The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Last year KKR lobbed a takeover bid for hospital operator Ramsay (RHC) @ $88 per share - the deal ended up falling over....Today you can pick up the stock for below $50. BUY.
2. JP Morgan said it is going to invest $1bn annually into AI.
3. China asks it's largest fund managers to AVOID net selling of stocks in order to support the market.
4. Disney shares hit a 9 year low - now down 58% from its high.
5. RBA staff have rejected a 10.5% pay rise over the next few years, saying it doesn't make up for the cost of living increases.....As of last year a whopping 1,428 people work for the RBA; got me buggered as to what they even do all day?!?!....Time for a major culling I say - let them get a taste of the real world.
ASX Market Update
ASX 200 up 44 points to 7159
AI exposed stock Appen (APX) tanked 32% to $1.52 after reporting a bigger than expected slowdown in their business which lead to a first half net loss of $43.3mil....I have been sus on this stock since $30 after I randomly stumbled across a whistle blower report who told a story that APX contractors do all sorts of dirty work for BIG TECH and GOVERNMENT (fact checking, censoring, bot posts, election interference)...APX contracts out over 1 million computer geeks, so anything is possible. I have no confidence in the company - if I miss out on a bounce from here, then so be it. AVOID.
Funnily enough, the whistleblower quickly vanished from the internet - never to be heard of again; if I had any power, I would raid this company to see what the hell they have been up to....It sure is a shame that journalism is dead, because I reckon there is a cracking story in all of this.
Germany has spent hundreds of billions on renewables but has been forced to ramp up COAL consumption to keep the lights on....This is absolute proof that you can't replace base load power (nuclear in this case) with intermittent renewables...Albo, Chalmers and Bowen are lying to you.
🇩🇪 Germany’s coal consumption is through the roof!— Johan Christian Sollid (@sollidnuclear) August 27, 2023
The phase out of nuclear power in Germany over the last two decades made their reliance on coal even greater.
Germany is the example not to follow!
Source: Eurostat databrowser pic.twitter.com/ToIw0aLB38
The Day Ahead
- Our SPI is up 14 points
- Bitcoin FLAT @ $26,137
Movements affecting our resource stocks today (USD)
- BHP in the US up 1.58%
- Newmont up 1.87%
- Gold up 0.47% to $1947
- Paper Silver up 0.13% to $24.26
- Platinum up 2.87% to $975
- Copper FLAT @ $3.76
- Brent Crude FLAT @ $84.47
- Iron ore down 1.1% to $112.50
Asian Market Update
Hong Kong up 0.97%, China added 1.13% and Japan rallied 1.73%
No surprises that Aussie lithium miners have been getting pummeled as well...
— CN Wire (@Sino_Market) August 28, 2023
Global Market Update
DOW up 213 points to 34,559
US stocks followed on from the positive session in Asia as almost every sector of the market finished in the GREEN.
Germans up 1%, Brits SHUT, Frenchies rallied 1.32%
Are we starting to see the effects of the de-industrialization of Europe?