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The Good Morning Report

Posted on February 8, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1.  The RBA increased rates by 0.25% to 3.35%.

2. $350bn worth of fixed rates loans will roll over to variable this year - that's a stack of Aussies in the firing line.

3. US is slapping a 200% tariff on Russian aluminum....Maybe an opportunity for India to create yet another side hustle!

4. Barrick CEO says he is unlikely to make a BID for Newcrest....as if he would show his hand at this stage.

5. Molybdenum - which is a commodity used to strengthen steel, just hit a record high due to low supplies....NCM and RIO are the two notable producers listed on the ASX.

ASX Market Update

ASX 200 down 34 points to 7504

Our market rolled over after learning that Dr Phil plans on really sticking the boot into GEARED UP AUSSIES... and can you believe he is thinking this high inflation will be 'temporary'?....We are going to see waves of high inflation just like in the 70's.

Random Observation

What?....Only 500% is that all!?!....HAHAHA - GOT GAS?? Well do ya?

This is coming at a time when BIG OIL is cutting CAPEX and pumping their surplus funds into share buybacks....The ERA of CHEAP energy is OVER.

The Day Ahead

Results from AMC, BLD, BWP, DXI & SUN

  • Our SPI is up 13 points
  • Bitcoin up 0.3% to $23,003

Movements affecting our resource stocks today (USD)

  • BHP in the US up 1.18%
  • Gold FLAT @ $1881
  • Paper Silver down 0.4% to $22.15
  • Copper down up 0.72% to $4.06
  • Brent Crude up 3.5% to $83.86
  • Iron ore down 1.9% to $120.5

Asian Market Update

China up 0.29%, Hong Kong added 0.36% and Japan was FLAT

Got COKING COAL?....The world needs hundreds of millions of tons of COKING COAL to make all the steel for the new EVs.

Then to charge up the batteries, the world needs billions of tons of THERMAL COAL...I don't think the ultra woke, inner city TEAL voters that demand we end COAL actually realize their luxurious lifestyles depend on the stuff! And I promise you - NONE of them will give up a thing.

BUY YAL, SMR, NHC, WHC & CRN.

Global Market Update

US Market

DOW up 265 points to 34,156

FED Chair, Jerome Powell made more comments that inflation was on the decline; the market liked the sound of that so stocks went up....I predict any pullback in inflation will be temporary. The transition to renewables alone guarantees sky high energy bills, plus the FED will have to start printing money again to fund the country....Things aren't going back to how they were.

European Markets

Brits up 0.36%, Germans dipped 0.16% and Frenchies were FLAT

Another resource rich nation siding with the BRICS....

 

Key Market Summary

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