The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Origin (ORG) boss said electricity prices are going to jump by at least 20% in July....Yet GAS and COAL prices have plunged!...Clear as day that the inefficient renewables messing with the grid are the culprit.
2. The majority of economists are predicting the RBA will start cutting rates in 9 to 12 months time....Don't get excited - I think it is a TRAP to get investors loading up on BONDS.
3. Looks like the Albo regime is coming for FRANKING credits next.
4. Major shareholder in AGL, and Tech billionaire Mike Cannon-Brookes bought another property right on Pittwater’s western shores - absolute beach front....Yet these GLOBALISTS/LEADERS of the CLIMATE CULT want you to believe in CATASTOPHIC rising sea levels....Why do they get given the time of day??????
5. Check out the FTX black hole....crypto world is just riddled with scammers.
https://twitter.com/grdecter/status/1632857481545121792?s=12&t=j_WRmAVjeLm6jJM5QYjaog
ASX Market Update
ASX 200 down 56 points to 7307
Our market rolled over after the very weak lead from Wall Street....Woodside (WDS) was one of the worst performers- falling 7.3% or $2.72, but it also went EX Dividend of $2.11 fully franked (about $3.00 grossed up) - so in reality it wasn't a bad session for shareholders...Elsewhere travel related stocks rallied as Aussies with seemingly endless amounts of cash go exploring around the world. QAN added 2.8%, WEB put on 1% and FLT increased 1.3%.
Random Observation
Got Copper?
Northern Australia’s largest economic development project. Ever. And it’ll bring affordable renewable energy to our North West. pic.twitter.com/tmO9ke9l6k
— Annastacia Palaszczuk (@a_palaszczuk) March 7, 2023
These lunatics are going to trash the planet under the guise of saving the planet....Any legit greenie would be up in arms over this (where are they?????)
I can guarantee you the cost of the project will blow out, our grid will become unstable and electricity prices will increase....Laugh all you like and send me emails about how I am wrong - but I base my predictions on what has already happened in the UK, Germany and California.
The Day Ahead
- Our SPI is up 24 points
- Bitcoin down 0.6% to $22,003
Movements affecting our resource stocks today (USD)
- BHP in the US up 1.6%
- Gold FLAT @ $1818
- Paper Silver down 0.4% to $20.10
- Platinum up 0.48% to $940
- Copper up 1.3% to $4.02
- Brent Crude down 0.9% to $82.50
- Iron ore down 0.2% to $126.75
Asian Market Update
Japan up 0.48%, Hong Kong down 2.35% and China was FLAT
It's really starting to happen now....
We spoke about how China would start to rotate trade away from the west several years ago. So it continues:
China trade Jan-Feb:
ASEAN: 952bn yuan, up 9.6%
EU: 851bn yuan, down 2.6%
US: 703bn yuan, down 10.6%
BRI countries: 2.12tn yuan, up 10.1%
— The Sirius Report (@thesiriusreport) March 7, 2023
Global Market Update
US Market
DOW down 57 points to 32,798
US stocks steadied overnight...Tech even enjoyed a little bounce with the NASDAQ closing 0.4% higher.
European Markets
Germans up 0.46%, Brits added 0.13% and French dipped 0.2%
Adidas shares fell another 2.3% overnight....
Key Market Summary
