The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

4 Things that Grabbed my Attention

1. Reiterating my  BUY on Propel Funeral Parlors (PFP) last sale $4.30....Does the market even know this info?

2. Listed property stocks are not copping with surging bond yields (money is getting expensive). Cromwell (CMW) just hit an 18 year low - it now trades at a cheaper price than back in the GFC.

3. Crypto looks so screwed...Just found out that CBA has also placed restrictions on customers moving money to crypto platforms.

4. Bruce Mathieson is down around 60% or $84 million on his stake in Star Group (SGR) he bought earlier this year -not often you see a billionaire mistime an investment that badly....Now I'm not having a dig at him, just pointing out that investing is hard. Bruce will still go down in history as one of Australia's all time greats.

ASX Market Update

ASX 200 down 5 points to 7024

While our market closed basically FLAT, there was some decent swings within sectors. Energy was the top performer - WHC put on 6% and CRN rallied 4% while the GOLDIES faired the worst - NCM fell 5% and SLR lost 4.68%....The surge in the price of DIESEL and labour  shortages would certainly be created some serious headaches for miners as cost of production jumps - so it becomes a sort of survival of the fittest. Many small miners/explorers are currently going to the wall as we speak. At the end of the day, this back drop has to become absolute rocket fuel for metals - and I'm talking ripping the faces off the shorts kind of moves!

Random Observation

Banks are making it harder for us to use our own cash and now they are placing restrictions on where we can electronically move it. They market it as being for your own SAFETY, but at the end of the day we are being trapped inside the financial system.


The Day Ahead

  • Our SPI is up 21 points
  • Bitcoin up 2.63% to $26,941

Movements affecting our resource stocks today (USD)

  • BHP in the US up 2.7%
  • Newmont down 1.17%
  • Gold down 0.44% to $1882
  • Paper Silver up 0.38% to $22.81
  • Platinum up 2.15% to $905
  • Copper up 2% to $3.70
  • Brent Crude down 1.4% to $95.16
  • Iron ore up 1.2% to $119.35

Asian Market Update

Japan down 1.54%, China up 0.1%, Hong Kong fell 1.36%

Hilarious...carbon trading in Indonesia is probably going to be dodgier than the NFT market ever was!

Hey carbon mister...good luck morning price for make big money mister, I have!

Global Market Update

US Market

DOW up 172 points to 33,723 (half hour to go)

We saw a bit of a relief rally in US stocks overnight as yields on treasuries fell (which means money got a tad cheaper). But overall I am very surprised that higher bond yields haven't translated to a far bigger selloff in stocks. Why?...because the yield on US government bonds are greater than the dividend yield on investing in the market which makes bonds more attractive than stocks.

European Markets

Germany up 0.7%, Brits added 0.11% and Frenchies put on 0.63%

German inflation rate came in at a lower than expected 4.3%....Food prices were up on average 7.5% which means the working poor are still getting stung.....The data is nothing to celebrate - only the bubble dwellers are .

Key Market Summary

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Stephen Hall
Stephen Hall
September 21, 2023.
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