The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Bank of England (BOE) increased rates by 0.5%....BOE is now seeking job losses and defaults to bring about deflation; they are well on their way to creating a WELFARE STATE.

2.Indian stock market is trading at all time highs - now up about 22% over the past 12 months.

3. WHEAT futures have bounced 33% since the start of May and OATS are up around 50%...that's some decent volatility.

4. The LME told the court it reversed a whopping $12bn worth of NICKEL trades to protect banks and brokers.....It will be a disgrace if they get away with it - those bankers/brokers executing naked short positions on metals in such obscene quantities shouldn't have been saved....The boss of the LME also said he was asleep while the price of NICKEL soared and his underling suspended trading bands....Complete and utter CLOWN WORLD. 

5. Smaller miners are getting crushed as inflation rips through the industry...Latest casualty on the ASX is Navarre (NML) which just called in the administrators. 

ASX Market Update

ASX 200 down 118 points to 7196

Bit of a flushing as all major sectors of our market closed in the red...Tech was the worst finishing 3.9% lower followed by Real Estate which dropped 2.5%. 

Random Observation

And can you believe Palaszczuk is building not one but two of these renewable energy powered, pumped hydro monstrosities in QLD?....One can only conclude she is sabotaging our state.

The Day Ahead

  • Our SPI is down 6 points
  • Bitcoin down 0.3% to $30,042

Movements affecting our resource stocks today (USD)

  • BHP in the US down 1.6%
  • Newmont down 1.2%
  • Gold down 1% to $1924
  • Paper Silver down 1.64% to $22.43
  • Platinum down 2.48% to $925
  • Copper down 0.59% to $3.89
  • Brent Crude down 4% to $73.97
  • Iron ore down 0.5% to $111.30

Asian Market Update

Japan down 0.92%, China and Hong Kong SHUT 

Bravo Xi Man - this is fantastic news for the energy starved people of Pakistan....Oh....and the coming URANIUM BOOM is going to be a beauty! BUY URNM. 

Global Market Update

US Market

DOW down 4 points to 33,946

After a bit of profit taking over the past few sessions, traders pushed back into tech stocks which drove the NASDAQ higher by 0.95%....APPLE shares closed at a FRESH ALL TIME HIGH.

European Markets

Brits down 0.76%, Germans fell 0.22% and Frenchies dipped 0.79%

The squeeze is on in the UK as the BOE hiked rates by 0.5% and flagged more to come.....Rapidly rising rates in Europe are also designed to punish VLAD via weaker commodity prices....Commodities don't have an income yield, so selling pressure in the WEST rises, but with major shortages the weakness we are seeing now in many metals will only be temporary.

Key Market Summary

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