The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. APPLE iPhone sales increased in the past quarter.....NASDAQ up 2.25% on the excitement of people still buying phones on credit.

2. US posted better than expected employment data while at the same time the big corporates have been announcing huge layoffs...Something is not adding up.

3. If you haven't been watching Pauline's cartoon series then you are missing out....This one on Chalmers and the budget is absolutely brilliant!

4. Meme coins are back with a vengeance....Sponge Bob token surged 600% and the PEPE coin skyrocketed in its first week - now has a market cap of $1.4bn....Seems like there is an endless source of suckers!

5. M&A is picking up in the GOLD sector...I think Regis (RRL) could be the next target. The RRL board definitely needs to be put out to pasture considering they still have 145K oz of GOLD hedged at AUD$1541 per ounce Vs AUD GOLD currently fetching around $3000. And what's worse - their cost of production is above $1800, which means they are currently selling a quarter of their GOLD significantly below cost; they are a bunch of dummies easily influenced by con artist bankers....BUY 

ASX Market Update

ASX 200 up 26 points to 7220

Apart from NAB, bank stocks found a bit of support on Friday....I don't think there is any bargains to be had as the downside risks in the sector far outweigh the upside....NAB fell 0.5%, ANZ up 1.45% and WBC put on 0.47%

Random Observation

And want to know what makes this chart even better?....Global GDP has basically tripled in 25 years - therefore the current low levels of inventories are even more extreme than back then!

The Day Ahead

  • Our SPI is up 64 points
  • Bitcoin up 2.58% to $29,618 (Saturday morning price)

Movements affecting our resource stocks today (USD)

  • BHP in the US was up 4.49%
  • Gold down 1.5% to $2024
  • Paper Silver down 1.13% to $25.93
  • Platinum up 1.75% to $1068
  • Copper up 0.75% to $3.89
  • Brent Crude up 4% to $75.30

Asian Market Update

Japan up 0.12%, Hong Kong added 0.5% and China fell 0.82%

Better session for commodities in China on Friday....

Global Market Update

US Market

DOW up 546 points to 33,674

US stocks took off on the back of better than expected quarterly profit results from APPLE and the strong jobs number....APPLE shares are almost back trading at records highs - market cap is now an eye popping US$2.76 Trillion.

European Markets

Germans up 1.44%, Brits added 0.98% and Frenchies put on 1.26%

Adidas shares rallied 9% after posting quarterly profit results that BEAT expectations....The sneaker giant is still trading around 45% lower than its all time high reached in 2021.

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Stephen Hall
Stephen Hall
September 21, 2023.
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June 22, 2023.
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August 8, 2022.
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