The Good Morning Report – 31st January

1. Retail sales in Australia fell 2.7% last month as many consumers have hit the wall….Household goods retailing tanked 8.5%, with clothing and footwear falling 5.7%.…And the 100 year old Godfrey’s went bust.

2. IGO (IGO) is cutting back production at the 51% owned giant Greenbushes lithium mine.

3. Shares in vertically integrated chemical group DGL (DGL) is on the move and put on 5.71% yesterday to close at $0.925. With an NTA of $1.17 it is still a BUY

4. RipCurl (KMD) have deleted all official posts that they supported the tranny who is infiltrating women’s surfing….For a moment there, I thought management were going to completely self destruct the brand.

5. Renault scrapped the IPO of its EV called Ampere. Weaker than expected demand and increased competition from China was the problem.

ASX 200 up 48 points to 7537

Propel Funeral Partners (PFP) went into a trading halt as it announced details of a new acquisition and also gave a trading update….I’m certainly not surprised they have been run off their feet, but the ABS is now reporting that excess deaths have come back to the mean. So after the big run the stock has been on I’m downgrading to a HOLD.

Shipping costs have surged….we could easily see a second wave of inflation come through in a few months.

  • SPI is down 5 points
  • Bitcoin up 1.3% to $43,482
  • BHP in US down 0.2%
  • Newmont in US down 0.48%
  • Rio in London down 1.22%

Movements affecting our resource stocks today (USD)

  • Gold up 0.46% to $2054
  • Paper Silver up 0.19% to $23.29
  • Platinum down 0.3% to $933
  • Copper up 0.97% to $3.91
  • Brent Crude up 0.57% to $82.87
  • Iron ore down 1.7% to $133.15

Japan up 0.11%, Hong Kong down 2.3% and China fell 1.8%

Chinese officials are relaxing property investment restrictions across the country and the PBOC is cranking the money printer to support the market…..This is good for commodities and our miners.

DOW up 133 points to 38,467

Mixed bag on Wall Street overnight as TECH stocks dipped while industrials mostly increased…. The Federal Reserve committee has begun it’s two day meeting to decide on interest rates. The market is pricing in a 97% chance that rates will be kept on HOLD.

Germans up 0.16%, Brits added 0.44% and Frenchies put on 0.48%

Macron picked a fight against the FRENCH FARMERS that he is not going to win….In fact we are seeing revolt from farmers across Europe….If you have got the time, go to X and put “French Farmers” or “German Farmers” into the search section then watch what is going on. Go the farmers!!!

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