The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. The People’s Bank of China (PBOC) has been mandated by the Xi Man to pump up the Chinese stock market….We’re going along for the ride!!!
2. Both SILVER & COPPER up over 4% last night…naked short sellers are probably not sleeping to well at the moment.
3. Star (SGR) shares have been suspended for almost a month as they try to piece together a rescue package. Extended trading halts are normally very bad for shareholders….Happy not to have any exposure.
4. Realestate.com (REA) has increased it’s bid for the UK’s Rightmove for a third time….A few major shareholders in Rightmove are wanting more as they must understand REA needs it for growth.
5. Beston Global Food Company (BFC) has finally called in the administrators. High energy costs and low milk prices was blamed…..Bell Potter floated it in 2015 when I worked there – fortunately I didn’t take any stock for my clients. Phew!!
ASX Market Update
ASX 200 down 10 points to 8142
I got to the dealing desk thinking not much was going to happen as the overnight action looked pretty boring for us…then…VOILA….Xi Man decides he wants to pump stocks, so money started gushing out of expensive banks and into resources! Giddy up!!!
I think this will be the beginning of what will be a massive rotation:
And for the second day in a row the URANIUM miners were the stars….PDN surged 10.14%, BOE rallied 10% and URNM put on 4.27%
Random Observation
I was truly blown away when I randomly discovered that PLATINUM (yes, the same precious metal that I’m super bullish on and the one that we own a heap of) is used in chemo drugs to treat cancer….I mean seriously WTF???? I thought someone was having a lend of me….Little wonder why Elle MacPherson decided to seek out alternatives – each to their own I say.
WOW!! Who would have thought?!?….Platinum getting injected into people’s veins.
(***I’ll probably get a bunch of smart alecs tell me that this is all common knowledge!)
The Day Ahead
I’m liking the look of the overnight scoreboard!!!
- ASX 200 futures up 25 points
- Bitcoin up 1.4% to $64,181
- BHP in US up 5.1%
- Newmont in US up 2.5%
- URNM in US up 3.55%
Movements affecting our resource stocks today (USD)
- Gold up 1.12% to $2682
- Paper Silver up 4.33% to $32.43
- Platinum up 2.9% to $989
- Palladium up 1.86% to $1064
- Copper up 4.13% to $4.52
- Brent Crude up 1.65% to $75.12
- Iron ore up 6.4% to $95.15
Asian Market Update
Japan up 0.57%, China surged 4.15% and Hong Kong rallied 4.13%
The Xi Man has mandated stocks to go up!….The PBOC will be printing money out of thin air which will then be lent out at cheap rates to institutions to buy up stocks. Listed Chinese companies are allowed to get in on the action as well to use the facility to buyback shares which will also support the market…..PUMP, PUMP, PUMP!!!
Global Market Update
US Market
DOW up 83 points to 42,208
Copper miner Freeport-McMoRan (FCX) was the biggest winner in the S&P 500 after rallying 7.93%…..FCX is a key member of the WIRE ETF that is listed on the ASX – BUY last sale $13.13
European Markets
Germans up 0.8%, Brits added 0.28% and Frenchies put on 1.28%
Miners were obviously the top performers over in Europe with the UK listing of Rio Tinto adding 4.4% and Glencore putting on 3.9%.