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The Good Morning Report – 6th June

Posted on June 6, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. According to Bank of America, the AI hype is seeing the largest ever inflows of money into TECH stocks on Wall Street.

2. RBA meets today....I wouldn't be surprised if Dr Phil announces a hike of 0.25% to 4.1%.

3. Robert Shaw the founder of Perth based Daly and Shaw Building told the AFR this: 'We've  never  had  trade  issues  like  this,  we've  never  had  supply  issues  like  this  and  we've  never  had  cost  escalation  like  this  on  steroids'. 

4. Now watch this from our Orwellian Government Media about inflation - Alan is claiming "job done".....Yep, the job is done - the people have been screwed over via central bank money printing. A huge chunk of the purchasing power of our cash has now been lost forever.

5. Saudi Arabia has announced a 1 million barrel per day OIL production cut....Initially prices jumped but shorts gained control of the market again with BRENT OIL now only trading 0.4% higher....Intriguing battle going on as it would appear the US, via the PAPER FUTURES market and selling down its STRATEGIC RESERVES, is suppressing prices in an attempt to weaken Russia.

ASX Market Update

ASX 200 up 71 points to 7216

Following on from the massive session out of Wall Street last Friday, our market put on 1%....Surprisingly CONSUMER DISCRETIONARY was the best performing sector by adding 1.8% while TECH fell 1% and GOLDIES lost 1.3%.

Random Observation

I wouldn't rule it out!

The Day Ahead

  • Our SPI is down 40 points
  • Bitcoin down 5.86% to $25,622

Movements affecting our resource stocks today (USD)

  • BHP in the US down 1.4%
  • Newmont down 0.4%
  • Gold up 0.43% to $1978
  • Paper Silver down 0.35% to $23.65
  • Platinum up 3.12% to $1034
  • Copper up 1% to $3.76
  • Brent Crude up 0.4% to $76.40
  • Iron ore up 1% to $105.50

Asian Market Update

Japan up 2.2%, China FLAT, Hong Kong up 0.84%

Old Airbus Albo was in Vietnam on the weekend handing out $105 million of our money for some climate change slush fund....Not sure if he won any political points with the stunt back home, but over there he was a big hit.

"Now who's up for some beer pong?"

Global Market Update

US Market

DOW down 199 points to 33,562

APPLE shares hit a fresh all time high during the session after unveiling it's new headset that is priced at $3499....Punters will be queueing up to buy these things next year so they can blast whatever is going into their eyeballs. Optometrists must be salivating over this new TECH.

 

I think our Mums were onto to something.

European Markets

Germans fell 0.54%, Brits were FLAT and Frenchies dropped 0.96%

There is a bit of celebration that INFLATION in Europe is set to drop a fair bit.....In my view it will be temporary,  as this inflation is going to move in waves - just like in the 70's.

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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