The Good Morning Report – 14th November

The latest market news, commentary and strategy by Adrian Rowney 



5 Things that Grabbed my Attention

1.  38 million ounces (Moz) of SILVER was removed from the LBMA in October alone....There is nothing wrong with demand! BUY ETPMAG

2. ANZ CEO Shayne Elliot said credit losses are likely to increase next year due to high interest rates and volatility in markets....Maintain my AVOID on Banks.

3. DP World which handles about 40% of containers coming in and out of Australia, was hacked on Friday. 30K containers were still stranded on Monday....Seems like getting hacked is just becoming par for the course these days.

4. Ramsay (RHC) has offloaded it's ASIAN hospitals with the $935 mil in proceeds to pay down debt.

5. The S&P Global Clean Energy Index has collapsed about 40% this year....GREEN = SCAM = AVOID

A decent portion of these companies are currently begging governments for bailouts or increased subsidies.

ASX Market Update

ASX 200 down 27 points to 6948

Bit of an ordinary day on the ASX with our market sagging 0.4% as ANZ's profit numbers came in a bit below expectations. ANZ did make a whopping $7.4bn for the full year but a deterioration in mortgage margins translated to investors pushing the stock 3% lower. Elsewhere, TPG Telecom (TPG) fell 11% after Vocus walked away from buying some of its telecommunication assets.

Looks like TPG has moved into the BUY ZONE @ $4.81....the stock is now down around 50% since 2020.

Random Observation

Peak oil demand by 2030 is not happening...

The Day Ahead

  • Our SPI is up 60 points
  • Bitcoin down 1% to $36,762

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.77%
  • Newmont up 0.47%
  • Gold up 0.72% to $1951
  • Paper Silver up 0.51% to $22.39
  • Platinum up 2.66% to $868
  • Copper up 2.6% to $3.66
  • Brent Crude up 1.5% to $82.65
  • Iron ore up 1% to $128.10

Asian Market Update

Japan FLAT, Hong Kong up 1.3% and China added 0.25%

Mixed bag for commodities in China....Iron ore and coking coal was strong, but nickel on the nose again.

Global Market Update

US Market

DOW up 58 points to 34,344 (with 45 minutes to go)

Talk about backing the truck in!

European Markets

Brits added 0.89%, Germans up 0.73% and Frenchies put on 0.6%

European markets were excited by the prospect of thawing relations between the US and China as Biden & Xi Man start talks.

Key Market Summary

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