The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. US Banks rallied strongly overnight after a few of them posting better than expected earnings....No one seems to care about the mega bond losses these banks are sitting on.
2. Market cap of APPLE is now over USD$3 Trillion.
3. Lend Lease (LLC) is sacking 740 workers...Big property groups are feeling the squeeze.
4. India and the UAE have signed a deal to conduct trade in Rupees thus eliminating USD....de-dollarization is not a conspiracy theory.
5. NAB employees are getting a 17.5% pay rise over 4 years....inflation is really getting baked in now.
ASX Market Update
ASX 200 down 14 points to 7283
Ansell (ANN) fell 14% after informing the market there is now a glut of latex gloves and other protective garments because the COVID CLOWN SHOW has come to a screeching halt. ANN is going to be slowing down manufacturing and sacking a bunch of people in response to the falling demand....I think it is a great business, so to me this sell off is an opportunity: BUY last sale $23.88
The article indicates he was likely front running large orders, meaning him (probably via family related accounts) and his mates were getting set before executing block trades for their institutional clientele. Front running, which is an illegal practice, can be extremely lucrative....I bet they got busted after showboating one too many times - imagine how bloated their egos would have been.
The Day Ahead
- Our SPI is up 33 points
- Bitcoin down 0.28% to $29,792
Movements affecting our resource stocks today (USD)
- BHP in the US up 0.25%
- Newmont up 0.8%
- Gold up 1.25% to $1980
- Paper Silver up 0.9% to $25.25
- Platinum up up 0.7% to $994
- Copper up down 0.27% to $3.83
- Brent Crude up 1.49% to $79.67
- Iron ore up 1.2% to $113.70
Asian Market Update
Japan up 0.32%, China off 0.37% and Hong Kong dropped 2%
The Xi Man always said he did not want the next stage of China's economic development to be reliant on Real Estate, so anyone surprised by this has not been paying attention.
Global Market Update
DOW up 366 points to 34,951
US market traded higher on the back of stronger than expected earnings from BANKS....Morgan Stanley rallied 6.45% and Bank of America put on 4.42%
Germans up 0.35%, Brits added 0.64% and Frenchies put on 0.38%
Ocado shares popped 19% on better than expected first half results and takeover speculation from Amazon.
If you haven't heard of Ocado then watch this video....Coles (COL) is saying it will have one of these centers up and running in NSW by 2024.
Key Market Summary