The Good Morning Report – 28th of June

1. While residential property continues to go up, office property is still on the nose…..Dexus (DXS) just cut the value of it’s office portfolio by 11.3%.

2. Victorian nurses got a 28% pay rise over the next 4 years….Inflation is alive and well. (The nurses’ landlords will now be licking their chops – it’s a vicious cycle)

3. Baby Bunting (BBN) shares rallied 19% to $1.47 after reported that sales have stabilized. May 1 to June 24 sales were only down 0.7% Vs same period as last year. Numbers earlier this year were off by 7.7% – so it is a considerable improvement….BBN could be a takeover target with HMC recently accumulating a 12% stake of the badly beaten up retailer.

4. Levi’s shares fell 15% on the NYSE after warning that retailers are worried about carrying too much stock due to a weak consumer…..another RED FLAG.

5. Qatar Airways is in talks to buy 20% of Virgin….Last year Qatar applied to send more flights to Australia but was blocked by Airbus Albo who was protecting his bum chum Alan Joyce, so this deal could be a backdoor way to increase its presence. The extra competition is good for travelers, but a negative for Qantas (QAN).

ASX 200 down 23 points to 7759

Property stocks were the worst performers in the ASX 200, however most of them went ex-dividend. Mirvac (MGR) shares for example fell 11.5c or 5.97% but paid out a 6c dividend – so in reality shareholders were only down 5.5c or about 3%.

Generally when a company goes ex-dividend it will fall by at least the amount that is being paid out. That is because the company’s bank balance and hence it’s worth will also fall by the dividend amount.

The AI boom is going to be a great development for THERMAL COAL, GAS and URANIUM…I think energy stocks are going to get a huge rerating higher by the market.

  • ASX futures up 17 points
  • Bitcoin up 1.2% to $61,869
  • BHP in US down 1%
  • Newmont in US up 1.2%
  • URNM in US up 1.5%

Movements affecting our resource stocks today (USD)

  • Gold up 1% to $2337
  • Paper Silver FLAT @ $29.27
  • Platinum down 3.27% to $1002
  • Palladium up 0.36% to $928
  • Copper down 1.14% to $4.32
  • Brent Crude up 1.45% to $86.49
  • Iron ore down 0.9% to $105.65

Japan down 0.82%, Hong Kong off 2.06% and China fell 0.9%

The Bank of Japan (BOJ) will likely intervene and buy the YEN to push it higher, but that will only be a temporary fix as the market will keep selling it off….The BOJ has abused the money printer for far too long, so the economic consequences of devalued YEN will be substantial (rampant inflation/stagflation is coming for them)…..The Japanese people who switched their savings into GOLD/SILVER have protected their wealth.

DOW up 36 points to 39,164

Giant pharmacy chain Walgreens tanked 24% after missing earnings estimates and cutting forward guidance. The stock is now trading at a price last seen in 1997.

Hey Walgreens – how does an offer of $1 per share sound? We’ll shut most of the stores, sack 90% of workers and send the lucky few into my warehouses who will have ‘safe and effective’ jobs until our operation is running completely off robots and AI….Do we have a deal???

Germans up 0.3%, Brits off 0.55%, Frenchies fell 1.03%

H&M shares fell 13% after reporting second quarter profits came in below expectations as margins tighten….They are going to have to put up prices of clothes if they want to maintain profitability – but then demand could suffer….What to do – what to do.

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July 9, 2024.
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