The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Warren Buffet just paid $3.3bn to take control of the Cove Point LNG export plant in the USA....The guru continues to increase his exposure to hydrocarbons.

2. A Chinese official said that because WIND and SOLAR are "intermittent and unstable" they have no choice other than to rely on COAL.....BUY NHC, WHC and YAL.

3. Let's face it - ChatGPT Open AI is a giant platform built on stealing unlimited amounts of other peoples data. They are currently facing a class action lawsuit over the theft....Careful investing in the AI hype train.

4. Whilst the Japanese stockmarket has rallied strongly this year, bankruptcies in the country hit a 5 year high....things are out of whack.

5. Major APPLE supplier Foxconn has pulled out of a whopping $19bn deal to make semiconductors and display components in India....diversifying away from China is proving to be a mighty challenge.

ASX Market Update

ASX 200 up 104 points to 7108

Traders piled back into stocks on hopes that the correction is over. Time will tell...

I thought this was kind of funny....Crown Casino which was bought out by Wall Street based Blackstone Group has told the Federal Court it can't afford to pay the A$450 million AUSTRAC fine handed down...Yet Blackstone is a behemoth with a market cap of  $A168bn!

I was always baffled as to why Blackstone jumped on Crown before the AUSTRAC fine was issued....Packer definitely dodged a bullet - friggin smart cookie that one!

It is still nervous times for Star Group (SGR) shareholders as they await on its fine from AUSTRAC - I maintain my AVOID rating on the stock.

Random Observation

Larry wants you to BUY BITCOIN instead of GOLD.....Larry is a scheming piece of crap - I would trust him as far as I could throw him....What's the bet Larry has been accumulating GOLD?

The Day Ahead

  • Our SPI is up 32 points
  • Bitcoin down 0.8% to $30,624

Movements affecting our resource stocks today (USD)

  • BHP in the US up 2.24%
  • Newmont up 1.64%
  • Gold up 0.3% to $1937
  • Paper Silver down 0.15% to $23.31
  • Platinum down 0.27% to $932
  • Copper down 0.3% to $3.77
  • Brent Crude up 2% to $79.28
  • Iron ore up 2.6% to $106.30

Asian Market Update

Japan was FLAT, China up 0.55% and Hong Kong put on 0.97%

"Sustainability Bonds"...are you kidding me!?!!...but I guess investors just lap up this complete and utter nonsense without giving it a second thought.

Global Market Update

US Market

DOW up 317 points to 34,261

Traders poured into stocks on hopes that the inflation rate that is due to be released tomorrow will come in around 3% thus easing pressure on the FED to increase rates.

European Markets

Germans up 0.75%, Brits added 0.12% and Frenchies put on 1.07%

Mortgage rates in the UK for a two year fixed deal hit a 15 year high of 6.66%. With wages growth coming through it is likely rates are headed higher.

Key Market Summary

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July 9, 2024.
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