest since mid-Jun.https://t.co/haGgRmRP6L pic.twitter.com/JVebW2jHs7
— YUAN TALKS (@YuanTalks) August 10, 2023
Global Market Update
DOW up 52 points to 35,176
Disney shares rallied 4.8% despite losing 11 million streaming customers - the market was excited by plans the entertainment giant was going to increase prices for its online content by between 20% & 27% starting in October.
Germans up 0.91%, Brits added 0.41% and Frenchies put on 1.5%
The esteemed Dr Nick Riviera recommends you crush up 5 Wegovy pills to sprinkle on your Coco Pops for breakfast.
Key Market Summary