The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Xi Man also wants to be the world super power in AI which means future demand for reliable electricity is going to be off the charts. NUCLEAR, COAL & LNG – they need it all….Be positioned accordingly.
2. The chart on Chalice (CHN) is looking pretty good to me – if we get a little kick in PLATINUM & PALLADIUM this one will be off to the races. BUY
3. ECB cut interest rates by 0.25% to 3.25%.
4. BMW says the ban on the sale of petrol cars by 2035 in the EU is no longer realistic.
5. Kazatomprom which is the world’s largest URANIUM miner is selling the lions share of it’s output to the Chinese….The price of URANIUM is set to really surge as power stations in the WEST will have to start scrambling for product.
ASX Market Update
ASX 200 up 71 points to 8355
Good day for us as URANIUM stocks were the star performers on the market with URNM up 6.7%, BOE adding 6.73% and PDN surging 10.99%….I guess now you can see why I have been banging the table pretty hard about them.
Random Observation
Follow the money – Toro Energy (TOE) SPEC BUY Last sale $0.27
Check this out – over the past couple of months we have seen a very steady stream of buying from directors in Toro Energy (TOE).….
Now look who is increasing their substantial holding in the stock to over 12%…..
So who is Mega Uranium?
Safe to say they know more about URANIUM than all of us combined so I doubt MEGA URANIUM will be chucking good money at bad when following the directors of TOE in and buying more stock.
Next week I will show you TOE’s project in WA – she’s a beauty.
The Day Ahead
- ASX 200 futures down 32 points
- BHP in US up 0.28%
- Newmont in US up 0.41%
- URNM in US up 1%
Movements affecting our resource stocks today (USD)
- Gold up 0.6% to $2707
- Paper Silver down 0.39% to $31.85
- Platinum up 0.18% to $1004
- Palladium up 2% to $1047
- Copper down 0.86% to $4.33
- Brent Crude up 0.47% to $74.57
- Iron ore down 4.19% to $100.35
Asian Market Update
China down 1%, Hong Kong off 1% and Japan dipped 0.69%
Commodity futures in China got an absolute beating after the market decided the fresh round of property stimulus announced is not enough to give things a boost…..People forget – they can always pump things harder; the sell off doesn’t change my view.
Global Market Update
US Market
DOW up 161 points to 43,239
Insurance giant Travelers smashed profit expectations thanks to a jump in premiums and investment gains – the stock closed 9% higher to a fresh all time high….Inflation is not easing up for the stuff you need like insurance.
European Markets
Germans up 0.77%, Brits added 0.67% and Frenchies put on 1.22%
It is pretty funny seeing the ECB cut rates while markets are at record highs . PUMP, PUMP, PUMP!….I actually didn’t think they were going to put through the last three rate cuts – but here we are.