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%.
I wouldn't rule it out!
Billionaire Pierre Lassonde:— Silver Gold News (@SilverGold_News) June 3, 2023
“You are going to get a mania in Gold when the Shanghai #Gold Exchange becomes a casino.
We all know the Chinese have a great propensity for gambling and I think at some point the Shanghai Gold Exchange is going to become a casino ...
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
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.
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