The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. People’s Bank of China (PBOC) cut it’s key mortgage lending rate by 0.25% to 3.95%
2. The world’s largest PLATINUM miner AMPLATS is sacking 3700 people as it struggles to make a profit…Sibanye Stillwater and Impala Platinum are also culling. The PLATINUM mining industry is in crisis….It’s all very BULLISH for PLATINUM bullion, as supply is going to drop which will create an even bigger annual deficit.
3. The dip in Sonic Healthcare (SHL) after it’s results is a good defensive BUY.
4. Singapore is handing out S$400 in free money to qualified citizens to help them with inflation….Handouts exacerbate inflation, so I expect governments around the world to do more of it!…
5. India imported 22 million ounces of SILVER in January….I wonder how much SILVER in the WEST is still available at these ridiculously low prices…I don’t know when, but one of these days SILVER is going to go like the CLAPPERS!!!
ASX Market Update
ASX 200 down 6 points to 7659
The market cracked the sads over Sonic Healthcare’s (SHL) result, sending it down 7.7%… I remain optimistic, as I see it the underlying business is travelling along nicely. Sure, the easy COVID testing gravy train is over but it’s not the end of the world. BUY
Random Observation
We have a serious leadership problem in Australia. Our country is run by a bunch of pathetic, woke clowns….The old saying – ‘Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times’ is going to play out as the weak men running the show are going to create hard times – bet your bottom dollar on it…..The likes of Albo, Chalmers, Bowen, Twiggy, Banducci (featured in video below), the Aussie Cricket Captain etc etc are making sure of it.
The Day Ahead
- SPI is down 27 points
- Bitcoin up 0.5% to $51,662
- BHP in US down 3.6%
- Newmont in US down 1%
- RIO in London down 4.8%
Movements affecting our resource stocks today (USD)
- Gold up 0.73% to $2038
- Paper Silver down 1.5% to $23.11
- Platinum FLAT @ $913
- Copper up 0.63% to $3.86
- Brent Crude down 1.45% to $82.35
- Iron ore down 5% to $120.85
Asian Market Update
Japan down 0.28%, China up 0.42% and Hong Kong added 0.57%
Iron ore which has been on a good run is now starting to roll over….
Global Market Update
US Market
DOW down 68 points to 38,557 (hour to go)
Big M&A deal overnight….US Credit card companies Capital One and Discover announced a merger.
European Markets
Germans down 0.14%, Brits off 0.12% and Frenchies added 0.34%
The Houthis are no easy beats – a decade of getting the crap bombed out of them by the Saudis has seen them build up some nifty skills and plenty of resilience….I still can’t believe the POMS were running a cargo ship through the RED SEA. – what were they thinking???…..War in the MIDDLE EAST is bullish for OIL and energy stocks: I like WDS, STO, BPT & KAR