The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Aussie inflation came in at a weaker than expected 6% thanks to discounted furniture, clothes and appliances...I haven't bought any of that stuff recently so my inflation rate is way higher...Market now pricing in a 29% chance of a rate hike next week - down from 54%.
2. My goodness me - US bank Wells Fargo is doing a whopping $30bn share buyback....They should be buying $30bn worth of GOLD to really secure the future instead.
3. TESLA sold another US$282 million in carbon credits that they created out of thin air last quarter....Elon is the absolute master of gaming the system.
Become environmental warrior with Tesla's new Save Planet Earth Truck (just don't research Elon's supply chain or anything about what he does!).
4. Years of outperformance of Industry Super is coming to a big fat end as APRA is forcing them to properly value massive portfolios of unlisted assets (think office towers, wind farms, solar, IT, venture capital etc)......Wall Street knows this, so is getting nicely prepared to take a big chunk of the $2 trillion pot.
5. China is ramping up imports of Aussie COAL....They are going to need our high quality stuff for DECADES to come....No need to overthink it friends - BUY YAL,WHC, NHC,CRN and SMR.
ASX Market Update
ASX 200 up 62 points to 7402
UK Billionaire Joe Lewis, who is the major shareholder in Australian Agriculture (AAC) has been charged in the US with insider trading. Apparently he has been giving out red hot tips on a bunch of companies he is involved with to friends, family, lovers, personal assistants, deckhands and his pilots....Twiggy will be rubbing his hands together because I'm certain he wants to takeover AAC - maybe he will get his shot....Joe owns 50% of AAC while Twiggy has 18%.....AAC is a BUY last sale $1.46
What's the bet the normally sharp Joe, gets diagnosed with a serious case of dementia? Or perhaps he pulls a "Skasey"....
Super Asteroid with $10 Quintillion worth of METALS is a SUPER SCAM....
I believe the NASA/SpaceX mission to this super Asteroid full of metals is a complete HOAX that has been rolled out (started years ago) to scare people off buying PRECIOUS METALS....And the picture of the asteroid below, which is supposedly 420 million kilometers away, is CGI... so YES a complete fake....Pippa here is a former US Presidential advisor and thinks these metals will solve the climate crisis! (talk about a real whacko)
Psyche: Asteroid With $10 Quintillion Worth of Metals (Gold, Iron, Nickel, Silicon, Lithium, etc) Edges Closer to US Reach. The NASA Psyche Mission is less than 100 days away. Psyche is scheduled launch atop a SpaceX Falcon Heavy rocket from Space Launch Complex 39A at Kennedy… pic.twitter.com/820a3G0xL8— Pippa Malmgren (@DrPippaM) July 22, 2023
I can hear it now...but, but, but Adrian - NASA never lies!!!....Well before I believe anything they say - I would want to see this guys allegations be thoroughly investigated. Watch the vid below - maybe you might decide to scratch below the surface; there are literally armies of intelligent science geeks that dedicate their lives to exposing the fraud that is NASA/SPACE X and it is hilarious what some of them uncover.
And speaking of rocks - remember this doozey....LOL!!!
So please, sleep easy at night - there is not going to be $10 Quintillion worth of metals set to flood the market and obliterate the value of your portfolio. Anyone making those claims is a REAL Conspiracy Theorist.
The Day Ahead
- Our SPI is up 11 points
- Bitcoin up 0.5% to $29,377
Movements affecting our resource stocks today (USD)
- BHP in the US down 1.8%
- Newmont down 0.72%
- Gold up 0.5% to $1974
- Paper Silver up 1% to $25.07
- Platinum down 0.22% to $974
- Copper down 0.3% to $3.90
- Brent Crude down 1% to 82.80
- Iron ore up 1% to $116.50
Asian Market Update
Japan FLAT, China down 0.26% and Hong Kong off 0.36%
China has moved from 69% of its energy generated from COAL to 71%.....
So China has invested a squillion in renewables but COAL usage has gone up....Can someone get Blackout Bowen to explain what is going on?
Global Market Update
DOW up 82 points to 35,520
Well this wasn't on my BINGO card for 2023: the DOW has now increased for the 13th consecutive session, something which hasn't happened since 1987!.....Jerome Powell also increased rates by 0.25% to take the FED FUNDS rate to 5.25% to 5.5% which is a 22 year high.
Germans off 0.49%, Brits dipped 0.19% and Frenchies fell 1.35%
Luxury brands company LVMH fell 5% after reporting a drop in US sales....Keeping up with the Joneses is getting tougher and tougher.
Key Market Summary