The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. CBA is now on a PE of over 23 times profit as Industry Super continue to pour money in. Morningstar thinks it is the most expensive bank in the world.
2. Xi Man has ordered officials to track down and tax all Chinese tycoons up to 20% on investment gains they have made in a foreign country……There must be a stack of dudes sweating bullets right now.
3. Google has signed a deal with Kairos Power to use small nuclear reactors to run it’s AI data centers in the future….The bullish news for URANIUM keeps coming. BUY PDN, BOE and URNM
4. OIL prices fell as Israel indicates it will abide with Biden’s request and not strike Iran’s energy assets….Democrats can’t go into this election with a soaring OIL price.
5. I think it is well worthwhile risking at least 1% of your portfolio on a badly beaten up SPECKY like Boab (BML)….If I’m wrong, then it is not the end of the world and we can make it back on something else, but if I’m right it could have a meaningful impact on your account. Risk/reward stacks up – SPEC BUY last sale $0.105
ASX Market Update
ASX 200 up 65 points to 8318
Our market rallied to fresh all time highs as Aussie investors continue to pour money into the big 4 banks despite the eye watering valuations. CBA put on 1.8%, NAB added 1.4% and WBC increased 1.6%.
Random Observation
No need to worry…it’s renewable – just get on the blower to China and Bob’s your uncle!
*SILVER investors will be the major winners in all this stupidity as the precious metal is needed to make solar panels work.
The Day Ahead
- ASX 200 futures down 32 points
- BHP in US down 2.15%
- Newmont in US up 1.57% (just keeps steadily chugging higher)
- URNM in US up 0.29%
- Bitcoin up 0.88% to $66,544
Movements affecting our resource stocks today (USD)
- Gold up 0.5% to $2679
- Paper Silver up 1.18% to $31.68
- Platinum down 0.84% to $995
- Palladium down 1.78% to $1013
- Copper down 1.46% to $4.34
- Brent Crude down 3.78% to $74.54
- Iron ore down 1% to $106.24
Asian Market Update
China down 2.53%, Hong Kong off 3.67% and Japan up 0.77%
While our champagne socialist PM rubs everyone’s noses in it as he flaunts his tax payer funded wealth by picking up a $4.3 mil weekender on the Central Coast, have a look at how Singapore’s PM goes about his business…..
Imagine having a leader that you could actually be proud of….Wild thought hey!!!
Global Market Update
US Market
DOW down 324 points to 42,740
Citigroup shares fell 5% after banking giant set aside more money for loan losses…..Citi shares have just chopped around in a range for years.
European Markets
Germans off 0.11%, Brits down 0.52% and Frenchies fell 1.05%
European stocks closed in the RED as the oil and gas majors tracked OIL futures lower.
Key Market Summary
