The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. The world's biggest food company, Nestle has warned prices will continue to rise in 2023.
2. Carbon permits just hit a fresh record high of 102.91 Euros per ton...GREEN = SCAM.
3. Pakistan's economy is now a shambles - currency crisis, energy crisis, food crisis: you name it.... the country is BROKE....another domino has fallen.
4. Bonds have been selling off again which means higher yields are on offer - don't fall for the trap...institutions have trillions of government and corporate bonds to offload to suckers.
5. EU bankruptcies just hit an 8 year high - another red flag.
ASX Market Update
ASX 200 up 4 points to 7351
We closed basically FLAT for the session but there was some decent moves in the mix. Ingham's (ING) surging 11.6% was the standout as the market had a delayed reaction to management upping prices which will see margins get back to where they used to be.
On the negative A2 Milk (A2M) fell 8.5% after releasing profit results. I guess an area for concern could be the declining birth rate in China which dropped 10%, however A2 have positioned themselves in the premium segment of the market which is still growing....A2M made a net profit for the half of NZ$68.5 mil and finished with $707 mil cash in the bank - so strong as an OX! BUY
Xtreme money printing with the BOJ....
The BOJ Governor is a good sport as he took a question in English at his latest press conference:
Question: why are you digitally printing record amounts of YEN with inflation taking off?
Kuroda: 'In forty two day, tree hour and twelep minute I retire, so next guy problem OK....Me also rike strong stock market!!'
The Day Ahead
Reporting today: AWC,BHP, COL, MVF,SGP, TAH, VEA, SGP
- Our SPI is down 27 points
- Bitcoin up 1.7% to $24,877
Movements affecting our resource stocks today (USD)
- BHP in the US was SHUT
- Gold FLAT @ $1851
- Paper Silver up 0.46% to $21.80
- Copper up 1.7% to $4.17
- Brent Crude up 1% to $83.90
- Iron ore up 1.8% to $128.75
Asian Market Update
Japan FLAT, Hong Kong up 0.81% and Shanghai rallied 2%
Chaos is coming for Pakistan....
Pakistan's illuminatis, elites, corrupt generals, judges, land owners, officials are beneficiary of special privileges to enjoy free petrol, utilities, luxuries at exchequer's expense. Skyrocketing inflation at 33% or 1000% won't bother them. Instead, the poor will vanish pic.twitter.com/pIQOVuE8n3
— Altaf Hussain (@AltafHussain_90) February 16, 2023
Global Market Update
DOW SHUT FOR PRESIDENTS DAY
President Franklin D. Roosevelt's (FDR) was in power between 1933 & 1945....Safe to say I would not have been a fan.
Brits up 0.12%, Germans FLAT, Frenchies dipped 0.16%
A very quiet session in Europe as Wall Street was SHUT.
Key Market Summary