The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Nufarm (NUF) shares rallied 8% after the CEO said the outlook for the company is strong....My hunch was right.
2. US CPI or inflation came in below expectations mostly due to a 34% plunge in healthcare insurance....the data is total BS as no Americans enjoyed a 34% cut - the government conjured up a new phony way to measure it.
3. For those thinking that coking coal won't be needed in the years to come to make steel are living in a delusional, alternative reality....GLENCORE (who are no dummies) just bought TECK's steel making coal division for A$14bn.
4. The Japanese economy contracted by 0.5% in the third quarter compared to the previous quarter....So that's another economy suffering from STAGLFATION (rising prices + falling economy).
5. XMET gives you exposure to the world's leading miners of such critical metals as copper, nickel, cobalt, graphite, lithium, manganese, silver and rare earth elements. BUY
ASX Market Update
ASX 200 up 95 points to 7105
Aussies piled into stocks after the strong surge from Wall Street. One that didn't rally was Karoon (KAR) - have a go of this dodgy trading action:
At 9.16am (before the market opened) the AFR behind their paywall, ran a story that KAR was doing a capital raise. KAR didn't stop trading until 10.29am and after it had fallen 10% on volume of 3.3 million shares.
The market wasn't informed at all of this major transaction that Macquarie was raising funds for. Institutions that sold to joe public would've known they were going to get the shot to buy back shares in KAR at a cheaper price via the capital raising, as Macquarie would have told them the price.
Meet Simple Jack, Macquarie's new head of compliance...."Karoon rhymes with Cameroon"
Have a go of this...LOL!!
Hindenburg’s latest victim… $GDHG— Geiger Capital (@Geiger_Capital) November 13, 2023
A Chinese amusement park company listed on the Nasdaq that is a total fraud. They went to visit their busiest park on a Saturday and it was empty. Their water attraction was “a large pond full of trash”.
Bravo.😂 @Nasdaq pic.twitter.com/C4NsWPtFN6
The Day Ahead
- Our SPI is down 17 points
- Bitcoin up 6.5% to $37,637
Movements affecting our resource stocks today (USD)
- BHP in the US was FLAT
- Newmont up 0.9%
- Gold FLAT @ $1965
- Paper Silver up 1.7% to $23.53
- Platinum up 1% to $901
- Copper up 0.84% to $3.71
- Brent Crude down 2% to $80.81
- Iron ore up 1.2% to $129.70
Asian Market Update
Japan up 2.52%, Hong Kong surged 3.92% and China put on 0.55%
Xi Man touched down in San Francisco and was met by US Treasury Secretary Janet Yellen plus the uber corrupt Gavin Newsom with his hot wife....I was certainly surprised to see the Yanks wheel out these three for the reception!
"Welcome... now President Xi, we need to talk about US Treasuries - it's truly not the largest PONZI scheme in human history, honest to God...Oh...and stay away from GOLD as that's for the conspiracy theorists"
Global Market Update
DOW up 163 points to 34,991
This has made Tracy @ SuperEquity happy as she recently became bullish on Block Inc (owner of Square). The stock trades on the ASX under the code SQ2 - last sale $85.74. It traded @ $194 in 2022 so she thinks there is a good chance of a bounce back to at least $130 in the medium term.
Follow the money: BUY
Germans up 0.86%, Brits added 0.62% and Frenchies put on 0.33%
There was a bit of celebration in the UK as inflation dropped down to 4.6% in October - much lower than expected....To me, it is all a lie - prices permanently transitioned to a higher level, so while inflation has cooled the purchasing power of money has been significantly depleted. Government's across the West have pulled off the greatest wealth heist in history, yet only a small portion of the population realize what they have done.
Key Market Summary