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The Good Morning Report – 7th June

Posted on June 7, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Dr Phil increased interest rates again by 0.25% and signaled more hikes to come....Hundreds of thousands of households around the country will be really feeling the squeeze now. I dare say divorce lawyers would be licking their chops.

2. Baby Bunting (BBN) is the latest ASX listed retailer to drop a rough trading update....no need to be in consumer discretionary.

3. The VIX or known as the 'FEAR INDEX' for the US stock market has fallen to a 3 year low.

4. ASX announced it is going to keep the CHESS system until at least 2032....They had originally planned to put it all on the blockchain, but the testing phase was apparently a disaster.

5. The price of THERMAL COAL has bounced 9% in the last 2 days....There is a very good chance the market has found its bottom. BUY WHC,YAL,NHC and SMR. 

ASX Market Update

ASX 200 down 86 points to 7129

The market wasn't too impressed with Dr Phil's rate hike, but fortunately for us, portfolios held up pretty well with ETPMPT putting on 2.8%, WHC adding 4.3% and YAL closing 4.29% higher.

Baby Bunting (BBN) posted an ugly trading update; looks like young families are really starting to feel the squeeze....

BBN shares fell 16.8% and are now down a whopping 77% from its 2021 high....Aussie consumers look SPENT.

Random Observation

This thread is well worth reading...At the end of it you will realize why I continue to push a certain sector.

The Day Ahead

  • Our SPI is up 33 points
  • Bitcoin up 5.3% to $26,998

Movements affecting our resource stocks today (USD)

  • BHP in the US up 1.56%
  • Newmont up 0.17%
  • Gold up 0.24% to $1979
  • Paper Silver up 0.15% to $23.67
  • Platinum up 0.34% to $1039
  • Copper FLAT @ $3.76
  • Brent Crude down 0.87% to $76.04
  • Iron ore up 2.8% to $108.50

Asian Market Update

Japan up 0.9%, China down 1.15% and Hong Kong was FLAT

Interesting that Chinese traders are not fussed at all with the APPLE headset....I personally think it is a load of crap, but I am biased because I actually enjoy doing stuff outside like surfing, camping and playing golf.

Global Market Update

US Market

DOW up 10 points to 33,573

COINBASE shares fell 12% after the SEC filed a lawsuit against them. The stock is now down 88% from its all time high - I wouldn't go anywhere near it.

European Markets

Germans up 0.18%, Brits added 0.37% and Frenchies put on 0.11%

 

But don't worry...I am sure everyone will do just fine with Uncle Klaus' delicious cook book!

 

Key Market Summary

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This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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