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The Good Morning Report – 22nd November

Posted on November 22, 2023

The latest market news, commentary and strategy by Adrian Rowney 

 

5 Things that Grabbed my Attention

1. The Chinese are out securing COPPER supply....MMG just bought a big mine in Botswana for $US1.8bn. Got copper?

2. Bundesbank said the GERMAN economy will likely shrink again in Q4 - you wouldn't know it by looking at the DAX (Germany stock market)

3. Co-Founder of AirBnB, Joseph Gebbia dumped nearly half his shares a total value of $62.7 million....That would make me nervous if I was a shareholder. 

4. Our government is now forecasting 27% of new car sales will be EVs by 2030, down from 89%....(After reading Random Observation that 27% number may end up being wishful thinking).

5. Uranium continues to chug higher - now above US$80....URNM is in blue sky! HOLD

ASX Market Update

ASX 200 up 19 points to 7078

Our market pushed higher mostly thanks to the miners. Gold and copper miner Evolution (EVN) had some heavy volume going through it and closed 2.42% higher - going to be interesting to see if there was something in that. HOLD

Random Observation

I got sent this from a client the other day....What chance have EVs got in Australia with this kind of thing going on?

The Day Ahead

  • Our SPI is down 6 points
  • Bitcoin down 1.7% to $37,091

Movements affecting our resource stocks today (USD)

  • BHP in the US up 1.2%
  • Newmont up 2.75%
  • Gold up 1.13% to $2002
  • Paper Silver up 1.2% to $23.90
  • Platinum up 1.9% to $945
  • Copper down 0.2% to $3.80
  • Brent Crude up 0.17% to $82.47
  • Iron ore up 1.9% to $133.55

Asian Market Update

Japan down 0.1%, Hong Kong off 0.25%, China was FLAT

On the ASX it was great to see Sandfire (SFR) add 5% and little specky Cobre (CBE) surge 46% on this news (both operate in the Kalahari copper belt).

Global Market Update

US Market

DOW down 62 points to $35,088

Big trouble at Binance - the CEO has quit after pleading guilty to money laundering. If you have any money with Bianance then I suggest you pull it out now....One by one these exchanges are crumbling just as BLACKROCK steps into the CRYPTO market - it's a dirty, cut throat world!

European Markets

Germans FLAT, Brits dipped 0.19% and Frenchies fell 0.24%

This dude will likely get all sorts of awards and medals if inflation drops back to 2% despite him being part of the greatest wealth heist in history as the BOE cranked the money printer.

Exquisite timing!

Key Market Summary

General Advice Warning
The information provided in this post is general information only. Unless otherwise stated the information is not designed for the purpose of providing personal, financial or investment advice. Any examples are presented for illustration purposes and past performance is not a reliable indicator of future performance. The information provided does not take into account your particular investment objectives, financial situation or investment needs.

Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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