The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. OIL put on 5% as the situation in the Middle East flared up…..Vlad is telling all Russians to leave Israel immediately after the Israeli’s blew up a Russian military base in Syria…..BUY ENERGY producers.
1. Mega US retailer Costco announced it is now selling PLATINUM bullion.
2. The PLATINUM market is absolutely tiny with only 7 million ounces ($US7bn worth) mined per year so a small increase in investment demand from around the world could trigger a massive rally….BUY ETPMPT
4. CoreLogic is reporting that ritzy suburbs in Sydney and Melbourne are down between 5% to 6% – no co-incidence that BANK stocks have been falling. AVOID….Those that geared up to the eyeballs for their dream home are probably sweating bullets right now.
5. Westpac (WBC) is selling it’s auto finance loan book to Resimac (RMC)……RMC shareholders could be getting a bit of a hospital pass.
ASX Market Update
ASX 200 up 7 points to 8025
Bit of a snoozy old session on our market….A big investor in Pilbara Minerals (PLS) sold $271 million worth of shares at around $3.18. The AFR believes it was China’s Ganfeng behind the selling. I am not a buyer of the stock at this stage. PLS closed 4.8% lower to $3.15.
Random Observation
All of a sudden PLATINUM has entered the mainstream…Would love to see some PLATINUM FEVER!!!…..BUY ETPMPT
The Day Ahead
- ASX futures down 36 points
- BHP in US down 2.47%
- Newmont in US down 1.77% (while gold is up?!??)
- URNM in US down 0.92%
- Bitcorn up 1% to $60,876
Movements affecting our resource stocks today (USD)
- Gold up 0.34% to $2678
- Paper Silver up 1.39% to $32.36 (It’s trying!!)
- Platinum down 1.1% to $1005
- Palladium down 1.3% to $1005
- Copper down 2.28% to $4.54
- Brent Crude up 5.25% to $77.78
- Iron ore up 0.6% to $108.75
Asian Market Update
China SHUT, Hong off 1.47% and Japan added 1.97%
An official from the Bank of Japan talked down the prospect of any more rate hikes, so traders bought up stocks…Ultra low interest rates means money in the bank is losing due to inflation, so stocks become more attractive.
Global Market Update
US Market
DOW down 243 points to 41,953 (half hour to go)
Doubt the Union predicted this; I think if the strike goes on long enough the ports will go automated with the help of the national guard….Looks like Man Vs Machines sees the Machines currently on top.
European Markets
Germans off 0.78%, Brits down 0.1% and Frenchies fell 1.32%
BP shares have been in a downtrend since May and are off 18% over the past year….I think the stock could turn back up from here. Overnight, fund managers ignored the big move higher in OIL with BP only putting on 0.58%….The FUEL ETF on the ASX has BP as a major holding in it’s portfolio – BUY last sale $6.48
Key Market Summary
