The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Even some of the rich are starting to feel the squeeze....Don Meij the MD of Dominoes (DMP) was forced to sell $7.5mil worth of stock: I cut this from the announcement: The funds from these transactions will be used to take a prudent approach to reduce Mr Meij’s personal borrowings in a period of rising interest rates.

2. After dumping his shares in BioNtech, Bill Gates then started telling the world that the Pfizer/BioNtech vaccines were basically useless....Joe Rogan blew the lid on the story (watch below). I hope those injured from the ineffective vaccines and the families of loved ones now passed will get together and sue the living daylights off those involved....While vaccine companies have been granted legal immunity for their products, they definitely don't have legal immunity for lying....AVOID ALL VACCINE related stocks - when insiders have SOLD $$billions$$ worth, you know its going BAD.

3. China set its economic growth target @ 5% for 2023....ASX listed miners SOLD off as that number was a little less than what some analysts were hoping for - but in my view they aren't thinking clearly; 5% on an $18 TRILLION economy = massive demand for commodities in an already tight market!

4. In a surprise move, the world's biggest battery maker, CATL sold its entire stake in Pilbara (PLS) @ $4.10....Not sure how to take this; so many questions - does CATL need the money for its expansion plans or did they sell due to valuation concerns? Did an automaker buy in?? I maintain my HOLD recommendation at this stage.

5. Lynas (LYC) fell another 4.5% as Elon Musk claimed his next generation of cars won't need rare earths....I don't think LYC shareholders should be concerned as the world is desperate for the stuff.  

ASX Market Update

ASX 200 up 45 points to 7328

The banks rallied after a strong weekend on our property market. With very little available supply, sellers were getting prices in many cases, above what they were asking.....I'm am certainly not getting carried away as our banks won't be immune when trouble hits the global financial system; maintain AVOID rating on FINANCIALS.

Random Observation

Before reading this just understand that the US consumer accounts for around 70% of the American economy.....THE GREAT SQUEEZE IS COMING.

The Day Ahead

  • Our SPI is down 15 points
  • Bitcoin up 0.3% to $22,505

Movements affecting our resource stocks today (USD)

  • BHP in the US down 2.7%
  • Gold down 0.17% to $1851
  • Paper Silver down 0.77% to $21.08
  • Platinum FLAT @ $979
  • Copper up 0.15% to $4.07
  • Brent Crude up 0.55% to $86.30
  • Iron ore down 0.6% to $124.70

Asian Market Update

Japan up 1.11%, Hong Kong added 0.17%, China down 0.19%

This is a very interesting development; mainland Chinese investors will soon be able to buy YanCoal (YAL).

Global Market Update

US Market

DOW up 40 points to 33,431

US stocks were relatively quiet overnight as traders await FED Reserve Chairman Jay Powel to testify before congress on Tuesday and Wednesday.

'I Jerome Powell, Federal Reserve Chairman solemny swear that all Senators here today remain or become stinking rich, so help me God'. 

European Markets

Brits down 0.22%, Germans up 0.48%, French put on 0.34%

Harris Associates has now completely sold down it's 10% stake in Credit Suisse.....I highly doubt the Swiss bank is going to survive in its current form; the stock has now fallen 95% from its all time high....Kind of funny that we think the Swiss are these amazing bankers. What a CLOWN WORLD we've got ourselves. 

Key Market Summary

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