The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Chinese markets are SHUT all week for the Lunar New Year celebrations. It’s the YEAR OF THE DRAGON.
2. There is a good chance the RBNZ will increase rates by 0.25% at the end of the month to 5.75% as inflation is still kicking….Central banks are not done raising.
3. Jeff Bezos has recently sold $2bn worth of his AMAZON shares after hardly selling any since 2021.
4. SHELL is permanently shutting it’s network of hydrogen fuel charging stations in the US….Cars running off HYDROGEN is not going to happen on any scale – it’s over.
5. Fletcher Building (FBU) is in a trading halt pending a write down…These trading halts are never good, so the stock is likely to get another belting when it starts trading again on Wednesday. Fortunately we don’t have any exposure.
ASX Market Update
ASX 200 29 points to 7614
JB HiFi (JBH) shares rallied 7.13% after posting first half results. Not the greatest look as shown below, but the retailer BEAT expectations which is why the stock went up…The GOOD GUYS looked to be the major drag for JBH with sales dropping around 10% in the period….I have been bearish on our RETAILING stocks so have gotten it wrong recently.
Random Observation
Morgan Stanley: Here is $249 million…are we all good now?
Government: Yeah no worries, catch up soon!
The Day Ahead
- SPI is up 32 points
- Bitcoin up 4.2% to $50,242
- BHP in US up 0.3%
- Newmont in US up 2.47%
- RIO in London was FLAT
Movements affecting our resource stocks today (USD)
- Gold down 0.3% to $2032
- Paper Silver up 0.7% to $22.73
- Platinum up 2% to $895
- Copper up 1% to $3.70
- Brent Crude down 0.26% to $81.95
Asian Market Update
Japan up 0.09%, Hong Kong and China SHUT
Toyota is absolutely nailing it…
Global Market Update
US Market
DOW up 125 points to 38,797
DOW hit another fresh record high overnight.
In the era of equality and inclusiveness I truly hope the Dwarfs are cashing in as well. They were paid a pittance back in the day.
European Markets
Germans up 0.65%, Brits FLAT, Frenchies up 0.55%
I must admit that I’m blown away that the DAX is at record highs when the Germans are actively de-industrializing after shutting down it’s ultra reliable NUCLEAR POWER and banning itself from buying cheap and plentiful RUSSIAN NATURAL GAS.
Do you, Mr Scholz swear to shut down every factory and base load power plant in Germany in order to teach that bad bad man PUTIN, a lesson he will never forget?
