The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1.Billionaire investor Joe Lewis has increased his stake in Australian Agriculture (AAC)...Follow the money - BUY last sale $1.31.
2. Bangkok’s governor has ordered a urgent review of all premises in the city storing EVs after a major fire gutted a building last week....Toyota is playing it smart by not going all in on EVs because we are going to see a lot more of this.
3. The Union representing GM workers have rejected a 16% pay rise - they want 40%....second wave of inflation could be a doozey.
4. World Platinum Investment Council is reporting that scrap yards are withholding PLATINUM due to low prices....BUY ETPMPT
5. 500 health professionals (doctors and nurses) are demanding their super fund - HESTA denounce Woodside (WDS) and then sell the stock....The entire health care industry/system is built on hydrocarbons, so would collapse without the stuff...Instead of calling these people out as being clinically insane, the AFR entertains and plays along with the madness.
ASX Market Update
ASX 200 up 35 points to 7192
Large cap miners and banks were behind the move higher in our market as investors with cash decided that going for the big stuff was the go....BHP put on 0.76%, RIO added 1.1% and ANZ increased 1.4%.
That's a profound change.....
The Day Ahead
- Our SPI is up 6 points
- Bitcoin down 2.46% to $25,090
Movements affecting our resource stocks today (USD)
- BHP in the US up 2.76%
- Newmont up 0.46%
- Gold up 0.14% to $1945
- Paper Silver up 0.89% to $23.38
- Platinum up 0.93% to $903
- Copper up 2.2% to $3.80
- Brent Crude FLAT @ $90.58
- Iron ore up 4% to $117.85
Asian Market Update
Japan down 0.43%, China up 0.84% and Hong Kong down 0.58%
Bank Of Japan's (BOJ) big cheese told the market that due to rising inflation negative interest rates are likely coming to an end. The BOJ has held interest rates @ -0.1% for years....Japanese government bonds sold off on the news; higher rates = lower bond prices.
Negative interest rates are getting a rittle too cheecky!
Global Market Update
DOW up 87 points to 34,663
TESLA shares surged 10% to $273 after famous Morgan Stanley analyst Adam Jonas upgraded his price target on the stock to $400.
the key takeaway from Jonas:
"Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research."
— Tom Hearden (@followtheh) September 11, 2023
A few years ago, Jonas was pumping the shorts, today he loves it....How does anyone take WALL STREET seriously?????
Brits up 0.25%, Frenchies added 0.52%, and Germans put on 0.36%
European stocks closed higher on the back of stronger miners....GLENCORE put on 2.19%, RIO in London rallied 3.36% and Antofagasta added 2.93%
Key Market Summary