The Good Morning Report – 6th of June

1. The Aussie economy grew at just 0.1% over the last quarter. A horrible number considering we’ve had record migration and on a per person basis, economic activity actually dropped 0.4% (which means we have STAGFLATION).

2.It’s Nvidia fever as the AI chip maker joins Apple and Microsoft with a market cap above $US3 trillion.

3.The Bank of Canada (BOC) became the first G7 nation to cut interest rates….With inflation still running I didn’t think they would pull the trigger…Very good chance the ECB moves next.

4. The St. Petersburg International Economic Forum is about to kick off. It will be attended by 17,000 people from 136 nations…..You have to laugh at anyone who actually claims that Vlad is isolated.

5. I have a correction to make – the other day I said Guzman y Gomez will be floating on a cheaper multiple than Dominoes (DMP)….well that is not the case. It will be coming on at 360 times FY25 earnings Vs DMP of 27….Guzman is being priced for massive growth over the coming years.

ASX 200 up 31 points to 7761

It was a very crappy day as expected for us with miners and metals coming under selling pressure. NEM fell 2.49%, ETPMAG off 2.9% and WHC dropped 3.7%

With a new crack pot leftist President in Mexico and a super corrupt piece of crap ruling over Brasil, I think Seek (SEK) made the right call to call it quits on it’s Latin American ambitions and take a loss….SEK shares rallied 4.85% on the news.

At what temperature does blood boil at?

  • SPI is up 48 points
  • Bitcoin up 1.5% to $71,413
  • BHP in US up 0.9%
  • Newmont in US up 1.4%
  • URNM in US down 1.4%

Movements affecting our resource stocks today (USD)

  • Gold up 1% to $2373
  • Paper Silver up 1.63% to $30.10
  • Platinum up 0.75% to $1003
  • Palladium up 2% to $941
  • Copper up 2% to $4.62
  • Brent Crude up 1.28% to $78.51
  • Iron ore down 0.3% to $107.30

Japan down 0.89%, China off 0.83% and Hong Kong dipped 0.1%

After the heavy selloff on Tuesday, the Indian market recouped some of the losses on news that Modi’s alliance ended up securing 294 seats which will be enough to control parliament. His own BJP party only won 240 seats, so Modi obviously had to cut some grubby backroom deals to get it over the line.

DOW up 96 points to 38,807

The Nasdaq hit a fresh record high as NVIDIA shares surged another 5% to crack the US$3 trillion mark.

This chick’s top is now worth more than what most people will make in a year!

I’m extremely disappointed he didn’t get this symbol tattooed around the side of his eye like Iron Mike.

Germans up 0.93%, Brits added 0.18% and Frenchies put on 0.87%

European stocks rallied as traders got excited about a potential rate cut from the ECB this week….Looks like central bankers want to kick start a second wave of inflation.

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