The Good Morning Report

5 Things that Grabbed my Attention

1. GOLD hit a fresh all time high in YEN.

2. Star Group (SGR) wrote down the value of it's casinos by $2.17bn. The market had largely factored this in, which is why there was no reaction in it's share price.

3. Virgin boss Jayne Hrdlicka said allowing more competition from QATAR Airways would have slashed overseas airfares for Aussies by at least a third.....All of Albo's major policies are inflationary.

4. Lark Distilling (LRK) shares are trading at a significant discount to it's whisky bank which has now grown to 2.4 million liters....I value it's whisky bank alone at $244 million or $3.25 per share. BUY last sale $1.57

5. WHC goes ex dividend of 42c fully franked on Thursday - it's 9% grossed up!!...You have to buy the stock today to qualify for it.

ASX Market Update

ASX 200 up 50 points to 7210

Star Group (SGR) spelled out below, exactly what issues they face over the coming months. AUSTRAC & Debt Refinancing are the two big ones to watch in my view; with the stock languishing at record lows, I could make a decent case to BUY - but at the same time I have an equally solid case to rate it as an AVOID....So what to do???? BUY ETPMAG & ETPMPT instead - risk/reward on those two are sen-friggin-sational!!!

I know I sound like a bit of a wuss - but I'm watching SGR from the sidelines.

Random Observation

Whisky as an asset class!....BUY LARK (LRK)

Casks of whisky gain value over time, qualifying them as collateral for long-term financing. https://t.co/7Q63pMSlPW

— Nikkei Asia (@NikkeiAsia) August 28, 2023

The Day Ahead

Reports: BXB,PGL,CCX,HLS,FLT,ABA

• Our SPI is up 33 points
• Bitcoin up 7% to 27,933

Movements affecting our resource stocks today (USD)

• BHP in the US up 2.18%
• Newmont up 1.23%
• Gold up 0.95% to $1965
• Paper Silver up 2.16% to $24.77
• Platinum up 1.5% to $987
• Copper up 1% to $3.79
• Brent Crude up 1.3% to $85.53
• Iron ore up 0.1% to $110.30

Asian Market Update

Japan up 0.18%, Hong Kong up 1.95% and China put on 1.2%

Investors are finding out the hard way that AI is not translating to easy gains.....

Chinese AI software company #SenseTime tumbled as much as 8% in HK.
It's reported SenseTime kicked off a new round of layoffs and its first-half earnings results showed gross profit slid by 30.5% y/y and gross profit margin sank 20.7 ppt.https://t.co/haGgRmRP6L https://t.co/Ht5PCPyWpm pic.twitter.com/Bnaj9Z9OnD

— YUAN TALKS (@YuanTalks) August 29, 2023

Global Market Update

US Market

DOW up 292 points to 34,852

Bitcoin surged 7% after a court overturned a decision by the SEC to block Grayscale Investments from launching a spot BITCOIN ETF.

European Markets

Germans up 0.88%, Brits rallied 1.72% and Frenchies put on 0.67%

Mining sector was the best performing group in the UK....Glencore rallied 2.85% and Anglo put on 3%....The positive sentiment is likely to carry through to the ASX today.