The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Here we go... The IMF has just launched a digital coin called the Universal Monetary Unit (UMU)....See Random Observation.
2. Star Group (SGR) announced another profit downgrade and warned about a deterioration in spending at its GOLD COAST and SYDNEY casinos.
3. Apple has entered financial services in a big way...in the US they are now offering 4.15% savings accounts, plus Buy Now Pay Later (or never!).
4. The toxic ASTRAZENECA covid vaxx was banned in Australia last month....CSL got at least $1.7bn from the government to make this poison here, yet we haven't heard a peep out them.....CSL board has blood on its hands - they should never have gone against the world's leading heath experts that sounded the alarm on the dangers of these experimental shots. "Safe and Effective" was two lies from the get go.....CSL is in most ETHICAL portfolios - but all I see is a company run by EVIL......I rate CSL as an AVOID - at some stage their crimes Vs humanity will catch up to them and the company will have to set up a compensation fund for its victims (something similar to James Hardie with asbestos).
5. Copper inventories continue to get drained from the London Metals Exchange monitored warehouses; when the price eventually explodes higher (should easily double or triple), watch the looting across the world of copper cables.....Chaos comes with a severe global copper shortage.....Got COPPER?
ASX Market Update
ASX 200 up 5 points to 7365
Star Group (SGR) fell 7% after releasing a very miserable update......500 staff are getting shown the door...I maintain my AVOID rating.
This message also backs up my view to AVOID consumer discretionary stocks - tough economic times are on the way.
The Universal Monetary Unit (UMU) that was just launched by the IMF is apparently going to be adopted by central banks, commercial banks and governments from around the world.....Now don't be fooled - it has NOTHING to do with GOLD, the picture below is just pure propaganda. The UMU is backed by didley SQUAT - they just made it up!
I shall rename it the Universal Monetary Unit of Globalist Scum (UMUGS)
The Day Ahead
- Our SPI is down 4 points
- Bitcoin down 2.9% to $29,268
Movements affecting our resource stocks today (USD)
- BHP in the US down 0.88%
- Gold down 0.5% to $2008
- Paper Silver up 0.72% to $25.44
- Platinum up 0.74% to $1105
- Copper down 0.39% to $4.07
- Brent Crude down 1.9% to $83.15
Asian Market Update
Japan down 0.18%, Hong Kong off 1.37% and China dipped 0.68%
World Steel Association forecasts global steel demand to rise 2.3% to 1.822 bln tonnes in 2023 (vs previous forecast 1% rise).#steel
— CN Wire (@Sino_Market) April 18, 2023
Hard to get your head around 1.8 billion tons of steel....going to need a crap load of iron ore and hard coking coal - good news for BHP, RIO, FMG, SMR and YAL.
Global Market Update
DOW down 79 points to 33,897
Just before the school holidays I mentioned the serious allegations being levied against Block Inc (owner of Afterpay) as its CASH APP platform was thought to be used to facilitate drug dealing and money laundering.....Well the story gets even juicier as the founder of CASH APP was subsequently stabbed to death by a fellow tech executive.... Block Inc is also listed on the ASX under the code SQ2 - I rate the stock an AVOID.
Fellow Tech Executive Arrested In Stabbing Death Of Cash App Founder Bob Lee https://t.co/0KuPu5FaXl
— zerohedge (@zerohedge) April 13, 2023
Brits down 0.13%, Germans FLAT, Frenchies added 0.21%
The average Pom continues to get crushed as inflation came in at 10.1% (much higher than expected). It's the 7th month in a row that inflation has been above 10%.
Key Market Summary