The Australian Open quarterfinalists are in!
Who are your picks to seal a place in this years final?
Market highlights
ASX futures down 11 points or 0.2% to 7433 near 7.10am AEDT
- AUD -0.4% to 65.70 US cents
- Bitcoin 4% to $Us40,090 at 7.18am AEDT
- On Wall St at 3.18pm: Dow +0.3% S&P +0.3% Nasdaq +0.4%
- In New York: BHP -0.8% Rio -2.2% Atlassian +1.2%
- Tesla -1.7% Microsoft -0.3% Apple +1.2% Palantir +4.8%
- VIX +0.2% QQQ +0.2% TLT +0.5%
- Stoxx 50 +0.7% FTSE +0.4% DAX +0.8% CAC +0.6%
- Hang Sent -2.3% CSI300 -1.6%
- Spot gold -0.4% to $US2021.27/oz at 1.56pm in New York
- Brent crude +2.3% to $US80.36 a barrel
- Iron ore -0.8% to $US128.85 a tonne
- 10-year yield: US 4.10% Australia 4.23% Germany 2.29%
- US prices as of 3.16pm in New York
Australian shares are poised to slip, with futures down 11 points near 7.10am. That decline came even as US stocks continue to press higher, albeit modestly.
Commodities were mixed with oil topping $US80 a barrel, while both iron ore and gold were lower. The US listed shares of Rio Tinto slumped more than 2 per cent. BHP also was lower in New York trading.
An “exuberant melt-up phase” for US equities may be underway, Ed Yardeni said in a note, adding that risks are rising fast too. The S&P 500 has risen more than 17.5 per cent from its October low and the Nasdaq 100 has advanced more than 22 per cent over the same time.
Yardeni said Federal Reserve chairman Jerome “Powell risks fuelling irrational exuberance”.
“The Fed’s last big mistake was falling behind the inflation curve in 2021 and early 2022. The Fed’s next big mistake could be inflating a speculative stock market bubble. Powell must know that. If so, then he should reiterate that he is in no rush to lower interest rates.”
Key to the market’s strength are earnings. On this week’s schedule are, among others, Netflix, Tesla and Intel.
Source: AFR
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Worried about your resources portfolio in 2024?
Here’s the good news from Sprott’s market strategist Paul Wong and ETF product manager Jacob White, who are predicting a better year for copper and exceptional times for uranium, gold and silver.
URANIUM: Growing deficit to benefit miners2023 was a blockbuster year for uranium and uranium miners as the spot price gained 88.54% to end the year at $91.09/lb.
The long-term fundamentals are bullish, and price momentum is likely to continue into 2024, say Wong and White.
Sentiment around nuclear energy — reliable baseload power to offset the intermittent nature of renewables – is bullish, with 22 countries pledging to triple nuclear capacity by 2050.
Add to this increasing geopolitical instability, and Western uranium miners may be the ultimate beneficiaries.
“In 2024 we expect utilities to continue to self-sanction and refrain from signing new contracts with Russian entities, perhaps accompanied by government legislation,” say Wong and White.
“The 2023 coup in Niger and Kazakhstan’s chronic inability to meet production guidance add to the uncertainty and underscore the importance of supply security.”
With uranium mine supply persistently below the needs of the world’s uranium reactors, the market has relied on secondary supplies.
“However, we believe that the era of inventory destocking, the primary source of secondary supplies, is over,” say Wong and White.
“We expect an industry shift from underfeeding to overfeeding will move enrichment processes from creating additional supplies of uranium to instead creating additional demand.
“The uranium market is forecast to face a growing supply-demand deficit that could ultimately benefit uranium and uranium miners.”
Source:Stockhead
Company: Alderan Resources (ASX:AL8)
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.0045 -10.00%
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.13 with 1:1 T92O
Today’s Price Change: $0.185 +5.71%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.13 Unchanged
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.004 +14.29%
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.007 with 1:2 VRCOB
Today’s Price Change: $0.006 Unchanged
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.01 with 1:2 CDTOA
Today’s Price Change: $0.007 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.011 -8.33%
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.04
Today’s Price Change: $0.054 Unchanged
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.16 +14.29%
Company: Excite Technology Services (ASX:EXT)
Sector: Cloud
Deal Type: Placement
Latest Entry Price: $0.005 with a 1:2 EXTOD
Today’s Price Change: $0.008 Unchanged
Company: Estrella Resources (ASX:ESR)
Sector: Mining
Deal Type: Placement
Raise Amount: $1.65M
Latest Entry Price: $0.006 with a 1:1 ESRO
Today’s Price Change: $0.005 Unchanged
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak on 1300 304 460
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