The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. India bought a massive 56 million ounces of SILVER last month at very cheap prices....The massive drain of PRECIOUS METALS from the WEST to the EAST is one for the ages; BUY ETPMAG
2. Lithium prices in China have now fallen for 22 days straight.
3. Healius (HLS) after rejecting a takeover bid from Australian Clinical Labs (ACL) at around $3 per share, is now doing a capitulation capital raising @ $1.20.
4. The doubling of the first home buyers grant in QLD to $30K is going to be yet another inflationary policy. The funding is to come from COAL royalties.
5. China sold $27.3bn worth of US government bonds in September. It's total holding has now dropped to $776bn which is the lowest in 14 years.
ASX Market Update
ASX 200 up 9 points to 7058
Bit of a quiet session on our market. Karoon (KAR) was the best performer by putting on 3.4%, while graphite miner Syrah (SYR) was the worst falling 8%. SYR is one of the most shorted stocks on the ASX, 16% of all outstanding shares have been short sold. I personally think you would have to have balls of steel to short it.
Tracy@SuperEquity has been on my case to start posting on social media - so I'm now officially on tiktok.
I'll be using the platform to expand on some of the content in my morning report.
Click below to watch the video I made about Asian Tech Vs NASDAQ. I'm a bit stiff here in my first effort, but hopefully I'll loosen up in the future!
The Day Ahead
- Our SPI is up 20 points
- Bitcoin up 1.8% to $37,572
Movements affecting our resource stocks today (USD)
- BHP in the US up 1.3%
- Newmont up 0.8%
- Gold down 0.2% to $1980
- Paper Silver down 1.35% to $23.51
- Platinum up 2.76% to $926
- Copper up 1.8% to $3.80
- Brent Crude up 1.89% to $82.13
- Iron ore up 1.7% to $130.70
Global Market Update
DOW up 202 points to 35,151
Microsoft shares rallied 2% after managing to hire OpenAi (ChatGpt) founder Sam Altman and most of his team....Sam was fired and no one really knows why. His sister has made some crazy allegations against him in the past - i'll leave it at that.
Germans down 0.11%, Brits off 0.10%, Frenchies up 0.18%
Bayer shares were smashed by 18%...
I'm kind of baffled - it's the year 2023, so why wouldn't Bayer just cover up the poor efficacy and if any doctor questioned the product, they could just label them a conspiracy theorist and have them banned? Am I missing something?? This is what I thought was protocol with Big Pharma these days!
Key Market Summary