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%.
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.
Snowy Hydro 2.0 will be a decade late and cost more than $20bn, 10x what we were told. It's time to cut our losses, energy expert Ted Woodley tells Alan Jones. WATCH: https://t.co/Ql2SHaTSgH pic.twitter.com/sSJJOhfYD7— ADH TV (@adhtvaus) June 21, 2023
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.
— YUAN TALKS (@YuanTalks) June 21, 2023
Global Market Update
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.
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