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The Good Morning Report

Posted on June 5, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. DOW soared 701 points on the back of an unbelievably strong jobs report: +339K new jobs created last month.....I have been recently documenting US companies announcing mass layoffs, so this data is almost hard to believe....More rate hikes are coming in the US at a time when debt is through the roof.

2. Goldman's big downgrade of COPPER is getting plenty of airtime.....Never, EVER trust FREE research from Wall Street.....There is now a high probability that GOLDMAN traders have turned MEGA bullish on COPPER exposures - they just need to find a steady stream of suckers to SELL to them.

3. China has signed a massive 27 year GAS deal with QATAR....Another brilliant move from the Xi Man as he goes about securing China's future.

4.  Minimum wage is going up by 5.75%....large corporates will be secretly licking their chops because the increase is less than the inflation rate and small/medium business will be hit much harder by the move.

5.  Uranium is on the move....Great to see URNM rally 5.84% on Friday.....My crystal ball sees massive shortages and high demand for yellow cake!

ASX Market Update

ASX 200 up 34 points to 7145

Miners had a strong session rallying 2.4% while Financials dipped 0.2%....The minimum wage going up 5.75% is causing economists to increase their forecasts for more interest rates hikes, which in turn will put more pressure on those Aussies already struggling with chunky mortgages....I just don't see the need to be in FINANCIALS or CONSUMER DISCRETIONARY stocks right now. Just look at Adairs (ADH) for example - the stock tanked 14% on a very weak trading update - am I surprised? Not at all....the SQUEEZE is real. 

 

Random Observation

Elon is joking around here, but with the DEBT ceiling now UNLIMITED he is sort of not joking at the same time - if that makes sense?!?

The Day Ahead

  • Our SPI is up 76 points
  • Bitcoin up 1.2% to $27,177

Movements affecting our resource stocks today (USD)

  • BHP in the US up 4.1%
  • Newmont down 0.89%
  • Gold down 1.56% to 1964
  • Paper Silver down 1.22% to $23.69
  • Platinum down 0.14% to $1008
  • Copper up 0.59% to $3.73
  • Brent Crude up 2% to $76.13
  • Iron ore up 1% to $105.50

Asian Market Update

China up 0.79%, Hong Kong surged 4% and Japan put on 1.2%

Shares in property developers took off on news the Xi Man was going give the struggling sector a boost.

Global Market Update

US Market

DOW up 701 points to 33,762

US stocks surged on the back of a red hot JOBS number. The creation of 339K new jobs last month sounds too good to be true....Anyway - investors were chomping at the bit to get into the market once the news hit.

European Markets

Germans up 1.25%, Brits added 1.56% and Frenchies surged 1.87%

Oil/GAS and mining stocks were the standout performers on the UK market....Glencore put on 4%, BP added 2.68% and Shell closed 2.05% higher.....Shaping up to be a strong Monday for our miners on the ASX.

Key Market Summary

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Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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June 22, 2023.
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A huge thanks To Tracy And Adrian from Super Equity for sharing their knowledge on the recent Introduction To The Stock market Course I attended. The course was fabulous and gave a great insight on how the world operates from Share Markets, to Economic Cycles, World Currencies and great tips on how to look for opportunities on how and where to invest based on local news and world events along with overseas markets and indicators. Also thanks again Adrian for the Silver coin for 1st prize as part of the demo share market game we played over the duration of the course. Would thoroughly recommend the Stock Market course as well Tracy and Adrian's knowledge on our own investments. Cheers Charlie
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