The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1The former chief of PRECIOUS METALS trading @ JP Morgan just got sent to jail for 2 years for manipulating the market.....Hello mining got all your tongues...anyone home?

2. Hard Coking Coal prices have rallied over 10% in the past few sessions in China....Doesn't look like Aussie investors have noticed yet - YAL, CRN and SMR should be up a lot more! BUY

3. AGL's so called mega battery @ Torrens Island in South Australia is now up and running - it can charge 75,000 homes for a grand total of 1 HOUR....There are no SERIOUS people in charge - we have ourselves a pure CLOWN WORLD.

4. Woolies boss says food inflation will continue to moderate over the next 12 months - understand he is not calling that prices are going to get cheaper, just not to go up as fast....I don't share that view, as I see a second and nastier wave of inflation on the horizon.

5. Multiplex is suing the Star Group (SGR) for $420 mil over the mega development of the Queen's Wharf in BrisVegas....On the bullish side - pubs tycoon and major shareholder Bruce Mathieson has asked the government for permission to increase his holding - but be warned there is a chance he could increase his holding, not by buying more shares (which would push the price higher), but via a high yielding convertible note....I truly have no idea how this will all play out - it really is a coin toss for investors right now.

ASX Market Update

ASX 200 up 26 points to 7148

Domino's (DMP) reported a NPAT of $122 million which was down 25% from the previous year. Bit of a crappy result, but the market pushed the stock up 11.8% on this info below...I maintain my BUY recommendation.

On the negative, mineral sands miner Iluka Resources (ILU) fell 11% to $8.27 after announcing they are going to pause some synthetic rutile output due to weak pricing and an uncertain economic environment. I applaud management for taking the appropriate action - no point in operating as a charity!.... ILU is a very unique and important mining company with a dominant market share in mineral sands so I am surprised that BHP has not taken them over yet - maybe it will be their next target. BUY 

Random Observation

I bet he will get out early then live out his days in absolute luxury....He took one for the TEAM.


The Day Ahead

  • Our SPI is up 20 points
  • Bitcoin up 2.7% to $26,545

Movements affecting our resource stocks today (USD)

  • BHP in the US up 2.93%
  • Newmont up 1.53%
  • Gold up up 1% to $1945
  • Paper Silver up 3.97% to $24.38
  • Platinum up 1.17% to $936
  • Copper up 1.4% to $3.80
  • Brent Crude down 1.37% to $82.89
  • Iron ore up 2.3% to $113.25

Asian Market Update

Japan up 0.48%, China down 1.34%, Hong Kong up 0.31%

Coking COAL is having a nice run in China....great news for our listed miners such as YAL, SMR and CRN.

Global Market Update

US Market

DOW up 184 points to 34,472

US Tech giants stocks rallied overnight, but retailers were getting hit....Check out Foot Locker shares - it tanked 28% overnight and is now trading below the COVID crash levels of 2020....another nasty RED FLAG in my view.

European Markets

Germans up 0.15%, Brits added 0.68% and Frenchies FLAT

With weak economic data coming through in Europe, the market is now only pricing in a 50% chance of the ECB raising rates by 0.25% next month.

Key Market Summary

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