The Good Morning Report

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...

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.

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Stephen Hall
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September 21, 2023.
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