The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

I'm thinking about putting my hand up for the potentially lucrative Sunny Coast to Yamba territory. What do you reckon? Winner, winner chicken dinner or what!!

5 Things that Grabbed my Attention

1. Dr Phil of the RBA has been punted for Michele Bullock......hope you are all excited for her periodic climate change lectures!

2. M&A in the OIL and GAS sector is going bananas with Exxon, Chevron and Warren Buffet all doing deals in the US...I think the sitting duck down under is Beach (BPT) BUY last sale $1.50

3. ASIAN Tech stocks are trading at mega discounts to their counterparts in the US....BUY the ASIAN TECH TIGERS ETF (ASIA) which is down about 47% from its 2021 high.

4. Central Banks in the EAST are continuing to soak up GOLD because they know what is coming....Western investors who are turning their noses up to PRECIOUS METALS because it doesn't pay a yield are making the biggest mistake of their lives.....The GOVERNMENT BOND market is a giant PONZI scheme, while PRECIOUS METALS are the true store of wealth.

5. I think this is her best one yet. Pure comedy GOLD!!

ASX Market Update

ASX 200 up 56 points to 7303

Our market strengthened on the news that Michele Bullock is set to replace Dr Phil at the RBA - it is thought she might go easy on interest rates when she takes the hot seat in September.

"Hi I'm Michele Bullock, but everyone calls me Ms Bollocks for some unknown reason....I have been cruisin' at the RBA for 40 years now - it's been such a blessing to collect big fat cheques whilst doing no productive work and it's enabled me to accumulate a $6mil property portfolio, which has become a beaut little side hustle. So thanks guys for funding my glorious lifestyle...Anways...gotta skidattle  - we've been binge watching the Hunger Games at RBA headquarters, Chapter 3 is on next - please tell me the establishment wins?!?".

Random Observation

Probably nothing....hahaaha

The Day Ahead

  • Our SPI is down 2 points
  • Bitcoin up 0.64% to $30,318 (Sunday morning price)

Movements affecting our resource stocks today (USD)

  • BHP in the US down 0.37%
  • Newmont down 1.08%
  • Gold down 0.23% to $1959
  • Paper Silver up 0.85% to $25.16
  • Platinum down 0.13% to $982
  • Copper down 0.41% to $3.92
  • Brent Crude down 1.8% to $79.87
  • Iron ore down 1.09% to $109.90

Asian Market Update

China FLAT, Hong Kong up 0.33% and Japan down 0.09%

Up almost 10%....Imagine the fuel they are churning through - hard to be bearish OIL.

Global Market Update

US Market

DOW up 113 points to 34,509

The Biden Administration announced they are moving 3000 soldiers to Eastern Europe....I've got a bad feeling about this.... Don't discount the possibility of the US starting World War 3 as the EAST pushes ahead with its de-dollarization policy (when countries stop using USD in cross border trade).

European Markets

Germans down 0.22%, Brits and Frenchies were FLAT

Luxury retailer Burberry reported a stellar sales report for the past quarter - China +46%, Japan +44% and EU +17%. The one weak spot was the Americas which declined 8%.

They are practically giving away Grandpa's old fishing hats at the moment!

Key Market Summary

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July 9, 2024.
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