The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

#I think we should we get our own flag and make it a month!

5 Things that Grabbed my Attention

1. ZeroHedge reported that US Money-Market accounts hit a record high of $5.34T....So based on the flows it is not surprising the USD is at a 7 week high and GOLD rolling over a bit.....At some stage the WEST is going to realize GOLD is the true store of value and not the USD....Meanwhile CHINA and other countries in the EAST will continue to soak up GOLD and other PRECIOUS METALS.....Fascinating game going on - 3000 years of history shows me what will be the winner.

2. Cattle farmer and wagyu exporter, Australian Agriculture (AAC) is trading at a whopping 40% discount to NTA - BUY last sale $1.55.....AAC owns 1% of Australia's land mass.

3. Yancoal (YAL) is odds on favourite to buy 2 of BHP's world class coking COAL mines that are up for sale; with the pullback in the price of coking COAL it could turn out to be brilliant timing.....Considering COKING COAL is absolutely essential for the roll out of renewables (I dare you to fact check the living daylights out of me!!), I'm surprised miners are not joining in on the propaganda and calling it GREEN COAL!.....YAL mines GREEN COAL - BUY last sale $5.42.

4. EU now wants to ban India's side hustle where they buy DISCOUNTED OIL from Russia, refine it, then on sell it to European countries for a tidy clip....There is no word on where the EU plan on getting replacement fuel from....Clown show continues.

5. British telco giant, BT Group announced plans it is sacking 55,000 people over the coming years.....10K of those jobs will be replaced with AI....So it is another reported win for AI over the Humans.

ASX Market Update

ASX 200 up 37 points to 7236

Our market basically put on what it lost in the previous session....Resources rallied 1.2% while the financials added 0.7%.

Australian Agriculture (AAC) had a decent day rallying 9.9% to $1.55 after reporting its FY23 results. AAC shares had been on the nose of late, but I think the upgrade to it's Net Tangible Assets (NTA) will be enough to see the stock grind back above $2.00. Joe Lewis a UK billionaire owns 50% of the company and Twiggy has close to 19%, so there is not much of the stock up for grabs. I wouldn't be surprised to see Twiggy make a complete takeover bid while it trading at a whopping 40% discount to NTA. BUY

Random Observation

Interesting viewpoint....

The Day Ahead

  • Our SPI is down 19 points
  • Bitcoin down 1.9% to $26,608

Movements affecting our resource stocks today (USD)

  • BHP in the US down 1.1%
  • Newmont down 3.3%
  • Gold down 1.23% to $1960
  • Paper Silver down 0.97% to $23.65
  • Platinum down 2% to $1060
  • Copper down 1.52% to $3.69
  • Brent Crude down 1.26% to $75.99
  • Iron ore up 2.8% to $110

Asian Market Update

Japan up 1.6%, Hong Kong added 0.85% and China put on 0.4%

Lithium prices in China are now up for the 13th consecutive day!

Global Market Update

US Market

DOW up 115 points to 33,535

Speaker of House, Kevin McCarthy said he is optimistic that congress would reach an agreement next week to raise the debt ceiling - Wall Street liked the sound of that, so stocks finished higher.

European Markets

Germans up 1.33%, Brits added 0.25% and Frenchies put on 0.64%

BT Group shares fell 5% after announcing a major restructure that includes punting a whopping 55K by the end of the decade....With 130K workers at the moment, could you imagine the morale with everyone thinking they are on the chopping block?

Key Market Summary

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