The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Federal Reserve kept interest rates on HOLD.
2. Listen to this exchange in congress...Jeepers!!
Congress instructs Janet Yellen to have the Treasury and Federal Reserve “make preparations” and “be on the ready” for a situation where China dumps all of their US Treasuries overnight: pic.twitter.com/MmJJqWYPkb— Al Bert Herne CFA, shorting $SLV to $0 (@albertherne) June 13, 2023
3. South Africa's largest fund manager has been selling PLATINUM miners due to production downgrades and switching into physically backed PLATINUM ETFs due to tightness in supply....Nice to see some are beginning to wake up to the opportunity.... It is incredible that SuperEquity clients are collectively the largest owners of the ASX listed PHYSICAL PLATINUM ETF with about a 30% share; that just shows how ignored this critically important metal is as we are a tiny firm in the whole scheme of things.....One day people will say - 'WOW, did you buy PLATINUM before the move'.
4. Sales at various David Jones stores around the country have plummeted, with reports that it's Eastland one fell a whopping 38.8%....Looks like keeping up with the joneses is becoming impossible as the cost of living surges.
5. President of Kenya is urging all African nations to stop using USD for trade....De-dollarization talks happening across the world.
ASX Market Update
ASX 200 up 22 points to 7161
CSL was the one of the worst performers falling 6.8% after downgrading earnings - it was due to currency moves and margins from its blood collection centers coming under pressure.
Elsewhere, we saw decent buying interest in the large cap iron ore miners and lithium plays. BHP put on 3.6%, IGO added 2.99% and MIN rallied 5%.
The Day Ahead
- Our SPI is up 12 points
- Bitcoin FLAT @ $25,892
Movements affecting our resource stocks today (USD)
- BHP in the US 2.12%
- Newmont down 0.79%
- Gold FLAT @ $1957
- Paper Silver up 0.79% to $24.01
- Platinum down 0.56% to $976
- Copper up 0.6% to $3.85
- Brent Crude down 1% to $73.57
- Iron ore up 1% to $112.75
Asian Market Update
Japan up 1.47%, China down 0.14% and Hong Kong off 0.58%
Japan is making a nuclear comeback....
Nuclear generation is expected to reach a post-Fukushima high in 2023, with or without the restart of Takahama 1-2. Availability was suppressed in 2020-2022 on anti-terrorism requirements. Previous high was set in 2019 but in the meantime Mihama 3 started in 2021. #ICIS #Nuclear pic.twitter.com/5vpun0cyyk
— Joachim Moxon (@JoachimMoxon) June 13, 2023
Global Market Update
DOW down 231 points to 33,980
DOW closed lower but the tech heavy NASDAQ squeezed out more gains after the FED kept interest rates on HOLD.
Brits up 0.1%, Germans put on 0.49% and Frenchies added 0.52%
The ECB is very likely to increase interest rates by 0.25% tomorrow....Upping rates while the EU is already in recession is like kicking a man already down....But the WEF GLOBALISTS told us their plans years ago - 'you'll own nothing and you'll be happy!'
Key Market Summary