The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. The world’s largest URNM miner Kazatomprom has cut next years production guidance by 17%….Lower supply is great news for prices.
2. I’ve added Boss Energy to my BUY list….BOE has just started mining URANIUM from it’s project in South OZ. BUY last sale $3.13
3. AFR reported that Australian Super just took a $1.1bn hit on a private equity deal gone wrong….I’m fairly certain Industry Super is sitting on a stack of unlisted disasters that are hidden via crooked valuations – it will all come out eventually.
4. Canada is implementing 100% tariffs on Chinese EVs and 25% tariffs on steel and aluminum.
5. UK power bills are set to increase on average by 10% starting in October….so much for the end of inflation.
ASX Market Update
ASX up 60 points to 8084
URANIUM stocks were star performers on our market. PDN rallied 11.8%, BOE put on 7.5% and URNM added 6.9%. I’m expecting some solid gains in the future from the sector…..URANIUM sort of reminds me of LITHIUM back in 2018/2019 when all the large autos were announcing massive investments in EVs but this time it is governments announcing massive investment in nuclear power plants.
Random Observation
I’ve been calling BS on the US jobs numbers, so seeing this came as no surprise….
The Day Ahead
BHP, Woodside and Coles are reporting results today.
- ASX futures up 18 points
- Bitcoin down 0.9% to $63,558
- BHP in US up 0.3%
- Newmont in US up 0.5%
- URNM in US up 0.12%
Movements affecting our resource stocks today (USD)
- Gold up 0.35% to $2555
- Paper Silver up 0.59% to $29.99
- Platinum up 0.34% to $969
- Palladium up 1.38% to $955
- Copper up 0.36% to $4.21
- Brent Crude up 2.85% to @ $81.27
- Iron ore up 4.3% to $100.25
Asian Market Update
Japan down 0.66%, China FLAT and Hong Kong up 1.06%
Iron Ore has been going back up which has been leaving the so called experts scratching their heads….There are reports that inventories of the stuff have declined (lower supply = higher prices).
Global Market Update
US Market
DOW up 0.16%
Kind of ironic that the market is fully pricing in a 100% chance that the FED will cut rates by 0.25% next month while the DOW just hit a fresh record high.
European Markets
Germans FLAT, Brits up 0.48% and Frenchies put on 0.18%
Shell and BP only put on just under 1% each in London despite Brent Crude prices rallying 3%…..With war in the Middle East it’s surprising that oil prices are sub $100…..In the WESTERN world we just take it for granted that there will always be this plentiful supply of OIL but I think we are headed for a major disruption/shock…..I’m so BULLISH on ENERGY stocks which are dirt cheap and can feel some big gains are a comin’!
Key Market Summary
