The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. For the next 2 years the debt ceiling in the US will be UNLIMITED.
2. Copper output from Codelco which is the world largest miner, has hit a 25 year low....One day COPPER will start going gangbusters. BUY WIRE.
3. The major shareholder in Lark (LRK) just picked up another 870K shares or $1.5 million worth on market....Follow the money: BUY
4. Market is pricing in a 65% chance that the FED increases rates next month by 0.25%.
5. UK PM Rishi Sunak is drawing up plans for supermarkets to put price caps on food....Insanity - caps lead to shortages.
ASX Market Update
ASX 200 up 62 points to 7217
Our market rallied as US debt ceiling negotiators came to an agreement. Both banks and resources got some buying interest - NAB put on 1.3%, BHP up 1.4% and LYC added 3.8%
You could buy airline stocks, or alternatively you could buy OIL....I'm going with OIL.
22,000 flights in the air right now, topping the most we’ve ever tracked at one time.— Flightradar24 (@flightradar24) May 26, 2023
Yesterday we tracked more than 253k flights, another new single day record.
Follow along at https://t.co/krDfUYSbzK or download our free iOS and Android app at https://t.co/f99qumJeIk pic.twitter.com/KejAeJg9LA
The Day Ahead
- Our SPI is down 8 points
- Bitcoin up 0.44% to $27,690
Movements affecting our resource stocks today (USD)
- BHP in the US SHUT
- Newmont SHUT
- Gold down 0.1% to $1961
- Paper Silver down 0.21% to $23.31
- Platinum up 0.29% to $1030
- Copper up 0.26% to $3.67
- Brent Crude up 0.1% to $77.03
Asian Market Update
Japan up 1%, China added 0.28%, Hong Kong fell 1%
Iron ore bouncing back a bit...
— YUAN TALKS (@YuanTalks) May 29, 2023
Global Market Update
DOW SHUT FOR MEMORIAL DAY
German down 0.2%, Brits up 0.74%, Frenchies fell 0.21%
Hats off to FINLAND which now has an abundance of base load 24 hour power for its people!
Finland’s power prices dropped below zero this week as new nuclear reactor turned on
Those in Australia pushing for landfilling solar panels & bird mincers while resisting nuclear are betraying the Australian people
Net zero is achievable with nuclearhttps://t.co/ihlkltfCxm
— Katherine Deves 🇦🇺🚺 (@deves_katherine) May 26, 2023
Key Market Summary