The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. OIL prices rallied around 3% on reports that Iran is set to launch a massive attack on Israel….US is ramping up forces in the Middle East…..Our ENERGY stocks are CHEAP!!
2. Big Canadian GOLD deal overnight: Gold Fields is acquiring Osisko Mining for C$2.16bn or a 55% premium to it’s last traded price.
3. Volatility Index (VIX) sometimes known as the FEAR index has now plunged back to a reading of 20. It’s down 69% in a week.
4. AFR reported that Milbrook’s main private credit fund has over 25% of loans made are now overdue……If you have ANY exposure to these kind of funds then I suggest you redeem ASAP – pain is coming.
5. Dr Jim Willie is saying Japan is selling US treasury bonds and accumulating GOLD as the country embarks on a path back to a GOLD standard (currency backed by GOLD).
ASX Market Update
ASX 200 up 36 points to 7813
Looks like I made the wrong call on JB HiFi (JBH) which was the star of the day – surging 8.3% to a fresh record high….While margins took a bit of a hit last year the market was excited about the 80c special dividend plus the fact that Aussies look to be spending some of their tax cuts in JBH stores as same store sales for July jumped 5.2%. Huge immigration would have also helped demand.
Random Observation
Don’t worry guys….Albo will fix this!
The Day Ahead
- ASX futures up 4 points
- Bitcoin down 2.9% to $58,502
- BHP in US down 0.3%
- Newmont in US up 2.23%
- URNM in US up 1.27%
Movements affecting our resource stocks today (USD)
- Gold up 1.5% to $2510
- Paper Silver up 1.8% to $28.05
- Platinum up 2.1% to $949
- Palladium up 1% to $906
- Copper up 2.09% to $4.07
- Brent Crude up 3% to $82.07
- Iron ore up 1.3% to $134
Asian Market Update
Japan up 0.56%, China off 0.14% and Hong Kong added 0.13%
Looks like a second wave of inflation to me…
Global Market Update
US Market
DOW down 140 points to 39,357
Volumes were down as US traders sit back and wait for inflation data that will be released on Wednesday (Thursday morning our time).
European Markets
Germans FLAT, Brits added 0.52% and Frenchies dipped 0.26%
It was a fairly quiet session in Europe with Oil and GAS stocks up 0.6% and TRAVEL stocks down 0.8%.
Key Market Summary
