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The Good Morning Report

Posted on August 2, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. RBA kept interest rates on HOLD @ 4.1% but warned of more hikes in the future.

2. According to the ANZ-Roy Morgan survey, consumer confidence rose by 3.2% to the highest level since April....I'm not getting excited by the uptick - maintain AVOID on consumer discretionary.

3. Canada's largest copper miner Tech Resources announced a major copper production downgrade....The ingredients are all there for copper prices to explode higher.

4. The SEC has instructed Coinbase to delist all crypto's on its exchange apart from BITCOIN.

5. Due to the low prices of rare earths at the moment, Lynas (LYC) is going to withhold product from the market....Bravo! BUY

ASX Market Update

ASX 200 up 40 points to 7450

Our market perked up a bit after the RBA kept interest rates on HOLD....I was predicting a HIKE just based on the fact that our interest rates are lower than in the US yet we have double the inflation rate.

Random Observation

Got Copper?...Got Aluminium?

 

The Day Ahead

  • Our SPI is down 41 points
  • Bitcoin FLAT @ $29,209

Movements affecting our resource stocks today (USD)

  • BHP in the US down 2.7%
  • Newmont down 2.8%
  • Gold down 1.37% to $1981
  • Paper Silver down 2.19% to $24.42
  • Platinum down 2% to $939
  • Copper down 2.48% to $3.90
  • Brent Crude down 0.23% to $85.23
  • Iron ore down 2.2% to $105.23

Asian Market Update

Japan up 0.92%, Hong Kong off 0.34% and China FLAT

Not sure how Xi Man is going to keep inflation in check while at the same time trying to pump up every sector of the Chinese economy.

Global Market Update

US Market

DOW up 71 points to 35,630

The Yanks have probably forgotten what a down day is as the DOW finished in the GREEN again....Caterpillar rallied 8.9% after posting strong results.

"Oh dear, your truck broke Mr Miner....don't worry that will only be another $10 Billion for a new one!"

European Markets

Germans off 1.26%, Brits down 0.43% and Frenchies dropped 1.22%

Twiggy is responsible for exporting incredible amounts of lower quality iron ore to China which translates to significantly higher pollution in the steel making process, yet he acts all high and mighty....The guy is a 7th dan black belt in con-artistry!

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Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

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August 8, 2022.
A huge thanks To Tracy And Adrian from Super Equity for sharing their knowledge on the recent Introduction To The Stock market Course I attended. The course was fabulous and gave a great insight on how the world operates from Share Markets, to Economic Cycles, World Currencies and great tips on how to look for opportunities on how and where to invest based on local news and world events along with overseas markets and indicators. Also thanks again Adrian for the Silver coin for 1st prize as part of the demo share market game we played over the duration of the course. Would thoroughly recommend the Stock Market course as well Tracy and Adrian's knowledge on our own investments. Cheers Charlie
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