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The Good Morning Report

Posted on March 15, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Looks like NEWMONT and NEWCREST are talking about the takeover deal; NEWMONT likely comes back with a higher bid....I am fine with a merger, but I just want assurances a secondary listing is maintained on the ASX....It would be an absolute travesty if one of the world's best GOLD miners vanished from our market.

2. As widely expected, the US inflation rate came in at 6.0%.

3. US regional banks rallied hard overnight.....This to me is a suckers rally - crisis is not averted.

4. After making an absolute killing off the jabs, a cashed up Pfizer has now bid a whopping US$43bn for Seagen : a leading maker of cancer treatments....Now watch this short clip; draw your own conclusions.

5. Perpetual (PPT) has now tanked almost back to its COVID low from March 2020...Despite it looking cheap on paper, I think the stock will get even cheaper. Maintain AVOID. 

ASX Market Update

ASX 200 down 99 points to 7008

I could certainly get used to GOLD, GOLD miners, SILVER and PLATINUM going up everyday. You?

Random Observation

Kind of incredible that WHEAT futures have tanked 46% from its high last year....Everyone blamed VLAD for the price rise, but funnily enough he is not getting any credit for the fall!

Tough being a farmer with this kind of volatility.

The Day Ahead

  • Our SPI is up 33 points
  • Bitcoin up 4% to $25,420

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.1%
  • Gold down 0.29% to $1910
  • Paper Silver FLAT @ $21.91
  • Platinum down 1.3% to $991
  • Copper down down 1.3% to $4.00
  • Brent Crude down 4% to $77.40
  • Iron ore up 0.4% to $132.00

Asian Market Update

Japan down 2.19%, Hong Kong off 2.27% and China dipped 0.72%

Reopening...

Global Market Update

US Market

DOW up 108 points to 31,922 (with an hour to go)

First Republic Bank rallied 22% as traders poured into the beaten up stock....I wouldn't touch it; these smaller banks look stuffed to me as billions of deposits pour into the likes of JP Morgan and CITI.

European Markets

Germans rallied 1.83%, Brits up 1.17%, Frenchies put on 1.86%

European banks staged a relief rally overnight....I wouldn't get carried away - banks are sitting on obscene losses in their bond portfolios.

Key Market Summary

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Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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