I feel uncomfortable seeing a broad PM rally on the ASX when USA...

I feel uncomfortable seeing a broad PM rally on the ASX when USA CPI is at 9.1%, and Aus unemployment at a record low. These are terrible precedents, historically. Price of oil and gas down a lot, rumour has it China will relax coal ban on Aus imports hence those companies are rallying hard. Are these bullish indicators? I used to think individual stocks perform based mostly on internal metrics, but the last few years have shown sentiment of external factors beyond a company’s control play the bigger part. Seems to be a recent phenomena. I’d rather see a positive SP, but why are these fickle narratives driving LLLs direction?