The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Should be another cracking day for us on the market. URANMIUM, OIL and the METALS all had a good showing overnight. Newmont put on 3.5% in the US as well.
2. August is earnings season on the ASX; so this is the month when companies report their full year or half year profit/loss results.
3. US Federal Reserve kept interest rates on HOLD with Jerome Powell indicating a September rate cut is likely.
4. BHP is pursuing a multi billion dollar COPPER deal in Argentina……BHP is as bullish as buggery on COPPER – so am I!
5. Regional Express (REX) went bust with the board calling in administrators….Normally we would have seen a massive share price crash proceeding something like this, but the stock has just been grinding lower of late….Fortunately we have ZERO exposure.
ASX Market Update
ASX 200 up 139 points to 8092
Aussie investors went on a buying frenzy after the ‘trimmed mean inflation’ (which is the RBA’s preferred measure) eased back from 4% to 3.9% in June. The market then decided the RBA won’t have to raise rates which is why our market roared higher….Everyone had plenty of green in their portfolios – ETPMAG added 3.37%, PMGOLD put on 2.34% and CHN rallied 8.5%
*Trimmed mean inflation removes some items that experience the highest price rises and also takes out others that come in at the low end. So it’s a way they can cook the numbers, especially if it means they are stripping out stuff you need to live off….Remember the government steals our savings and the purchasing power of our money via inflation so you can see why they happily manipulate it.
Random Observation
I just checked in on Australian Ethical (AEF) to see if they have woken up to themselves, but unfortunately they are still pushing environmentally damaging investments in wind farms. The below image is from their homepage…..
GREEN = SCAM…..Australian Ethical = Unethical….AEF shares = AVOID
Warning: some of you may find the below clip distressing, but it needs to be watched….
Further warning from the editor (I found it very distressing, I don’t recommend watching it, as you can’t unsee it. This poor bird flew into a wind turbine and had it’s wing chopped off)
AEF have nicely conned 28,000 Christian investors into believing they are an ethical fund manager when they are just a bunch of WOKE activists pushing the typical globalist propaganda which is at complete odds with what Christians’ actually believe in.
Even the CEO’s last name is Mc Murdo!…we have to be living in a simulation – this can’t be real!!!….hahaha.
The Day Ahead
- ASX futures are up 23 points
- Bitcoin down 0.3% to $65,241
- BHP in US up 2.6%
- Newmont in US up 3.5%
- URNM in the US up 3.74%
Movements affecting our resource stocks today (USD)
- Gold up 1.69% to $2493
- Paper Silver up 2.23% to $29.16
- Platinum up 1.6% to $986
- Palladium up 4.29% to $919
- Copper up 2.74% to $4.19
- Brent Crude up 2.66% to $80.76
- Iron ore up 2.5% to $101.55
Asian Market Update
Japan up 1.49%, Hong Kong added 2% and China put on 2.06%
The Bank of Japan (BOJ) increased interest rates by 0.15% or 15 basis points to 0.25%….I still can’t believe that rates in Japan are that low!
Global Market Update
US Market
DOW up 99 points to 40,842
NVIDIA shares rallied a whopping 12.8% which is like adding the equivalent size of 2 BHPs!…The market was pretty darn excited to learn that Nancy Pelosi bought $1.3mil worth on the recent selloff.
“Gordon, Blue horseshoe loves Anacott Steel…No, no, no, no – what am I saying? I’ve had too many vodka martinis this morning!….It’s Red horseshoe loves Nvidia – get it done”.
European Markets
Germans up 0.53%, Brits added 1.13% and French groomers put on 0.76%
Adidas reported some pretty impressive quarterly numbers with sales in Europe surging 19% and China increasing 9%. The market was already pricing in a good result which is why the stock dropped 2%.
Seems Adidas took some good market share off Adasdas in China. Management must be tickled pink with that!
Key Market Summary
