The Good Morning Report – 5th of July

1.Nancy Pelosi just bought 10,000 Nvidia shares or $1.2 million worth.

2. Gina Rinehart definitely has the firepower to takeover Lynas (LYC); her net worth is over $40bn while the market cap of LYC is $5.9bn.

3. Bloomberg published an article claiming Saudi Aramco and Abu Dhabi National Oil Co have been separately examining a takeover bid for Santos (STO)….I think there is Buckley’s chance the government will allow a foreign entity to acquire Santos.

4. TOPIX which is Japan’s broad based stock market index, broke through it’s previous all time high that was set all the way back in 1989.

5. Trump is talking about making Bitcoin a strategic reserve asset.

ASX 200 up 91 to 7831

Our market had a solid session as investors poured money into resource stocks on the back of stronger commodities. STO rallied 4%, BHP put on 2.5% and NEM added 3.22%

A stack of mega corporates have not been participating in the bull market on Wall Street…..Maccas has been sold off. Increased costs which are pushing up menu prices, have been hurting demand, plus Ozempic (hunger suppressant) could be playing a role.

  • ASX futures down 6 points
  • Bitcoin down 2.3% to $58,251
  • BHP in US SHUT
  • Newmont in US SHUT
  • Block Inc in US SHUT

Movements affecting our resource stocks today (USD)

  • Gold down 0.17% to $2365
  • Paper Silver down 0.49% to $30.69
  • Platinum FLAT @ $1013
  • Palladium down 1% to $1025
  • Copper up 0.71% to $4.56
  • Brent Crude up 0.24% to $87.55
  • Iron ore up 0.7% to $113.95

Japan up 0.82%, Hong Kong added 0.28% and China off 0.83%

I get the feeling some of these decimated LITHIUM miners are going to have a big bounce soon….

US markets were SHUT

Germans up 0.41%, Brits added 0.86%, Frenchies put on 0.83%

The Poms are currently at the polls and are set to return Labour to power after 14 years. Incoming PM Keir Starmer is as woke as they get which means ramped up immigration, more debt and reckless government spending. Stock market investors love inflationary policies as evidenced by the rally overnight.

I do a quite a bit of boxing and I’ve never seen such a pathetic performance on a bag in my life….The old saying – ‘weak men create hard times’ is definitely going to play out.

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July 9, 2024.
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