The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Reporting season on the ASX will really start kicking off this week....Always a tricky period in the market as companies that MISS profit expectations generally get smashed while those that BEAT will run.  Forward outlook statements also have a major impact.

2. ZOOM asked it's employees to come back into the office for two days a week - obviously their 'ZOOM' meetings are not cutting the mustard....The stock has collapsed 87% from the frenzied high reached back in 2020 when lockdowns were all the rage. At one stage it had a market value higher than Exxon.

3. China has stockpiled enough wheat for the next 18 months....Xi Man is always thinking ahead.

4. For the first time ever, the US government has put COPPER on it's critical materials list....I don't see these clowns building a meaningful strategic stockpile while it is cheap though, only Xi Man is smart enough to do that kind of thing.

5. Private equity mob TPG want Invocare (IVC) to agree to a lower takeover price than the $13 offered or they are walking....IVC is in a trading halt pending a response....I hope IVC let's TPG walk - we keep losing great companies from the ASX.

ASX Market Update

ASX 200 down 16 points to 7309

Block Inc (SQ2) which took over AfterPay - thus has a dual listing on the NYSE and the ASX - reported earnings that BEAT expectations, however management guided to a tougher next six months and potential margin erosion. SQ2 shares fell 10.4% on the news and is down about 50% over the past 12 months....I am not rushing in to buy it.

Random Observation

# Considering South Africa produces around 75% of the world's PLATINUM, Cyril should mandate that his country is no longer going to sell ONE OUNCE of PLATINUM below the price of GOLD.....He should also explain that they are being ripped off as PLATINUM trades at a 50% discount to GOLD yet is 20 to 30 times as rare and the market is in deficit. 

## If he is serious about moving up the value chain then his country needs mega investment in base load power - that is the first step. No good creating a manufacturing base without cheap and reliable power.

The Day Ahead

  • Our SPI is up 24 points
  • Bitcoin FLAT @ $29,071

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.11%
  • Newmont down 1%
  • Gold down 0.24% to $1971
  • Paper Silver down 2.26% to $23.18
  • Platinum down 0.18% to $926
  • Copper down 0.79% to $3.83
  • Brent Crude down 0.58% to $85.74
  • Iron ore down 1.8% to $106.5

Asian Market Update

Japan up 0.19%, China fell 0.59%, Hong Kong was FLAT

OUCH!!!....This looks like a rug pull - crypto style.

Global Market Update

US Market

DOW up 407 points to 35,473

Strong quarterly earnings sent Warren Buffet's Berkshire Hathaway A Class shares up 4% to hit a fresh record high of $551,920.

European Markets

Germans and Frenchies FLAT, Brits down 0.13%

Wherever you look - the supply situation for copper continues to worsen....Overnight, Aurubis shares in Germany fell 10% after reporting some operational difficulties.

Key Market Summary

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