The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Legendary investor Stanley Druckenmiller has only one high conviction trade on at the moment - short USD. Stanley is not your typical Wall Street shill (doing the opposite of what is told to the media), so he is actually betting against the USD; reason : he has never been this uncertain on the US and global economy in his 45 year career.
2. Aussie inflation rate came in at 7% over the March quarter....wage growth is 3.3%, so the average joe is getting poorer.
3. $100bn in deposits has left First Republic Bank (FRB)....safe to say that this crooked bank is toast....FRB has a dirty underbelly - see US Market Update for more.
4. Sonic Healthcare (SHL) is buying Medical Laboratories Duesseldorf for $298 mil. Looks like a great bolt on acquisition to capitalize on this boom in "BAFFLED" doctors sending their customers for every test under the sun...SHL will fund it via existing cash reserves and an already open debt facility. BUY last sale $35.73
5. Fox News just sacked it's best journo - Tucker Carlson.....I would definitely AVOID Fox News shares as it is getting more WOKE by the day.....Make sure you watch these 3 clips whereby Tucker drops truth bombs:
Tucker on the media complex....
This clip is very telling to probably what happened to Tucker pic.twitter.com/x6I6LvAQrc
— Luke Rudkowski (@Lukewearechange) April 25, 2023
Tucker on Blackrock, Goldmans and Zelensky.....
In January, Tucker Carlson reacted to a video of Zelensky thanking BlackRock, J.P. Morgan and Goldman Sachs for “rebuilding” Ukraine.
— Liam McCollum (@MLiamMcCollum) April 25, 2023
Tucker Carlson has consistently covered the corruption in Ukraine. He has also said that BlackRock is pushing ESG.
Well, in February of this… pic.twitter.com/6DxpF9WJcP
Tucker on Big Pharma/media....
https://twitter.com/travis_in_flint/status/1650670106207301632?s=12&t=oown6P0PKPjabcDaejJ0-g
ASX Market Update
ASX 200 down 5 points to 7316
It was not a bad session for us as a bit of money gravitated towards the GOLD sector....NCM put on 1.6% EVN added 3.5% and GDX increased 2%...I was a little surprised to see our banking sector holding firm considering the troubles in the US; investors thinking that our financial system will be immune to a US banking crisis are living in LaLa Land!
Random Observation
The price of sugar has bounced around 50% since November last year....According to TRADINGECONOMICS, key Asian sugar producing nations such as India, Thailand, China and Pakistan all experienced a tough season.
The Day Ahead
- Our SPI is down 20 points
- Bitcoin up 2.8% to $28,248
Movements affecting our resource stocks today (USD)
- BHP in the US up 2.2%
- Gold down 0.27% to $1999
- Paper Silver up 0.31% to $24.96
- Platinum up 0.41% to $1102
- Copper down 0.21% to $3.84
- Brent Crude down 3.76% to $77.73
- Iron ore up 2.4% to $104.85
Asian Market Update
Japan down 0.71%, Hong Kong up 0.7% and China was FLAT
The fairies won't be generating all this electricity....GOT COAL???
#China's #electricity consumption expected to exceed 9 tn kWh in 2023, rising 6% - 8% y/y, said Ouyang Changyu, deputy chief engineer of State Grid Corporation of China.
— YUAN TALKS (@YuanTalks) April 26, 2023
Global Market Update
US Market
DOW down 228 points to 33,301
First Republic Bank shares tanked another 30% overnight....Watch this clip - why am I not surprised!
First Republic wasn't really a bank after all. It was a pig trough full of interest-only mortgages for Wall Street execs in The Hamptons and Beverly Hills. Now they want to socialize the losses. #FirstRepublicBank $FRC pic.twitter.com/7QTPOQBDcJ
— Nobody Special (@JG_Nuke) April 25, 2023
European Markets
Germans down 0.48%, Brits off by 0.49% and Frenchies fell 0.86%
European investors remain remarkably confident considering what is happening within its banking system - stocks only dipped a little bit overnight.