The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. These unlisted OFFICE funds looks screwed....If you have any money tied up in them, get it out NOW and when I mean NOW I mean THIS MORNING!!!
2. Bank of America reported it's bond loses are $106bn and no one bats an eye lid!... This is surreal.
3. Gold Telegraph reported that since the year 1700 around 750 fiat currencies have been introduced but only 20% have survived and those have all been significantly devalued.
4. Energy stocks are starting to liven up again....I like BPT, WHC, STO, NHC, WDS, URNM, CRN and YAL....own a bit of each - I am not nearly talented enough to pick just one!
5. UK inflation came in at 7.9% vs 8.2% expected...certainly nothing to celebrate.
ASX Market Update
ASX 200 up 39 points to 7323
Banks and energy stocks were the major driver behind our market closing in the GREEN....NAB put on 1.12% WBC up 2% and YAL rallied 3%.
Want a way out of the rat race?
The Day Ahead
- Our SPI is down 4 points
- Bitcoin up 0.82% to $30,016
Movements affecting our resource stocks today (USD)
- BHP in the US down 1.13%
- Newmont up 0.44%
- Gold FLAT @ $1981
- Paper Silver up 0.41% to $25.36
- Platinum down 1.2% to $982
- Copper down 0.38% to $3.81
- Brent Crude down 0.15% to 79.51
- Iron ore down 1.7% to $110.70
Asian Market Update
Japan up 1.24%, Hong Kong down 0.33% and China was FLAT
Nothing like keeping it in the family....LOL!!
Prime Minister Hun Sen has been the leader of Cambodia since 1985, and now he’s working on passing the baton on to his eldest son, army commander Hun Manet.https://t.co/YYJlYyEcYd
— Nikkei Asia (@NikkeiAsia) July 19, 2023
Global Market Update
DOW up 109 points to 35,061
The DOW closed higher for the 8th consecutive day....Goldmans profit came in BELOW expectations, but traders didn't care - the stock closed up 1%!
Brits up 1.8%, Germans and Frenchies were FLAT
Money poured into UK stocks after the weaker than expected inflation number of 7.9%....I wouldn't be popping champagne over that.
Key Market Summary