The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. If Israel wants to properly crush Iran financially it will destroy it’s OIL fields and and related export infrastructure…..Kind of wild that short selling in OIL is at the highest levels for 5 years, so a huge spike in prices could be on it’s way which would send our very CHEAP ASX listed energy stocks soaring.
2. 45,000 port workers across the east coast of the USA have gone on strike – they are demanding to share in some of the bounty enjoyed by the big corporates (like Amazon) over the COVID years…We haven’t seen strike action like this since the 70’s…..Positioning portfolios for STAGFLATION is key.
3. Another nuclear power plant in the US is going to restart by 2028 after getting funding from the government…..The next leg up in URANIUM prices could be a big one. BUY PDN, BOE and URNM.
4. The very Honourable Mark Vaile (former deputy PM) has topped up on his Whitehaven (WHC) shares. He now owns close to $10 million worth….I tell you what – these former politicians who go on to become professional directors, are doing alright for themselves. Kissing babies, licking envelopes and door knocking for votes certainly pays dividends!
5. Tanzania is mandating that GOLD miners allocate a minimum 20% of output for it’s central bank to buy.
ASX Market Update
ASX down 60 points to 8208
With the Chinese on holidays, traders decided to take some money off the table which saw BHP fall 2.8%, FMG off 3.48% and RIO close 2.63% lower…. Banks were also on the nose as nerves that our property market may start hitting the skids – Melbourne has already rolled over a bit. CBA fell 1.5% and WBC dropped 1.67%
Random Observation
RBC’s punishment for one of their trading clients leaking inside information to the commoners, is getting barred/suspended from receiving any more inside info from the RBA.
The Day Ahead
- ASX futures up 2 points
- BHP in US was up 0.5%
- Newmont in US up 1.29% (frenzied buying is coming)
- URNM in US up 2.25%
- Bitcoin down 3.98% to $60,922
Movements affecting our resource stocks today (USD)
- Gold up 0.96% to $2684
- Paper Silver up 0.82% to $31.75
- Platinum up 1.123% to 1003
- Palladium up 0.53% to $1005
- Copper up 0.56% to $4.57
- Brent Crude up 3.68% to $74.34
- Iron ore down 1.7% to $107.90 (trading in Singapore)
Asian Market Update
China and Hong Kong SHUT, Japan up 1.93%
After the mother of all moves to the upside, the Chinese markets are now shut until next Tuesday….I’d say the Xi Man expects the people to spend up big now that they are all cashed up and brimming with confidence. “Golden Week” could be a record breaker.
Global Market Update
US Market
DOW down 173 points to 42,156
US presidential election is coming up next month so let the CHAOS begin! The huge strike and a major war in the Middle East is definitely a nice start….Big Pharma, Wall Street and the US Industrial Military Complex are desperate for Kamala as she has no plans in upsetting the order of things. Trump along with RFK Jnr on the other hand want to turn the entire system on it’s head.
*Big Tech seems to be fairly neutral this time around as both candidates are all in on AI. Some of them may prefer Trump due to his energy policies.
** I hope Trump gets in as he is the only hope for any sort of lasting peace around the world – those 4 years he was president between 2016 to 2020 were a magical, peaceful time for humanity as a whole….A Kamala administration = endless wars.
European Markets
Germans down 0.58%, Brits added 0.48% and Frenchies off 0.81%
BUY ENERGY stocks…..We seriously take it for granted that there will always be this endless and reliable supply of OIL and GAS to power our lives.
Watch this – just like the movies….