The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. The regional banking crisis in the US along with the meltdown in commercial property is not being considered as a systemic risk at all….It would seem investors just assume the FED will step in and crank up the digital money printer to make it all better…. Incredible!
2. Despite the big 33% pullback in AGL (AGL) I am maintaining my AVOID….Investing in a company with brainwashed, climate change retards on the board is not something I can recommend.
3. Santos (STO) and Woodside (WDS) have officially ended takeover talks….Doesn’t change my view – both are BUYs.
4. FORD is predicting its EV division will lose $5.5bn in 2024….Market was over the moon with that – the stock went up 6%!
5. Macdonald’s CEO has said low income earners (sub $45K) in America have largely stopped eating the stuff. A Big Mac Meal has now hit US$18 (A$27.69) in many locations across the country….So Maccas is now just for the Hoity-Toity….Hahahaha didn’t have that on my bingo card!
ASX Market Update
ASX 200 up 36 points to 7617
Coles (COL) said it’s profit has been largely stable over the past 5 years as it defended itself in a Senate inquiry into gouging by supermarkets. If COL had been gouging then surely the stock price would been booming, but in reality it has done absolutely bugger all – chart below.
I’d be the first one to call out COL if they were up to no good, but pointing the finger at them is complete nonsense….It was the government that released the inflation genie out of the bottle when the RBA printed $300bn out of thin air and our corrupt, tyrannical politicians went on the mother of all spending binges after the WHO changed the name of the FLU to COVID. All a big fat scam – the greatest wealth heist in all of human history….How anyone can trust the government/MSM again has got me buggered.
I maintain my BUY on COL. It looks like a good defensive play and is sitting at the low end of it’s trading range. COL closed up 6c to $16.01.
Random Observation
Poor old Tian must’ve thought he was a Wall Street banker where insider trading is par for the course….
The Day Ahead
- SPI is down 4 points
- Bitcoin up 1% to $43,531
- BHP in US up 0.1%
- Newmont in US up 0.15%
- RIO in London was FLAT
Movements affecting our resource stocks today (USD)
- Gold FLAT @ $2051
- Paper Silver down 0.79% to $22.30
- Platinum down 2.5% to $888 (see below)
- Copper down 1.15% to $3.73
- Brent Crude up 0.73% to $79.17
- Iron ore FLAT @ $125
Hey – we need all the help we can get with PLATINUM. Let’s GO!!!
Asian Market Update
Hong Kong down 0.34%, China up 1.44% and Japan down 0.11%
I believe the closure of the RED SEA shipping channel is going to trigger some nasty and prolonged STAGFLATION….Kind of surprised that it is treated like a nothing burger by the markets….Europe once again will be the biggest loser in all of this…..Biden has thrown the EU under the bus. It’s purely ORWELLIAN that people can’t see it.
Global Market Update
US Market
DOW up 156 to 38677
Money continues to pour into the US Tech Titans which drove indexes higher…Nvidia put on 2%, Meta added 2.9% and Microsoft increased 1.8%
European Markets
Germans down 0.66%, Brits off 0.68% and Frenchies dipped 0.36%
Telcos and miners dragged European markets lower overnight. Norwegian Oil and Gas giant – Equinor fell 7% after announcing it will cut dividends to shareholders due to weaker energy prices.
Key Market Summary
