The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. US stocks roared back overnight….Kind of wild how the market has gone from – ‘save us FED with emergency rate cuts’ at the beginning of the week, to ‘everything is just fine and dandy with the US economy’…Totally Schizo!
2. Indian OIL demand rose by 7.4% year on year in July….it’s not going to stop as the economy grows.
3. German EV sales are down 47% for the first 6 months of the year….Easy to see why auto makers are pivoting to hybrids….PLATINUM and PALLADIUM are bargains below cost.
4. Shipping giant Maersk which is seen as a barometer of world trade, said global container demand increased about 7% over the past 6 months. They sited robust demand from Europe, emerging markets and strong Chinese exports.
5. The board of Qantas (QAN) is going to withhold a $9.2mil bonus that was supposed to go to former CEO Alan Joyce….I think the little leprechaun should count himself lucky he is not going to jail for insider trading when he dumped millions in stock knowing full well the airline was being investigated for selling ghost tickets while the market was clueless….Tell me how that is not insider trading?
ASX Market Update
ASX 200 down 26 points to 7673
Mirvac shares fell 8.5% after reporting a loss of $805 million for last financial year. A $1.1bn write down of it’s office portfolio was the major reason behind it. Management also warned about squeezing margins on some projects, so thinks next years operating profit will come in lower.
MGR is trading at $1.93 Vs NTA of $2.36, there is some value to be had, but it’s not for me at this stage.
Random Observation
SunDrive Update:
The CEO/founder has stood down and they are sacking 50% of their workforce…..As I predicted – COPPER is not replacing SILVER in solar panels anytime soon.
Below is what I said about SunDrive back on the 5th of April 2024….
The Day Ahead
- ASX futures up 75 points
- Bitcoin up 9% to $59,746
- BHP in US up 0.7%
- Newmont in US up 2.82%
- URNM in US up 1.58%
Movements affecting our resource stocks today (USD)
- Gold up 1.34% to $2465
- Paper Silver up 2.4% to $27.59
- Platinum up 1.3% to $941
- Palladium up 2.84% to $911
- Copper up 0.75% to $3.98
- Brent Crude up 0.88% to $79.02
- Iron ore down 1% to $99.95
Asian Market Update
Japan off 0.74%, Hong Kong and China FLAT
Can you believe the retards here in Australia are forcing us to close down some of our reliable base load power stations in a ridiculous attempt to make summer a bit colder, while China is set to import over 500 million tons of COAL and will burn through around 4.3bn tons pa.….We are a friggin joke of a nation….Anyway COAL is going nowhere as an energy source – only shills will tell you otherwise: BUY YAL, WHC, NHC, SMR.
Global Market Update
US Market
DOW up 683 points to 39,446
Well apparently everything is just hunky dory with the US economy again and the weak jobs report from last week was a big fat nothing burger with no cheese, tomato, bacon or lettuce! The FEAR index also plunged 14%….hahaha…what a week!!!
European Markets
Germans up 0.37% Brits off 0.27% and Frenchies dipped 0.26%
Look at this – Europe is still living off Russian LNG….Some think wars are just money making scams conjured up by the elites that play both sides – do you think they are crazy conspiracy theorists or maybe, just maybe they are onto something?
Key Market Summary
