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The Good Morning Report – 3rd November

Posted on November 3, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1.  Japan announced a $US110  package to help fight inflation...hahaha - pumping money into its economy will only exacerbate inflation...Global markets rallying as governments juice things up - DEBT, DEBT and more DEBT - that will never be paid back.

2. DP World just increased container fees at the port of Melbourne by up to 52%...inflation is getting baked into the system.

3.  It's now in your face at just how idiotic wind farms are - Orsted which is one of the world's biggest players, announced a US$5.6bn write down on its US assets. Orsted shares have been smashed by 81% since 2021...GREEN = SCAM = BLACK HOLE

4. Brissie based EV charging company Tritum, which is listed on the NASDAQ, has now collapsed 98%. It used to have a $2bn market cap - today just $34mil.....there are loss making train wrecks where ever you look.

5. In the space of about 2 weeks, Westpac has gone from predicting RBA rate cuts to now expecting multiple hikes!

ASX Market Update

ASX 200 up 61 points to 6899

Our market rallied again after the strong lead from Wall Street.

Money was coming in for the decimated property REITS on hopes that US interest rates have topped. Rising interest rates have been chewing into the margins REITS earn and also hurting valuations....I think, if you are looking to bottom fish on REITS (most  are trading at over 30% discounts to NTA) then you need to own OIL stocks as a hedge because if we get a proper OIL shock,  bonds will get smoked again, sending interest rates much higher thus squeezing REITS....CMW rallied 7.6% CLW put on 2.94% and GDI added 3.88%

Random Observation

The US government deficit spending is out of control....but they are not going to stop. The interest bill alone is set to crack $1 trillion before long.

The Day Ahead

  • Our SPI is up 70 points
  • Bitcoin up 0.3% to $34,609

Movements affecting our resource stocks today (USD)

  • BHP in the US up 1.5%
  • Newmont up 1.8%
  • Gold up 0.26% to $1992
  • Paper Silver up 0.29% to $22.85
  • Platinum up 0.11% to $931
  • Copper up 1% to $3.68
  • Brent Crude up 2.68% to $86.81
  • Iron ore up 0.8% to $122.45

Asian Market Update

Japan up 1.1%, Hong Kong added 0.75% and China dipped 0.45%

What a world we are living it....Just like abusing steroids - the side effects are going to be nasty.

It is inevitable that Japan will experience a full blow currency crisis.

Global Market Update

US Market

DOW up 564 points to 33,839

It has been a massive week on Wall Street with the DOW up 4.4%. Traders have been pouring into to stocks on the prospect of lower interest rates and out of control government spending.

European Markets

Germans up 1.48%, Brits added 1.42% and Frenchies surged 1.85%

European stocks took off overnight as investors get giddy over the prospect the FED has finished hiking rates.

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