The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Jill Biden and a bunch of celebrities just got COVID; Joe Biden is back in a mask and taking regular tests. Governments have billions of Moderna/Pfizer vaccines to distribute....Here we go with the BS again.

2. Saudi's have extended their voluntary OIL production cut until the end of the year....Santos (STO) looks ready to break out of its trading range. BUY 

3. It would be impossible to build Ramsay's (RHC) massive portfolio of hospitals and clinics from scratch for $11.4bn (current market value) - and judging by the cost blowouts of major projects you would probably need at least $20bn!...Very good chance private equity will be back...BUY last sale $50.26

4. Packaging company Orora (ORA) is buying bottle manufacturer Saverglass from US private equity giant Carlyle Group for $2.2bn; 250 Saverglass upper management will be cashing out of all their shares as well....Buying off a cagey private equity group right now, plus all key staff selling - I don't like the sound of that; ORA is an AVOID for the time being.

5. With precision timing, Alan Joyce dumped 90% of his QANTAS (QAN) holdings at the ding dong high of $6.74 in June.

ASX Market Update

ASX 200 down 4 points to 7314

As expected by every man and his dog, the RBA kept interest rates on HOLD @ 4.1%....But they have left the door open for more hikes. Our market was relatively quiet with resources and financials mostly weaker while industrials closed in positive territory.

Random Observation

'Then I told the ASIC guy investigating my trades that I'm just a very lucky little Leprechaun and here's some free passes to the Chairman's Lounge!'

The Day Ahead

  • Our SPI is down 1 point
  • Bitcoin down 0.7% to $25,726

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.41%
  • Newmont down 1.2%
  • Gold down 0.78% to $1951
  • Paper Silver down 2.8% to $23.87
  • Platinum down 3.6% to $933
  • Copper down 0.16% to $3.82
  • Brent Crude up 1.12% to $90.00
  • Iron ore up 0.3% to $115

Asian Market Update

Japan up 0.3%, Hong Kong down 2%, Shanghai off 0.7%

Maybe Xi Man doesn't want to waste his time listening to clowns like Biden, Albo and various EU leaders as they whine about PUTIN and ramble on and on about cow farts for a few days....G20 is toast - the world is splitting up. 

Global Market Update

US Market

DOW down 195 points to 34,641

OIL stocks increased while airlines and cruise ship operators fell due to rising energy prices - last night's trade made plenty of sense!

European Markets

Germans down 0.34%, Brits fell 0.2% and Frenchies fell 0.34%

Eurozone manufacturing data showed the steepest fall in about 2 1/2 years while at the same time inflation expectations increased.....What a mess.

Key Market Summary

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Stephen Hall
Stephen Hall
September 21, 2023.
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