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The Good Morning Report – 7 November

Posted on November 7, 2023

The latest market news, commentary and strategy by Adrian Rowney 

 

5 Things that Grabbed my Attention

1. I think the RBA is going to HIKE rates today by 0.25%.

2. The KOSPI (South Korean stock market) surged 5.4% after implementing a short selling ban.

3. Former APRA chairman, Wayne Byres is about to become a director of Macquarie Bank (MQG)....nice cozy little club isn't it?

4. Westpac CEO is not seeing signs of its customers falling behind in repayments....With negative real wage growth, rising rates and inflation zooming over the past 2 years - I'm truly amazed by this.

5. Fortescue (FMG) has abandoned plans to build a multi-billion wind/solar/battery farm in WA....Projects like this just don't stack up economically or environmentally and only exist thanks to massive government subsidies.

ASX Market Update

ASX 200 up 19 points to 6997

Banks were stronger after Westpac's (WBC) glowing report on the state of its mortgage book. It is almost a miracle that their customers are not feeling any squeeze.... Anyway - I'm not getting caught up in the excitement and maintain my AVOID rating on the sector. WBC added 1.95%, NAB up 0.96% and ANZ put on 0.55%

Random Observation

Is the massive SCAM that is ESG about to start unravelling?

The Day Ahead

  • Our SPI is down 28 points
  • Bitcoin down 0.2% to $35,002

Movements affecting our resource stocks today (USD)

  • BHP in the US down 0.2%
  • Newmont down 2.69%
  • Gold down 0.6% to $1986
  • Paper Silver down 0.6% to $23.14
  • Platinum down 2.95% to $916
  • Copper up 0.81% to $3.71
  • Brent Crude up 0.48% to $85.30
  • Iron ore up 0.7% to $123.75

Asian Market Update

China up 0.91%, Hong Kong added 1.7% and Japan put on 2.7%

The ban is going to be in place until June 2024....

Global Market Update

US Market

DOW up 34 points to 34095

Pretty quiet session on Wall Street to start the week as stocks finished mostly FLAT.

Saw this....The FED's money printer would have to start again if investors baulk at funding the US government.

 

European Markets

Germans up 0.35%, Brits FLAT and Frenchies dipped 0.48%

Ryanair shares gained 5% after announcing it expects to make it's highest ever record profit as the boom in travel continues.

Key Market Summary

General Advice Warning
The information provided in this post is general information only. Unless otherwise stated the information is not designed for the purpose of providing personal, financial or investment advice. Any examples are presented for illustration purposes and past performance is not a reliable indicator of future performance. The information provided does not take into account your particular investment objectives, financial situation or investment needs.

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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