The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Stocks, metals, bonds, crypto were sold off overnight as money poured into the USD on fears that the FED is going to talk higher interest rates….WESTERN investors selling metals are making a huge mistake; STAGFLATION is going to be a mighty wake up call for most.
2. CFMEU construction workers walked off a bunch of major sites in BrisVegas. They are demanding entry level pay of $240,000 pa….Don’t get mad at the workers – they just want to be able to afford housing, have holidays, go to the pub etc….Always remember who printed $300bn out of thin air which created the cost of living crisis.
3. Biden is contemplating banning imports of Russian URANIUM….Fingers crossed he does because prices will take off! BUY URNM
4. Retail sales is March increased by just 0.8% compared to last year….Imagine the plunge in the numbers if hundreds of thousands of migrants weren’t pouring into the country.
5. The IMF labelled INDIA as the ‘world’s fastest growing major economy’….The best exposure I think you can get to India is via COAL stocks and ETPMAG (imagine if every second Indian decides to buy just 1 ounce of SILVER!)
ASX Market Update
ASX up 26 points to 7664
It was a relatively quiet session on the ASX. I think institutions were very sheepish following the wild price action in the YEN and the intervention from the Bank of Japan….. It was a bit of a mixed day for us – ETPMPD put on 1.7%, ETPMPT rallied 3.58% while ETPMAG dipped 1.17% and NEM fell 1.6%.
Random Observation
Can you believe this?….These two Aussies (below) have managed to convince the very gullible AirBus Albo and QLD Premier Steven Miles to hand over $1bn of our money to fund their quantum computing, pie in the sky start up.
It is almost certainly going to fail. Why? Because Google, Microsoft, IBM and countless others have been trying to crack the code on quantum computing for years but have so far failed to produce something commercially viable.
On the news that Brisbane is going to get some dodgy half baked quantum computer, I immediately thought of that Simpson’s Monorail episode! Remember this one? Hahahaha – it’s so perfect.
The Day ahead
We are not going to have a good day on the market…Look away!!
- ASX SPI 200 is down 65 points
- Bitcoin down 4.44% to $59,997
- BHP in US was down 2.58%
- Newmont in US down 4%
- URNM in US was down 5%
Movements affecting our resource stocks today (USD)
- Gold down 2.28% to $2303
- Paper Silver down 3.7% to $26.63
- Platinum down 1.5% to $947
- Palladium down 1.8% to $959
- Copper down 2.58% to $4.55
- Brent Crude down 0.6% to $87.87
- Iron ore down 0.6% to $116.34
Asian Market Update
Japan up 1%, Hong Kong added 1.77% and China dipped 0.67%
A number of BITCOIN ETFs began trading in Hong Kong but mainland Chinese investors are banned from buying in….Demand was soft and described as disappointing.
Global Market Update
US Market
DOW down 570 points to 37,815
Pretty much everything sold off overnight on fears that Jerome Powell may start talking about raising rates rather than cutting.
Jerome can do this as well – he is not just a one trick pony.
European Markets
Germans down 1.03%, Brits FLAT, Frogs fell 0.99%
AUTO stocks were the major drag on European markets as the sector fell a collective 4.3%….The Chinese are getting so proficient at making cars these days that many are wondering how Europe is going to compete in the future.
