The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. The government and mainstream economists are trying to deceive you as they celebrate by saying “inflation is falling” or it is in “free-fall”….Fact is: 4.1% inflation means prices are still going up and are 4.1% more expensive than 12 months ago when things really spiked….Inflation is theft – the government has stolen the purchasing power of your money.
2. Here we go…Saudi Arabia has officially joined BRICS.…GOLD for OIL is going to happen one day.
3. Large corporates across America are making some hefty layoffs – and the markets are loving it as corporates reduce their cost base to protect margins.
4. Biden is going to lend $1.5bn to get a Michigan nuclear power plant restarted…Bullish news for URANIUM keeps flowing.
5. It is the end of the road for Australia’s largest citrus fruit grower Costa Group (CGC) on the ASX as a Wall Street private equity mob gets an absolute bargain…..Our $3 Trillion Superannuation pool of funds put up no resistance whatsoever. What a joke…CGC will cease trading on the 8th of FEB….Shareholders should SELL and put the proceeds into IZZ.
ASX Market Update
ASX 200 down 92 points to 7588
Our market basically gave back what it put on in the previous session as the FED Chair Jerome Powell said an interest rate cut next month was unlikely. Financials took the brunt of the selling which collectively fell 1.8% while PMGOLD closed 0.8% higher and Newmont (NEM) put on 1.25% – got to say that NEM looks ridiculously underpriced.
Random Observation
And the market thinks rate hikes are done and dusted….LOL!!!
The Day Ahead
- SPI is up 11 points
- Bitcoin down 1.6% to 42,789
- BHP in US up 0.88%
- Newmont in US was up 2.26%
- Rio in London up 1%
Movements affecting our resource stocks today (USD)
- Gold up 0.3% to $2073
- Paper Silver up 0.6% to $23.31
- Platinum down 1% to $922
- Copper down 1.3% to $3.85
- Brent Crude down 2.15% to $78.82
- Iron ore up 1.1% to $131.20
Asian Market Update
Japan up 0.61%, China down 1.48% and Hong Kong fell 1.39%
Alibaba was up 2% on the news – I think this Chinese tech behemoth has some big upside – looks so CHEAP vs AMAZON.
Global Market Update
US Market
DOW up 275 points to 38,425 (hour to go)
Investors continue to ignore the flaring crisis in US regional banks. NY Community Bancorp fell another 8.8% overnight….At the moment it would appear the market is excited about the huge job losses being announced in a stack of corporates as they go about protecting margins.
European Markets
Germans down 0.4%, Brits off 0.47% and Frenchies dipped 0.27
Police are now arresting French farmers….This doesn’t end well for Macron.
Key Market Summary
