The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Japan is firing up another of it's idled nuclear reactors....Uranium is in a very nice BULL MARKET....BUY URNM.

2. Blue Bet odds for the VOICE have the NO vote paying $1.11 and the YES @ $5.65....In other words NO is just about an unbackable favourite.

3. Malaysia announced they plan on banning exports of rare earths....Lynas (LYC) has a processing plant in the country but there was no comment from the company - maintain BUY. 

4. Cattle futures hit another record all time high....BUY Australian Agriculture (AAC)

5. Platinum Asset Management (PTM) fell  7% to hit a fresh all time low - another $912 million in outflows was the culprit....Some of these financials that have been decimated now look very cheap on paper and could be takeover targets, but I am maintaining my AVOID rating on the sector - more pain is coming.

ASX Market Update

ASX 200 up 14 points to 7206

Bit of a mixed bag on our market - financials were weaker, while resources finished higher....Hospital owner/operator Ramsay (RHC) put on 2.3% on news that they are close to selling out of their Asian JV which should fetch around US$1.5bn. I don't blame them for wanting to exit as I'm sure running hospitals in Indonesia and Malaysia are an absolute nightmare - so good riddance. RHC is an EASY BUY in my book! 

Random Observation

My Mum who is a chocoholic, is not going to like this one little bit....second wave of inflation could be a doozey.

The Day Ahead

  • Our SPI is down 20 points
  • Bitcoin up 4% to $26,085

Movements affecting our resource stocks today (USD)

  • BHP in the US down 0.1%
  • Newmont down 0.3%
  • Gold down 0.6% to $1935
  • Paper Silver down 0.12% to $23.35
  • Platinum up 1.2% to $913
  • Copper  down 0.47% to $3.78
  • Brent Crude up 1.64% to $92.13
  • Iron ore up 1.5% to $119.05

Asian Market Update

Japan up 0.95%, China down 0.18% and Hong Kong off 0.39%

More positive news for URANIUM....

Global Market Update

US Market

DOW down 17 points to 34,645

APPLE shares fell 1.71% on its latest iPhone launch....For those calling the end of inflation definitely won't notice that they are putting prices up by around 10%!

European Markets

Brits up 0.41%, Germans off 0.54% and Frogs down 0.35%

Despite another strong night for Brent Crude futures, Shell shares only closed slightly higher and BP fell 1.32%. Sort of feels like the stock market doesn't believe higher OIL prices are going to stick around - let's see about that.

Key Market Summary

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Stephen Hall
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September 21, 2023.
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