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The Good Morning Report – 2nd November

Posted on November 2, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1.  The Canadian economy has officially entered a technical recession. Record migration and the mining sector hasn't been enough to stop the decline. Falling economy + rising prices means they are suffering STAGFLATION....Got to think that is an ominous sign for Australia considering we have similar economies.

2. At times Stockland (SGP) shares have been a great leading indictor for the direction of our residential property market.....Well SGP has fallen 16% since May (adding back the dividend), so let's see if property also dips.

3. Even the IMF is telling the RBA to raise rates.....Good chance that we get a hike on Melbourne Cup day.

4. Moons continue to align for the great copper shortage....Panama has just banned all new mining deals.... BUY WIRE

Canadian copper miner, First Quantum has exposure to Panama - nasty....

5. FED kept interest rates on HOLD

ASX Market Update

ASX 200 up 57 points to 6838

Despite our market making some reasonable gains there didn't seem to be much conviction behind the buying. Money found its way into IRON ORE miners and HEALTHCARE stocks....RIO added 2.4%, FMG put on 2.5% and RMD rallied 4%.

Random Observation

Paper beats rock??...nup!

The Day Ahead

  • Our SPI is up 11 points
  • Bitcoin up 0.5% to $34,541

Movements affecting our resource stocks today (USD)

  • BHP in the US up 1.5%
  • Newmont down 0.3%
  • Gold down 0.34% to $1987
  • Paper Silver up 0.18% to $22.98
  • Platinum down 1.3% to $932
  • Copper up 0.23% to $3.65
  • Brent Crude FLAT @ $85
  • Iron ore up 2% to $121.55

Asian Market Update

Japan up 2.4%, Hong Kong FLAT, China added 0.14%

$110K a month for a rental in Singapore- are you kidding!?!...I tell you what - it would be nice to plough $110K into cheap SILVER every month instead : you'd become a gazillionaire when the big move comes around.

Global Market Update

US Market

DOW up 221 points to 33,274

FED kept interest rates on HOLD @ 5.25% to 5.5%. Jerome Powell also gave an upbeat assessment of the economy.....Government continues to juice things up as debt levels surge - I think we are witnessing the most wasteful spending of all time.

European Markets

Germans up 0.76%, Brits added 0.28% and Frenchies put on 0.68%

Aston Martin shares fell 9% after announcing a production cut and a bigger than expected quarterly loss.

How shareholders must feel in Aston Martin - stock has crashed 52% since August....OUCH!!

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The information provided in this post is general information only. Unless otherwise stated the information is not designed for the purpose of providing personal, financial or investment advice. Any examples are presented for illustration purposes and past performance is not a reliable indicator of future performance. The information provided does not take into account your particular investment objectives, financial situation or investment needs.

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.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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