The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. $17bn worth of Credit Suisse bonds became instantly WORTHLESS after the UBS takeover. Most of these bonds were trading at 70c in the dollar just before the transaction....What a JOKE... Good thing I have an AVOID rating on all BONDS....The situation reminds me of this famous
Southpark clip:

2.  UBS was permitted to break the law by taking over Credit Suisse without shareholder approval....No way the Swiss government could have a 166 year bank be sold to a foreign entity - imagine the dirty secrets CS sits on.

3. Western Central bankers have all agreed to pump liquidity into the financial system....This will be digitally printed money.

4. Over 20 private jets carrying banker CEOs flew into Omaha last weekend to meet with Warren Buffet....These bankers have gone groveling to Warren because if he pops up on your share register as an investor, you will be safe from a bank run.

5. Energy prices (oil, gas, coal) have had a huge pullback as the market prices in a weaker global economy, leading to falling demand - I underestimated this risk...I won't go into it right now but there are a number of trigger events that could see prices surge back...I maintain my BUY on ENERGY STOCKS. 

ASX Market Update

ASX 200 down 96 points to 6898

It was a pretty good session for us as Gold miners, GOLD and SILVER finished in the GREEN while pretty much everything else was on the nose....PMGOLD closed 2.54% higher to $29.45 (fresh record high!!), NCM added 5.95% and NST surged 8.5% ..on the negative: MFG lost 5%, SUN slid 4.5% and CGF dropped 5.63%.

Random Observation

You have got to be kidding me...This is possibly one of the most disgraceful articles I have EVER read in the AFR:


For starters, there was no mention of what their so called 'ACHIEVEMENTS' were - I am all ears AFR!! (I actually thought CREDIT SUISSE were the masters of leeching fees from every orifice of our financial system).

Then... "FORTUNATELY" they got bonuses paid before what was the mother of all capitulations and $17bn worth of investor bonds that vanished in 5 seconds flat....It's almost like the AFR gave CREDIT SUISSE a hero's send off after coming runner up in the grand final....Do they have no shame???

The Day Ahead

  • Our SPI is up 45 points
  • Bitcoin FLAT @ $27,993

Movements affecting our resource stocks today (USD)

  • BHP in the US was up 2%
  • Gold up 0.47% to $1982
  • Paper Silver up 0.93% to $22.67
  • Platinum up 1.9% to $997
  • Copper up 1.6% to $3.95
  • Brent Crude up 1.16% to $73.83
  • Iron ore down 3.8% to $125.85

Asian Market Update

Japan down 1.42%, Hong Kong fell 2.65% and China dipped 0.48%

Pay close attention to this kind of stuff - countries are preparing for a new multipolar world....

Global Market Update

US Market

DOW up 382 points to 32,244

Stocks went up as central bankers across the WEST basically agreed to print their way out of a banking crisis....However that only means protection for the majors - all mid size to small banks are on the chopping block. First Republic Bank crashed another 47% last night.

European Markets

Brits up 0.93%, Germans added 1.12% and Frenchies put on 1.27%

What Christine is really saying here is: 'Hey guys, we think the banking system is all good, but just incase it takes another turn for the worse, we will print trillions of Euros to save the day. And when I mean save the day, I mean for us ELITES only - all you peasants get screwed!'

Key Market Summary

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July 9, 2024.
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