The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. The US economic growth rate has slowed while inflation is rising....STAGFLATION anyone???

2. RBA has warned that migration will cause rents to rise even further....Wow - what's going on Dr Phil??? That sounds like a bit of a common sense prediction to me - you guys feeling ok???

3. New research from Roy Morgan estimates that a whopping 1.35 million mortgage holders (27%) in Australia are at risk of mortgage stress.....This is another reason why Albo is opening up our borders to record migration - he can't have the economy go to the crap due to a big chunk of Aussies being buried under a mountain of debt, so he is calling for fresh meat.

4. China and Hong Kong bought another 81 tons of GOLD from Switzerland in March.....End game is GOLD.

5. It's all over red rover for First Republic Bank - the stock tanked another 41% on Friday....US regulators have now seized it and are asking banks to submit final bids for the failed lender....Maintain my AVOID on Financials.

ASX Market Update

ASX 200 up 16 points to 7309

The better than expected META earnings report which sent US stocks surging, didn't translate into strong buying on the ASX....Lithium miners were among the better performers - PLS rallied 7%, CXO put on 4.2% and MIN added 2.2%. I think the lithiums are set for a good run from here. A few weeks ago the Mercedes boss said he wants to start investing in mining in order to secure supply. With Chile and Mexico now off limits due to nationalization of their lithium sectors, Aussie producers are in the box seat.

"Hello Australia, this Colonel Klink from Mercedes...I vant to buy ze lithium miners - I sending Sergeant Shultz for inspection ".

Random Observation

Ay Caramba!!!!

The Day Ahead

  • Our SPI is up 54 points
  • Bitcoin down 1.2% to $29,336 (Saturday morning price)

Movements affecting our resource stocks today (USD)

  • BHP in the US was FLAT
  • Gold FLAT @ $1999
  • Paper Silver up 0.5% to $25.33
  • Platinum down 0.43% to $1088
  • Copper up 0.36% to $3.87
  • Brent Crude up 2.5% to $79.54

Asian Market Update

Japan rallied 1.4%, Hong Kong up 0.27% and China up 1.14%

Hey Adrian....Why are you so bullish on URANIUM??     (**Even the RBA brains trust should be able to work this one out!!)

 

Global Market Update

US Market

DOW up 272 points to 34,098

Market didn't give a flying stuff that First Republic Bank (FRB) has now gone completely pear shaped with the government set to assume control of it.

European Markets

Germans up 0.77%, Brits put on 0.5% and CAC added 0.1%

G7 sanctions against Russia were like a self goal...

Key Market Summary

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Stephen Hall
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September 21, 2023.
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