The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. US Oil giant Chevron announced plans to buyback $75bn worth of stock or 20% of its shares on issue (don't worry I didn't believe it at first either!) that's  $75bn which won't be spent on increasing supply; Another reason to be BULLISH on OIL.

2. Thermal COAL price fell 11% sending the miners lower; prices above US$200 per ton still translates to huge cash flows for the sector. BUY the dips!

3. Aussie inflation rate is now running at 7.8%....there is a reasonable chance the RBA increases rates by 0.5% - just to really screw over the working class.

4. GOLD is hitting record highs in a stack of different currencies.

5. This looks like a BIG FAT RED FLAG for investors in any offshore commercial property funds....The big funds can FREEZE redemptions on the spot  - remember the GFC?

ASX Market Update

ASX 200 up 25 points to 7493

Buying in the BIG 4 BANKS and BHP were the major reason our market closed higher...On the negative side, COAL miners took a hit as thermal coal prices fell 11%; WHC down 6.6%, YAL lost 9.5% and NHC dropped 9%...I still think there is plenty of gains to be had in energy as the supply/demand situation is set be favorable to investors for years to come - my advice is to ride the swings (pick up HUGE dividends) and accumulate more on the dips!... Interesting to note that Stanmore (SMR) closed at a record high of $3.73 as MET COAL prices didn't fall. (I was a little surprised YAL got caught up in the selling because it sells both MET COAL + THERMAL so won't be impacted as much)

Random Observation

AVOID PFIZER shares...have a go at this piece of sh#t Pfizer scientist and what they are scheming. Pfizer is a company with NO MORAL COMPASS. (The below clip has gone know it is worth watching if GOOGLE and YOUTUBE have censored it).

The Day Ahead

  • Our SPI is up 14 points
  • Bitcoin FLAT @ $23,121 (Saturday morning price)

Movements affecting our resource stocks today (USD)

  • BHP in the US down 1.9%
  • Gold down 0.12% to $1927
  • Paper Silver down 1.2% to $23.72
  • Copper down 0.88% to $4.23
  • Brent Crude down 1.8% to $86.66
  • $A buys 71.03 US cents

Asian Market Update

CHINA SHUT, Hong Kong up 0.54%, Japan was FLAT

Global Market Update

US Market

DOW up 28 points to 33,978

TECH stocks continue to rally hard after the huge selloff last year; Tesla was the standout after popping 11% as the market cheered on better than expected earnings - the stock has now surged 63% from its January 3 low.

European Markets

FTSE FLAT, DAX up 0.11% and CAC was FLAT

ECB has currently set the lending rate at 2.5% - so money is still historically cheap as chips...what's going to happen when they double rates?

Key Market Summary

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July 9, 2024.
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