The Good Morning Report – 30th November

The latest market news, commentary and strategy by Adrian Rowney 

Today's Report proudly sponsored by:

 

5 Things that Grabbed my Attention

1.  ABS reported that annual inflation came at a lower than expected 4.9% in October. Petrol, clothes and some food prices fell....Market pricing in just an 11% chance of a rate hike next week.

2. Giddy up - Stanmore (SMR) just announced a special dividend US5.8c fully franked. Probably come in at about AUD 8.8c. It goes Ex dividend on the 4th Dec paid into accounts on the 14th.

3. First Quantum has to shut down its giant copper mine in Panama after it's mining license was declared unconstitutional by the Supreme Court.....Got copper exposure in your super? The coming shortage is going to be an absolute rip snorter! 

4. RBNZ kept interest rates on HOLD @ 5.5%

5. Charlie Munger who was Warren Buffet's right hand man, has passed at the ripe old age of 99. 

ASX Market Update

ASX 200 up 20 points to 7035

With just a little bump in the GOLD price, the GOLD miners took off. The XGD surged a whopping 4.8% in the session!....NEM rallied 5.4%, GDX added 4.4% and SLR put on 3.29%. Speaking of SLR - I think that mid cap GOLDIE should see some quick catch up. BUY 

Random Observation

The Day Ahead

  • Our SPI is up 16 points
  • Bitcoin down 0.7% to $37,849
  • BHP in US down 1.2%
  • Newmont in US up 1.06%
  • Block Inc in US up 1.53%

Movements affecting our resource stocks today (USD)

  • Gold up 0.3% to $2047
  • Paper Silver up 0.6% to $25.09
  • Platinum down 1% to $940
  • Copper up 0.14% to $3.80
  • Brent Crude up 1.73% to $83.09
  • Iron ore up 0.7% to $128.20

Asian Market Update

Japan down 0.26%, Hong Kong off 2.08% and China fell 0.56%

$71bn paper loss on bonds and the market doesn't even bat an eye lid!

Global Market Update

US Market

DOW up 35 points to 35,459 (hour to go)

General Motors shares surged 9.3% after announcing a boost to their dividend and a $10bn share buyback...I think this buyback news will go down like a hole in the head for their angry workforce that has been crushed by inflation.

European Markets

Germans up 1%, Brits off 0.43% and Frenchies added 0.24%

Stocks rose 1% in Germany as investors celebrate inflation cooling back to 2.3% and a declaration from the Reuters that their ENERGY CRISIS is over...Meanwhile Michelin is the latest to tap out of the country.

https://twitter.com/kitklarenberg/status/1729591265178591734?s=12&t=KFgnkFOyuXL0789pA_VwBA

"Hey VLAD look look...that's Scholtz the German Chancellor who banned your cheap and very reliable energy. Now I'm getting their factories and your cheap and reliable energy. Scholtz is a great friend of China, we love him dearly!!"

Key Market Summary

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Stephen Hall
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