The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Premier Investments (PMV) didn't even bother updating the market after the AFR said it's source inside PMV told them sales for MAY had tanked 20%....AVOID PMV.....This inside information that the AFR published is behind a paywall - a fair and orderly market is pure fantasy!
2. Rising interest rates are doing nothing to stop property demand; Sydney had an auction clearance rate of 81% over the weekend.....Very good chance the RBA hikes again in a few weeks.
3. This week the high court in the UK will be hearing the case against the LME and the billions worth of NICKEL FUTURES contracts they cancelled when prices skyrocketed to protect a giant Chinese short seller.....The LME is so guilty - I watched their crime go down in real time, but I highly doubt the victims will get made whole or the gangsters running the LME will be bought to justice.
4. Barrick which is the world's second largest gold miner, has bid $17bn for Canadian listed copper miner First Quantum....Cheaper to BUY than build.
5. The Chinese are back flying in big numbers...Yuan Talks is reporting that domestic flight volume is expected to be 11% higher over summer than pre-plandemic.
ASX Market Update
ASX 200 up 43 points to 7294
Consumer non-discretionary (so that's Woolies and Coles), banks and healthcare were among the best performers while miners finished mostly lower.....WOW put on 2.38%, COL added 1.33% while BHP fell 0.69% and ILU dropped 4.27%.
Random Observation
Our STATE Premiers are out of control....
The Day Ahead
- Our SPI is up 12 points
- Bitcoin up 0.3% to $26,670
Movements affecting our resource stocks today (USD)
- BHP in the US - SHUT
- Newmont - SHUT
- Gold down 0.45% to $1962
- Paper Silver down 0.44% to $24.02
- Platinum down 0.83% to $979
- Copper down 0.55% to $3.86
- Brent Crude down 0.63% to $76.13
- Iron ore up 0.7% to $114.30
Asian Market Update
Japan down 1%, China off 0.54% and Hong Kong dipped 0.64%
Mixed bag for commodities in China...
⚡Vegitable oil continues its upward trend on Monday in China. Soybean and vegetable oil are rising to 4-month highs.#IronOre rises 0.9%, #steel rebars and HRCs open flat. #Nickel drops 2.2%, #tin -2.1%, #aluminum -0.7%, #zinc -0.5%, #copper -0.1%.#CrudeOil rises 0.8%. pic.twitter.com/OkGGAVnYkS
— CN Wire (@Sino_Market) June 19, 2023
Global Market Update
US Market
Wall Street shut due to a public holiday
European Markets
Germans down 0.96%, Brits off 0.71% and Frenchies fell 1%
UK government bonds sold off again with yields on the 2 year gilts rising to 5.08% or a 15 year high....As bonds prices sell off the yield rises.
