The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. FED increased interest rates by 0.25% setting a target range of 4.5% to 4.75%.
2. Central Bank of Lebanon just devalued its currency by 90% Vs USD....See now why the EAST is loading up on GOLD?
3. General Motors (GM) is investing US$650 mil into an American lithium miner.....race is on to secure long term supplies of key commodities.
4. According to Corelogic, Aussie home prices fell by 1% in January.
5. Norway's giant $US1.3 trillion sovereign wealth fund lost 14% or $164bn in 2022.
ASX Market Update
ASX 200 up 25 points to 7501
I decided to give the latest and greatest AI platform a run in order to see if I will be out of a job soon....I asked IT to do an ASX Stockmarket update:
Seems I am safe from the machines for the time being......Anyway - our market rallied due to the positive lead from Wall Street and optimism over the Chinese economy now that it has opened back up. RIO added 1.4%, Telstra put on 1.7% and FLT was the star after rallying 8% - as investors obviously like the new acquisition.
....but...but...you can't go wrong in property!
The Day Ahead
- Our SPI is up 23 points
- Bitcoin up 2.2% to $23,580
Movements affecting our resource stocks today (USD)
- BHP in the US down 0.6%
- Gold up 1.1% to $1967
- Paper Silver up 1.09% to $24.09
- Copper down 0.99% to $4.18
- Brent Crude down 2.5% to $83.32
- Iron ore up 2.4% to $126.33
Asian Market Update
China up 0.9%, Hong Kong added 1% and Japan was FLAT
Some big upgrades are coming in for the Chinese economy....
Global Market Update
DOW up 6 points to 34,092
Tech stocks took off after Jerome Powell only hiked rates by 0.25% and said the disinflationary process has started....Tesla shares surged another 4%:
FTSE down 0.14%, DAX up 0.35% and CAC was FLAT
European markets were quiet as traders were waiting for the FED to announce interest rates before making any big moves.
Key Market Summary