The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Hang Seng (Hong Kong) tanked 9.4% yesterday – its biggest one day fall in 16 years as profit takers moved in after the mega rally….Incredible seeing a major index such as this trade like a shit coin! hahaha.
2. The RBA has warned Industry Super about their huge concentrated investments in Aussie Bank stocks, while APRA has warned Industry Super about investing too much in private credit funds….Going to get nasty when things take a turn for the worse.
3. Flight Centre (FLT) is the latest corporate to mandate staff to return to the office.
4. Price of THERMAL COAL has rallied 14% over the past month…..Good news for WHC, YAL and NHC.
5. Gina Rinehart is being forced to scale back the size of her new IRON ORE mine by 40% due environmental regulations and native title….Nothing comes easy for miners these days.
ASX Market Update
ASX 200 down 28 points to 8176
A bit of profit taking saw weakness in the miners after the Chinese didn’t announce any more stimulus. BHP fell 2.39%, FMG lost 5.31% and WHC dipped 0.97%….On the positive it was great to see GOLD make yet another fresh all time high in AUD – it’s now almost $4000 an ounce!! PMGOLD which is a physical GOLD bullion ETF also closed at a record high of $39.11.
Random Observation
Another one….
The Day Ahead
Going to be a very ordinary session for us on the ASX, although it is interesting to see that URNM held up very nicely despite the broader sell off in commodities.
- ASX futures up 15 points
- BHP in US down 3.96%
- Newmont in US down 0.45%
- URNM in US up 0.74%
Movements affecting our resource stocks today (USD)
- Gold down 0.95% to $2640
- Paper Silver down 3.48% to $30.89
- Platinum down 2.15% to $965
- Palladium down 0.32% to $1023
- Copper down 2% to $4.47
- Brent Crude off 4.24% to $77.50
- Iron ore down 5% to $105.15
Asian Market Update
Japan down 1%, Hong Kong tanked 9.41% and China put on 4.59%
Record volumes went through the Chinese markets after the week off….Officials didn’t announce any additional stimulus which is a prudent move in my view as inflation would come on way too hot.
Global Market Update
US Market
DOW up 126 points to 42,080
US markets rallied as OIL price fell 4.25% on the belief that Israel is going to listen to Biden and not destroy Iranian OIL fields and export facilities – it would seem that the big war with Iran will come after the presidential election as the democrats definitely don’t want to go into November with $100+ OIL as it is not a good look.
European Markets
Germans off 0.2%, Brits down 1.36% and Frenchies off 0.72%
UK is governed by retards….
Key Market Summary
