The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Aussie inflation came in at 6.8% vs 6.4% expected - which means the probability of the RBA increasing rates next month has also increased.

2. Overnight Nvidia's market value briefly cracked US$1 TRILLION....profit takers then moved in with the stock closing 4.5% lower.

3. Thermal COAL prices fell another 12% taking the loss from its high to 69%....This price action reminds me of what recently happened with LITHIUM which also fell around 70% before bouncing hard....I maintain my BULLISH view on YAL, WHC, NHC and SMR. 

4. Saudi Arabia needs at least an $80 OIL price to balance the books....With OIL trading @$72.71, there is a good chance of production cuts at the next OPEC meeting.

5. APRA has sounded the alarm on the heavy exposure banks and Industry Super have to falling commercial property prices....yep - pain is coming.

ASX Market Update

ASX 200 down 118 points to 7091

Our market got a bit of a touchup after inflation data came in well above what was expected. Financials fell 2% while the miners lost 2.2%. Helping our portfolios offset the heavy selling in most stocks was ETPMAG (SILVER in AUD) and PMGOLD (GOLD in AUD) both rallying 1.8%. 

Random Observation

PAPER or PRECIOUS METALS (PMs)?.....Currently the WEST loves PAPER while the EAST loves PMs....eventually both sides will be scrambling for PMs....How do I know?.... all fiat currencies revert to their intrinsic value which is basically ZERO, while PMs have never failed in history!


The Day Ahead

  • Our SPI is down 11 points
  • Bitcoin down 2.6% to $27,049

Movements affecting our resource stocks today (USD)

  • BHP in the US  down 1.4%
  • Newmont up 1%
  • Gold up 0.29% to $1982
  • Paper Silver up 1.8% to $23.66
  • Platinum down 2% to $1000
  • Copper FLAT @ $3.66
  • Brent Crude down 1.13% to $72.71
  • Iron ore down 0.96% to $103.5

Asian Market Update

China down 0.61%, Hong Kong off 1.9% and Japan fell 1.4%

Hong Kong is back into a BEAR market again....

Global Market Update

US Market

DOW down 131 points to 32,910

With Nvidia shares cracking the $1 Trillion mark, you have to wonder if competition for it's AI chips is going to come in hard.

European Markets

Germans down 1.5%, Brits off 1% and Frenchies dropped 1.54%

German inflation slowed from 7.2% to 6.1% - the massive pullback in prices of fossil fuels is behind it....I don't see Europe getting to enjoy this CHEAP energy over the long term without Russia.


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July 9, 2024.
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