The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. China is going to provide more details of it’s massive economic stimulus package today – could be a wild session.
2. Mega SILVER merger in the US – Coeur Mining is taking over Silvercrest in a $1.7bn deal.
3. US port strike quickly ended with workers getting a 62% pay rise over the next 6 years….inflation is not over.
4. The Polish central bank now has more GOLD reserves than the UK and more than 6 times as much as the RBA….That’s just flat out embarrassing.
5. Google is now wanting to source NUCLEAR energy to power data centers…..URANIUM boom is going to be a ripper. BUY PDN, BOE and URNM
ASX Market Update
ASX 200 up 55 points to 8205
The big news was Rio Tinto (RIO) announced it is in takeover talks with beaten up LITHIUM miner Arcadium (LTM).…I’m kind of impressed that RIO is making a move while the LITHIUM sector is out of favour because quite often the majors make acquisitions at the top of a cycle and sell assets at the bottom….RIO fell 2% while LTM surged 45% but is still well off it’s 12 month high of $11.21
Random Observation
Even hitting mainstream financial press…BUY ETPMPT last sale $134.68
The Day Ahead
- ASX futures down 4 points
- BHP in US up 0.4%
- Newmont in US down 0.67%
- URNM in US down 2.35%
- Bitcorn up 0.74% to $63,270
Movements affecting our resource stocks today (USD)
- Gold down 0.22% to $2661
- Paper Silver down 1.4% to $31.94
- Platinum down 1.6% to $985
- Palladium up 2.6% to $1024
- Copper down 0.38% to $4.55
- Brent Crude up 3.89% to $81.09
- Iron ore up 2.9% to $111.75
Asian Market Update
Japan up 1.8%, Hong Kong added 1.6% and China SHUT
After the big pump in markets I had a feeling the Chinese consumer was going to be in a good mood….
Global Market Update
US Market
DOW down 398 points to 41,954
US stocks rolled over on the back of rising OIL prices and also on concerns that the FED may not aggressively cut rates due to inflationary concerns…..Higher interest rates makes keeping money in an interest bearing account more attractive than investing in stocks.
European Markets
Germans FLAT, Brits up 0.28% and Frenchies added 0.46%
Looks like the wokes are getting purged from BP – I am surprised it only closed 1.26% higher. Abandoning their idiotic long term strategy that not only trashes the natural environment but also creates losses, should have seen the stock roar….Perhaps the brainwashed fund managers who pushed for this green nonsense are now forced to exit.
BP trades on just a PE of 6 and a yield of over 5%….A good way to get exposure is via the FUEL ETF – BUY last sale $6.64
Key Market Summary
