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The Good Morning Report

Posted on August 1, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Another bank failed in the US last week taking the tally so far this year to 5...Plenty more are going to topple.

2. The new coup leader in NIGER is banning all exports of URANIUM and GOLD to France.......Niger is the world's 7th largest exporter of URANIUM...BUY URNM

3. The interest bill on US government debt is almost running at $1 Trillion pa....Debt will continue to snowball at a time when its biggest investors, being China and Japan are selling US government bonds....Eventually the Federal Reserve will have to start printing money again to fund this mega PONZI scheme....AVOID BONDS.

4. ASIAN Tech continues to trend higher...BUY ASIAN TECH TIGERS ETF.

5. Market pricing in a 20% chance the RBA will increase interest rates today by 0.25%....I think they will hike.

ASX Market Update

ASX 200 up 6 points to 7410

The quarterly updates from our miners have been very average at best with costs continuing to rise and many becoming plagued with operational difficulties. It has definitely not been a pleasant reporting period for shareholders - but ongoing supply issues along with market tightness will eventually translate to significantly higher commodity prices - so most miners will snap back. Corporate activity is also likely to ramp up as opportunistic buyers pounce on beaten up names.....Silver Lake (SLR) got touched up by 20% after announcing it is suspending one of its mines to fix it up...Short term pain for long term gain. BUY last sale $0.89 (now down 60% from its 2022 high).

Random Observation

Leaders from across Africa poured into Russia last week for a summit in St. Petersburg.....There was a very common theme throughout - they all hate being at the mercy of the USD.

The Day Ahead

  • Our SPI is up 16 points
  • Bitcoin down 0.5% to $29,199

Movements affecting our resource stocks today (USD)

  • BHP in the US up 2.15%
  • Newmont up 1.18%
  • Gold up 0.21% to $2004
  • Paper Silver up 1.59% to $24.88
  • Platinum up 1.6% to $960
  • Copper up 2% to $4.01
  • Brent Crude up 0.67% to $85.67
  • Iron ore up 0.7% to $107.50

Asian Market Update

Japan up 1.26%, China put on 0.46% and Hong Kong added 0.82%

De-dollarization is being laughed at in the WEST....

But...pretty much weekly we are seeing new deals done whereby countries are agreeing to AVOID using the USD for trade settlement.

While de-dollarization is not happening overnight, the BRICS are now contributing more to the world economy than the G7....In my view the sun is setting on the USD as the GLOBAL reserve currency.

Global Market Update

US Market

DOW up 100 points to 35,559

The DOW finished up 3% for the month of July on the back of better than expected earnings - Boeing and 3M were the best performers, while Merk&Co and Verizon the worst.

European Markets

Germans down 0.14%, Brits FLAT, Frenchies added 0.29%

It is not a good look for France....Also easy to see why the coup leaders have massive support on the streets in Niger - when people have nothing, what have they got to lose?

Key Market Summary

General Advice Warning
The information provided in this post is general information only. Unless otherwise stated the information is not designed for the purpose of providing personal, financial or investment advice. Any examples are presented for illustration purposes and past performance is not a reliable indicator of future performance. The information provided does not take into account your particular investment objectives, financial situation or investment needs.

Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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