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The Good Morning Report

Posted on February 23, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. NZ government's recent bond issues have been coming up short as institutions balk at funding the country...I am keeping an eye on it - but the situation could get ugly in the coming months....Jacinda Ardern was a complete and utter disaster, now we are witnessing the fallout.

2. BHP is finally calling out the nickel futures scam on the LME saying prices do not represent the physical market....My two preferred nickel miners are PAN and MCR.

3. One of the world's largest copper mines located in Panama is halting operations due to a dispute with the government....copper market is so tight. BUY WIRE - the global copper miners ETF.

4. Dominoes shares tanked 24% after management said they are struggling due to inflation....If DMP are feeling the pressure, then imagine how bad it is going to get for the entire food industry and economy as a whole. BIG RED FLAG.

5. Bank of Japan announced more EMERGENCY bond buying;....It's only a matter of time till we see a full blown currency crisis and this one will be an absolute rip snorter - decades in the making!

ASX Market Update

ASX 200 down 21 points to 7314

Dominoes (DMP) got smashed by 24% as earnings came in much lower than expected. Management said their regular customers had been reducing orders and the company is struggling with inflationary pressures. Overall I am surprised by the numbers as I thought sales would rise as inflation should translate to more people looking for the cheaper alternative like DMP (this still could play out in the future - let's see)....I recommended DMP last quarter and it quickly took off, so it is a bummer to see all those gains wiped off in one session. I will maintain my BUY rating, but am mindful that we could see the stock drift lower in the short term.

Dr Phil of the RBA and the global cabal of central bankers were lying from day one when they all said (in lockstep) that inflation was going to be 'temporary' or 'transitory'....How does anyone even take these clowns seriously?

Random Observation

Hey BHP - don't stop with nickel; as I've been saying for years - the entire LME is a SCAM and so is the COMEX....Silver, Platinum, Copper, Lead, Zinc & Aluminum FUTURES also don't represent the physical market.

The Day Ahead

Reporting today: APA, BLK, APE, HUM, MPL, QAN, PXA, RHC, SGR, TLC, TRS

  • Our SPI is down 26 points
  • Bitcoin down 2.4% to $23,808

Movements affecting our resource stocks today (USD)

  • BHP in the US down 3.2%
  • Gold down 0.45% to $1834
  • Paper Silver down 1.78% to $21.50
  • Copper up down 1.08% to $4.18
  • Brent Crude down 3% to $80.50
  • Iron ore down 0.7% to $130.20

Asian Market Update

Japan down 1.34%, Hong Kong off 0.5%, China dropped 0.47%

Remember - media like this doesn't happen without Xi Man's approval...

 

Global Market Update

US Market

DOW down 84 points to 33,045

The FEDERAL RESERVE minutes were released which indicated higher interest rates are coming to fight inflation - markets were not overly excited by that prospect.

European Markets

Germans were FLAT, Brits fell 0.59% and Frenchies down 0.13%

Stuff like this happens; late last year for example I lost my favourite hat - spewing!!....And remember when Donald Rumsfeld said the Pentagon lost $2.3 TRILLION - then the very next day SEPT 11 happened?...Message is - we all misplace stuff, no one is perfect!!

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