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Industry ETFs​

Mon 23 Oct 23, 8:39am (AEDT)
DescriptionLastChg %
Commodities
Silver21.4+1.37%
Gold Miners29.48-0.10%
Uranium25.69-0.62%
Strategic Metals57.85-0.79%
Lithium & Battery Tech48.97-1.27%
Steel59.9-1.83%
Copper Miners33.41-2.31%
Industrials
Agriculture21.92-0.23%
Construction46.95-1.03%
Aerospace & Defense106.88-1.27%
Global Jets15.13-1.56%
Healthcare
Biotechnology117.17-0.37%
Cannabis5.45-3.88%
DescriptionLastChg %
Cryptocurrency
Bitcoin15.09+2.72%
Renewables
Hydrogen6.27-3.83%
CleanTech9.38-4.58%
Solar43.92-6.05%
Technology
Sports Betting/Gaming14.611-0.50%
Video Games/eSports50.14-0.81%
Electric Vehicles21.59-1.37%
E-commerce16.96-1.40%
Semiconductor457.29-1.45%
FinTech19.19-1.89%
Robotics & AI23.05-2.00%
Cloud Computing18.1-2.06%
Cybersecurity23.45-3.12%
 

Australia Reaches A Wine Deal With China​

Australia and China have agreed to suspend the dispute on wine at the World Trade Organisation, pending the outcome of a review on wine tariffs. Here are the key takeaways from Prime Minister Albanese:

  • Since the successful removal of duties on Australian barley, we have engaged actively to secure a similar process to resolve our WTO wine dispute with China
  • We have now reached an agreement with China to move forward to resolve this dispute
  • We welcome China's agreement to undertake an expedited review of its duties
  • This process is expected to take five months
  • If the duties are not removed at the end of the review, Australia will resume the dispute in the WTO
 

China Restricts Graphite Exports​

China announced export controls on natural and synthetic graphite last Friday, citing national and supply security. Here are the key takeaways from Benchmark Minerals Intelligence:

  • "China dominates graphite mining, processing, and anode production, and is set to produce 67% of global natural graphite this year."
  • "In the short term the policy could make it more difficult for overseas companies to buy Chinese graphite feedstock products."
  • "Longer term, however, the policy could accelerate a build-out of the battery anode supply chain in the West."
These headlines started to emerge around 1:00 pm AEDT on Friday.

A name like Syrah Resources (ASX: SYR) quickly rallied from around -5.5% at 1:00 pm to a +16.5% close.
 

ndustry ETFs​

Tue 24 Oct 23, 8:35am (AEDT)
DescriptionLastChg %
Commodities
Steel59.88-0.03%
Uranium25.66-0.12%
Copper Miners33.27-0.42%
Gold Miners29.24-0.81%
Lithium & Battery Tech48.5-0.96%
Silver21.05-1.64%
Strategic Metals56.55-2.25%
Industrials
Construction47.25+0.64%
Global Jets15.19+0.40%
Agriculture21.93+0.05%
Aerospace & Defense106.81-0.07%
Healthcare
Biotechnology116.02-0.98%
Cannabis5.38-1.28%
DescriptionLastChg %
Cryptocurrency
Bitcoin16.01+6.10%
Renewables
CleanTech9.36-0.21%
Solar43.68-0.55%
Hydrogen6.16-1.75%
Technology
Sports Betting/Gaming14.76+1.02%
Robotics & AI23.15+0.43%
Video Games/eSports50.2468+0.21%
E-commerce16.99+0.18%
FinTech19.16-0.16%
Semiconductor454.69-0.57%
Cloud Computing17.99-0.61%
Cybersecurity23.28-0.72%
Electric Vehicles21.39-0.93%
 

Key Events​

ASX corporate actions occurring today:
  • Trading ex-div: None
  • Dividends paid: None
  • Listing: None
Economic calendar (AEDT):
  • 9:00 am: Australia Manufacturing and Services PMI
  • 5:00 pm: Germany Consumer Confidence
  • 6:30 pm: Germany Manufacturing PMI
  • 12:45 am: US Manufacturing and Services PMI
 

Ackman's Short Covering​

Back in September, Pershing Square Capital's Bill Ackman started shorting 30-year Treasury bonds under the rational that long-dated yields had not yet calibrated to a new normal of inflation staying above 3.0%. He also viewed it as a good standalone bet. It's paid off very well.

At around 1:00 am AEDT, Ackman tweeted "we covered our bond short." This sent the US 10-year yield sharply lower from around 5.0% to 4.85% within a couple of hours. Here's why Ackman is taking some pressure of Treasuries:

  • "There is too much risk in the world to remain short bonds at current long-term rates."
  • The economy is slowing faster than what recent data is suggesting
US10Y_2023-10-24_07-56-24.png
 

CENTRAL BANKS​

  • ECB set to pause rate rises as focus shifts to shrinking balance sheet (FT)
  • Bank of England rate has peaked (Reuters)
  • Bank of Japan conducts unscheduled bond-buying operation (Reuters)
  • RBA's Bullock says further rate hikes possible (Bloomberg)

GEOPOLITICS​

  • Israel willing to delay Gaza invasion to discuss large release of hostages (Axios)
  • Ukraine says Israel-Hamas war shows West must ramp up arms production (Politico)
  • US and China discuss macroeconomic developments in meeting (Reuters)
  • China's Foreign Minister Wang to visit Washington this week (Bloomberg)

ECONOMY​

  • Eurozone PMI lowest in three years as services sector stagnates (Reuters)
  • US manufacturing PMI highest in six months, services PMI highest in three months inflation indicators easing (Reuters)
  • UK PMIs remain in contraction for a third month running (Reuters)

Industry ETFs​

Wed 25 Oct 23, 8:35am (AEDT)
DescriptionLastChg %
Commodities
Strategic Metals58.9+4.16%
Lithium & Battery Tech49.75+2.58%
Steel61.393+2.53%
Uranium26.27+2.38%
Copper Miners33.64+1.11%
Gold Miners29.26+0.07%
Silver21.02-0.14%
Industrials
Aerospace & Defense107.93+1.05%
Construction47.4+0.32%
Agriculture21.91-0.09%
Global Jets15.14-0.33%
Healthcare
Cannabis5.64+4.83%
Biotechnology117.35+1.15%
DescriptionLastChg %
Cryptocurrency
Bitcoin17.18+7.31%
Renewables
Hydrogen6.41+4.06%
CleanTech9.54+1.92%
Solar44.26+1.33%
Technology
Video Games/eSports51.385+2.27%
Cloud Computing18.35+2.00%
FinTech19.51+1.83%
Cybersecurity23.7+1.80%
E-commerce17.28+1.71%
Sports Betting/Gaming14.995+1.59%
Electric Vehicles21.69+1.40%
Semiconductor460.86+1.36%
Robotics & AI23.33+0.78%
 

Key Events​

ASX corporate actions occurring today:
  • Trading ex-div: GQG Partners (GQG) – $0.02, Lion Selection Group (LSX) – $0.01
  • Dividends paid: Horizon Oil (HZN) – $0.02, Reece (REH) – $0.17
  • Listing: None
Economic calendar (AEDT):
  • 11:30 am: Australia Inflation Rate
  • 7:00 pm: Germany IFO Business Climate
  • 1:00 am: Canada Interest Rate Decision
  • 7:35 am: Fed Chair Powell Speech
 

Industry ETFs​

Thu 26 Oct 23, 8:24am (AEDT)
NameValue% Chg
Commodities
Uranium26.45+0.69%
Silver20.94-0.38%
Steel60.9833-0.67%
Copper Miners33.17-1.40%
Strategic Metals58.02-1.49%
Gold Miners28.78-1.64%
Lithium & Battery Tech48.34-2.83%
Industrials
Aerospace & Defense107.73-0.19%
Agriculture21.81-0.46%
Construction46.69-1.50%
Global Jets14.87-1.78%
Healthcare
Biotechnology115.11-1.91%
Cannabis5.37-4.79%
NameValue% Chg
Cryptocurrency
Bitcoin17.74+3.26%
Renewables
Hydrogen6.22-2.96%
Solar42.64-3.66%
CleanTech9.19-3.67%
Technology
Electric Vehicles21.2-2.26%
Robotics & AI22.74-2.53%
Video Games/eSports50.05-2.60%
E-commerce16.78-2.89%
Cybersecurity22.88-3.46%
Cloud Computing17.71-3.49%
Sports Betting/Gaming14.4382-3.71%
Semiconductor442.23-4.04%
FinTech18.72-4.05%

Pilbara Minerals September Quarter​

Pilbara Minerals (ASX: PLS) dropped its September quarter report this morning and the numbers were quite soft vs. consensus expectations.
  • Production of 144.2kt, down 2% and below the 159.4kt expected
  • Unit operating cost of $747 a tonne, up 18% and below the $609 expected
  • Realised prices of US$2,240 a tonne, down 47%
  • Cash balance of $3.0bn, up 121%
The higher costs reflected "operational readiness costs in support of the P680 expansion project and lower production volume relative to Q4 FY23."
Last month, Macquarie retained an Outperform rating on PLS with a $7.30 price target. One of my key issues with Macquarie is that the analysts assumed an average spodumene price of US$5,000 for FY24. So either the above price doubles by financial year end. Or maybe its more logical to halve Macquarie's price target?
2023-10-26_08_31_46-Window.png

Pilbara Minerals 12-month price chart (Source: Market Index)​

 

Key Events​

ASX corporate actions occurring today:
  • Trading ex-div: Bank of Queensland (BOQ) – $0.21, Morphic Ethical Equities Fund (MEC) – $0.03, Acrow Formwork and Construction Services (ACF) – $0.02
  • Dividends paid: A2B Australia (A2B) – $0.05, Ridley Corp (RIC) – $0.04, Australian Unity Office (AOF) – $0.01
  • Listing: None
Economic calendar (AEDT):
  • 9:00 am: RBA Bullock Speech
  • 11:15 pm: ECB Interest Rate Decision
  • 11:30 pm: US Durable Goods Orders
  • 11:30 pm: US Q3 GDP
  • 11:45 pm: ECB Press Conference
 

Industry ETFs​

Fri 27 Oct 23, 8:28am (AEDT)
NameValue% Chg
Commodities
Steel61.6435+1.08%
Copper Miners33.34+0.51%
Strategic Metals58.0-0.03%
Silver20.85-0.43%
Gold Miners28.52-0.90%
Lithium & Battery Tech47.85-1.01%
Uranium25.82-2.38%
Industrials
Global Jets15.0+0.87%
Construction46.84+0.32%
Aerospace & Defense108.05+0.30%
Agriculture21.85+0.18%
Healthcare
Biotechnology115.05-0.05%
Cannabis5.18-3.54%
NameValue% Chg
Cryptocurrency
Bitcoin17.28-2.59%
Renewables
Solar43.05+0.96%
CleanTech9.2+0.11%
Hydrogen6.11-1.77%
Technology
Semiconductor439.6-0.59%
Cloud Computing17.56-0.85%
FinTech18.56-0.85%
Cybersecurity22.67-0.92%
Electric Vehicles21.0-0.94%
Sports Betting/Gaming14.28-1.10%
E-commerce16.59-1.13%
Video Games/eSports49.38-1.34%
Robotics & AI22.41-1.45%
 

Key Events​

ASX corporate actions occurring today:
  • Trading ex-div: None
  • Dividends paid: A2B Australia (A2B) – $0.05, Ridley Corp (RIC) – $0.04, Australian Unity Office Fund (AOF) – $0.01
  • Listing: Newmont (NEM) – 11:00 am, Chariot Corp (CC9) – 12:00 pm
Economic calendar (AEDT):
  • 11:30 am: Australia Producer Price Index
  • 11:30 pm: US Personal Consumption Expenditures Index
  • 11:30 pm: US Personal Income and Spending
 

Industry ETFs​

Mon 30 Oct 23, 8:26am (AEDT)
NameValue% Chg
Commodities
Gold Miners29.2+2.38%
Silver21.18+1.58%
Copper Miners33.72+1.14%
Lithium & Battery Tech48.27+0.88%
Steel61.9983+0.58%
Strategic Metals58.27+0.47%
Uranium25.28-2.09%
Industrials
Agriculture22.05+0.92%
Construction46.95+0.23%
Aerospace & Defense107.25-0.74%
Global Jets14.74-1.73%
Healthcare
Cannabis5.1608-0.37%
Biotechnology112.41-2.29%
NameValue% Chg
Cryptocurrency
Bitcoin17.11-0.98%
Renewables
Hydrogen5.96-2.45%
CleanTech8.92-3.04%
Solar40.95-4.88%
Technology
Semiconductor444.33+1.08%
Sports Betting/Gaming14.31+0.21%
E-commerce16.62+0.18%
Video Games/eSports49.32-0.12%
Cybersecurity22.61-0.26%
Robotics & AI22.34-0.31%
Cloud Computing17.46-0.57%
Electric Vehicles20.85-0.71%
FinTech18.19-1.99%
 

Key Events​

ASX corporate actions occurring today:
  • Trading ex-div: 360 Capital Mortgage REIT (TCF) – $0.035, Gryphon Capital Income Trust GCI) – $0.015, EZZ Life Science Holdings (EZZ) – $0.01, KKR Credit Income (KKC) – $0.01, Perpetual Credit Income Trust (PCI) – $0.07
  • Dividends paid: None
  • Listing: None
Economic calendar (AEDT):
  • 11:30 am: Australia Retail Sales
  • 8:00 pm: Germany Q3 GDP
  • 12:00 am: Germany Inflation

Written By
 

Industry ETFs​

Tue 31 Oct 23, 8:34am (AEDT)
DescriptionLastChg %
Commodities
Uranium25.76+1.90%
Silver21.34+0.76%
Steel62.41+0.66%
Lithium & Battery Tech48.05-0.46%
Copper Miners33.33-1.16%
Strategic Metals57.52-1.29%
Gold Miners28.77-1.47%
Industrials
Global Jets15.03+1.97%
Construction47.37+0.89%
Aerospace & Defense107.72+0.44%
Agriculture21.9-0.68%
Healthcare
Biotechnology113.03+0.55%
Cannabis5.13-0.60%
DescriptionLastChg %
Cryptocurrency
Bitcoin17.53+2.45%
Renewables
Solar41.35+0.98%
CleanTech8.95+0.34%
Hydrogen5.94-0.34%
Technology
Sports Betting/Gaming14.5982+2.01%
FinTech18.45+1.43%
E-commerce16.85+1.38%
Cloud Computing17.65+1.09%
Robotics & AI22.53+0.85%
Video Games/eSports49.69+0.75%
Cybersecurity22.74+0.58%
Electric Vehicles20.79-0.29%
Semiconductor438.38-1.34%
 

Key Events​

ASX corporate actions occurring today:
  • Trading ex-div: Namoi Cotton (NAM) – $0.05, Brickworks (BKW) – $0.42, Autosports Group (ASG) – $0.10
  • Dividends paid: Magontec (MGL) – $0.006, Steamships Trading (SST) – $0.12, Rural Funds (RFF) –$0.02, Kelly Partners Group (KPG) – 0.004
  • Listing: None
Economic calendar (AEDT):
  • 11:30 am: Australia Housing Credit
  • 12:30 pm: China NBS Manufacturing and Services PMI
  • 2:00 pm: Bank of Japan Interest Rate Decision
  • 9:00 pm: Eurozone Q3 GDP and Inflation
 

CENTRAL BANKS​

  • Fed expected to hold rates at 22-year high but leave hikes on the table (FT)
  • Yen set for big swing as BOJ discusses its next step (FT)
  • ECB's Simkus says central bank unlikely to lift rates for rest of year (Bloomberg)
  • BoE seen keeping rates unchanged as inflationary pressures remain strong (FT)

ECONOMY​

  • German inflation comes in cooler than expected (Reuters)
  • German economic contraction better than feared (Bloomberg)
  • Australia Sept retail sales climb at fastest pace in 8 months (Reuters)
  • World Bank warns crude could rise to US$150 if Middle East conflict escalates (
 

Industry ETFs​

Wed 01 Nov 23, 8:23am (AEDT)
NameValue% Chg
Commodities
Uranium26.84+4.19%
Steel62.6549+0.39%
Strategic Metals57.23-0.50%
Lithium & Battery Tech47.74-0.65%
Copper Miners32.85-1.44%
Silver20.98-1.69%
Gold Miners28.01-2.64%
Industrials
Aerospace & Defense109.86+1.99%
Construction47.92+1.16%
Agriculture22.01+0.50%
Global Jets14.92-0.73%
Healthcare
Cannabis5.34+4.09%
Biotechnology113.68+0.58%
NameValue% Chg
Cryptocurrency
Bitcoin17.59+0.34%
Renewables
Hydrogen6.06+2.02%
Solar41.98+1.52%
CleanTech9.0+0.56%
Technology
Cybersecurity23.1+1.58%
FinTech18.71+1.41%
Robotics & AI22.77+1.07%
Video Games/eSports50.17+0.97%
Cloud Computing17.82+0.96%
Semiconductor442.39+0.91%
Sports Betting/Gaming14.73+0.90%
E-commerce16.97+0.71%
Electric Vehicles20.86+0.34%
 

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