The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. I think the RBA will raise rates again by 0.25% tomorrow.
2. Corelogic reported that high end Sydney property has started to bounce back - putting on 4% last quarter.
3. New home building approvals in Australia fell to a 10 year low....supply is tightening.
4. US Natural GAS futures have bounced 40% from it's recent low....study up on the 70's - inflation moved in waves.
5. US$71bn stable coin Tether is a house of cards, it's only a matter of time until it blows up...the thing is backed by all sorts of dodgy bonds....If you have money in it - then get it out NOW!
ASX Market Update
ASX 200 up 28 points to 7283
Most sectors finished in the GREEN on Friday, but for the week our market closed 0.3% lower. Lithium play, Liontown Resources (LTR) was the top performer after adding 13% on no news, however they recently presented at the BMO Global Mining and Metals Conference which attracted the world's leading automakers.
Funeral parlor operator, Invocare (IVC) had a shocker and closed 19.6% lower for the week. I still can't believe management stuffed up by punting on bond and stocks in order to make money.... They should've creamed it last year - we have never had so many Aussies kicking the bucket; even "Died Suddenly" has somehow been normalized. Anyway I am sticking with my BUY recommendation as the outlook (unfortunately) for the sector remains stronger than ever.... IVC is now a takeover target.
South Africa is falling apart...PLATINUM should be ripping higher. BUY PHYSICAL PLATINUM ETF
A jet fuel crisis has developed at Cape Town International Airport due to the largest supplier not being able to meet demand as a result of technical issues caused by load shedding. | @News24_Business https://t.co/fzoRhDuSrs— News24 (@News24) March 3, 2023
The Day Ahead
- Our SPI is up 63 points
- Bitcoin down 4% to $22,343
Movements affecting our resource stocks today (USD)
- BHP in the US was up 1.29%
- Gold up 0.77% to $1854
- Paper Silver up 1.7% to $21.26
- Platinum up 1.8% to $982 (should be ripping higher)
- Copper down 0.22% to $4.06 (can someone explain to me why it was down?????)
- Brent Crude up 1.2% to $85.83
Asian Market Update
Japan up 1.56%, Hong Kong up 0.68% and China added 0.54%
China Feb NEV wholesale sales estimated by CPCA.
CPCA sees China Feb NEV wholesale sales at 500,000 units, +30% m/m, +60% y/y.#Tesla $TSLA #China #NEV #EVs #BYD https://t.co/UgJ0gc9TlZ pic.twitter.com/ifmV1fh7LP
— CN Wire (@Sino_Market) March 3, 2023
EV's are commodity intensive.
Global Market Update
DOW up 387 points to 33,390
Both stocks and bonds rallied on Friday night....The market was put in a good mood after Atlanta Fed President Bostic said interest rate hikes should be kept to 25 basis point moves (0.25%) rather than 0.5% jumps.
Germans up 1.64%, Brits were FLAT and Frenchies added 0.88%
Watch this short video on the GREEN building codes in the EU....GREEN = SCAM & HIGHER INFLATION.
They're trying to limit and control and everything we own...They said we'd "𝙊𝙬𝙣 𝙣𝙤𝙩𝙝𝙞𝙣𝙜 𝙖𝙣𝙙 𝙗𝙚 𝙝𝙖𝙥𝙥𝙮"....And this is how they'll do it, they'll set up unattainable "Green Energy" building codes that no home owner can afford to make, then repossess your home 👇 pic.twitter.com/n380YqW4p6
— 𝙍𝙄𝙎𝙀𝙈𝙀𝙇𝘽𝙊𝙐𝙍𝙉𝙀 (@Risemelbourne) March 2, 2023
Key Market Summary