The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. RBA kept interest rates on HOLD @ 4.10% for the 4th month in a row....Bullocks did leave the door open for more hikes though.
2. Bank of Japan (BOJ) conducted more emergency BOND purchases to keep interest rates low; are they going to print the YEN into oblivion?
3. According to Corelogic, Sydney home prices have rallied 11% since the start of the year.
4. Singapore's central bank continues to accumulate GOLD.
5. Our Christian clients will certainly get a kick out of this; someone hacked the US Debt Clock the other night and put this message up...Classic!!!
ASX Market Update
ASX 200 down 89 points to 6943
Bit of a nasty session on the ASX for us as metals/miners and energy stocks were sold off....With China on holidays for the week, money just seems happy to flow into the perceived safety of the USD....NCM fell 3.2%, ETPMAG off 1.93% and WDS dropped 3.72%
And to save you going through Bullocks monthly RBA statement I found this...
To summarize our statement pic.twitter.com/SD3ogttA8W
— Reserve Bank of Property (@RBASHAGGER) October 3, 2023
Congratulations to the young working class homebuyers of this beautiful home in the working class neighborhood of Kensington. pic.twitter.com/l2a3R3K2TE
— Reserve Bank of Property (@RBASHAGGER) October 2, 2023
(google the address - I promise you that this sale is real...I think we need 18% interest rates again. LOL!!!)
What a timeless quote...looks to be playing out as we speak!
The Day Ahead
- Our SPI is down 31 points
- Bitcoin down 1.8% to $27,350
Movements affecting our resource stocks today (USD)
- BHP in the US down 1.9%
- Newmont down 0.93%
- Gold down 0.39% to $1840
- Paper Silver down 0.19% to $21.38
- Platinum down 1.16% to $876
- Copper down 0.64% to $3.61
- Brent Crude up 0.35% to $91.03
Asian Market Update
China SHUT, Japan fell 1.64% and Hong Kong lost 2.69%
Singapore could choose to buy short maturity US treasury bonds and get over 5% pa, but they continue to accumulate GOLD....I'm pretty sure they know what is coming.
Singapore's central bank (MAS) can't stop buying gold.
MAS added another 1.6 tonnes of gold to Singapore's national reserves during September, and now holds 229 tonnes of gold.
Singapore has bought a whopping 75 tonnes of gold so far this year, boosting its gold reserves by… pic.twitter.com/BXJCthCjx1
— BullionStar (@BullionStar) October 2, 2023
Global Market Update
DOW down 430 points to 33,002
BONDS got whacked again with the yield on 10 year Treasuries hitting a 16 year high of 4.8%....With the financial system morphing into some kind of grotesque leveraged blob of derivatives, I can only see massive pain coming down the pipe.
Germans off 1%, Brits dipped 0.5% and Frogs fell 1.01%
Wind farm stocks fell yet again in Europe...What a train wreck this sector is (environmentally as well) - even with electricity prices booming they still can't make money and only survive thanks to overly generous tax payer subsidies. These companies have always been worth diddly-squat in my book. Orsted lost 4.9% and Vestas Wind fell 4.4%.
Key Market Summary