The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Block shares tanked 15% after Hindenburg research accused the company of all sorts of fraud....Block took over AFTERPAY so the stock has a secondary listing on the ASX under the code SQ2. Good thing I have an AVOID rating on it.
2. Twiggy's $1.40 bid for Mincor (MCR) is really dead in the water with the stock currently at $1.55...Shareholders should HOLD
3. Lithium prices have now fallen 39 days in a row.
4. Bank of England increased interest rates by 0.25% to 4.25%.
5. World Platinum Investment Council is predicting PLATINUM deficits to increase over the coming years....I like the sound of that!!
ASX Market Update
ASX 200 down 47 points to 6968
GOLD, SILVER, PLATINUM,Gold miners, Woolies,Coles and Telstra were up while pretty much everything else was in the red...not surprised with that price action considering what is going on in the world.
@ 8.02% you would have to come up with just shy of $90K pa of after tax money!....Dear oh dear....No need to be invested in BANKS.
The Day Ahead
- Our SPI is down 36 points
- Bitcoin up 0.6% to $27,886
Movements affecting our resource stocks today (USD)
- BHP in the US up 0.17%
- Gold up 1.3% to $1996
- Paper Silver up 0.43% to $23.06
- Platinum up 0.2% to $989
- Copper up 1.15% to $4.09
- Brent Crude down 1.8% to $75.29
- Iron ore down 1.9% to $118.05
Asian Market Update
Japan down 0.17%, China up 0.94% and Hong Kong rallied 2.34%
Lithium has fallen 39 trading days in a row!...Prices are still up there though.
— Cathy Yuan Zhang (@CathyYuanZhang) March 23, 2023
Global Market Update
DOW up 75 points to 32,105
Block shares fell 16% on allegations of rampant fraud on the company's cash app... Executives including Jack Dorsey (founder of twitter) have recently dumped $1bn worth of stock.
"Hey guys, it was for your own safety that I censored the greatest experts/doctors the world had to offer at the time of the vaccine rollout."
Everybody owes their lives to Jack, so just be happy that he dumped a ton of BLOCK shares before the scandal erupted! He's a HERO OK... and definitely not a filthy little globalist scumbag grub that has enriched himself at our expense. Get that nonsense talk out of your heads!!
Brits down 0.89%, Germans FLAT and Frenchies up 0.11%
Funny seeing Bank of England (BOE) say they are fighting inflation (which is running at 10.4%) by increasing rates 0.25% to just 4.25%....In reality the BOE is running an inflationary policy with rates still significantly below inflation.