The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. RBA is kicking off a pilot trial for a Central Bank Digital Coin (CBDC)...I had hoped that CBDC's would stay a conspiracy theory as government control will go through the roof on implementation.
2. Shares in major crypto bank SilverGate collapsed 56% on the NYSE last night....house of cards.
3. China is ramping up the construction of COAL fired power stations at the fastest rate since 2015....Those thinking COAL is getting phased out are living in lala land.
4. With Whitehaven (WHC) and YanCoal (YAL) holding large cash balances and Stanmore (SMR) not even declaring a dividend, makes me think that all 3 are bidding for BHP's world class coking coal mines.
5. I can feel it in my bones that Newmont is coming back with a higher bid for Newcrest (NCM) BUY
ASX Market Update
ASX 200 up 3 points to 7255
Sort of a similar session to Wednesday where we saw a rotation out of FINANCIALS (down 1.5%) and into RESOURCES (up 2.6%). Just what we like to see!!... SFR put on 4.2%, NHC added 4.4% and S32 rose 5%.
#copper $4.1593 0.0087-0.21%— StockShaman ⚒ #PeakCopper AKA Greg Shafransky (@StockShaman) March 2, 2023
🏮🚨 Time to Panic🚨#LME 40% of warehouse stocks will be taking the slow boat to #china
*37,300 tonnes represents 16 hours of global use/supply
Can you hear the thunder? how far off is #PeakCopper I sat and wondered... pic.twitter.com/VA1XTwbzik
The Day Ahead
- Our SPI is up 12 points
- Bitcoin down 0.7% to $23,491
Movements affecting our resource stocks today (USD)
- BHP in the US was up 2.79%
- Gold down 0.2% to $1841
- Paper Silver down 0.62% to $20.96
- Platinum up 0.48% to $966
- Copper down 2% to $4.07
- Brent Crude up 0.38% to $84.63
- Iron ore up 0.2% to $84.49
Asian Market Update
Japan FLAT, Hong Kong down 0.92% and China FLAT
If you want inflation to rip even higher in the WEST then this is what you would do....
Global Market Update
DOW up 342 points to 33,003
US GOVERNMENT BONDS sold off again while stocks rallied.....Tesla fell 6.57% after Elon Musk's investor day didn't really excite the punters.
Germans up 0.15%, Brits added 0.37% and Frenchies put on 0.69%
Inflation in the Eurozone came in at 8.5% which was higher than the expected rate of 8.3%....Market shrugged it off to close higher.
And look, life is just getting better by the day for the POMS....
"You don't win friends with salad!" pic.twitter.com/wQ17Z3sLfi
— The Simpsons (@Simpsons_tweets) October 22, 2022