Macro Afternoon

Another solid day on stock markets across Asia following the moves higher on Wall Street overnight with Chinese stocks leading the way as expectations for the US/China trade deal become more positive. The Australian dollar launched on the sentiment survey while the Yuan remained firm against USD.

The Shanghai Composite closed nearly 2% higher, making big gains now after clearing 2600 points previously, up to 2721. The Hong Kong Hang Seng Index closed 1% higher to remain well above 28000 points, finally able to make a significant new daily high here, clearing the previous highs:

US and Eurostoxx futures are up too with the latter S&P 500 futures looking very optimistic for tonight’s session as all the areas of local resistance have been cleared, it’s time for a run to 2800:

Japanese stock markets continued their own surge, with the Nikkei 225 closing more than 1% higher to 21134 points. A weaker Yen is helping with the USDJPY pair pushing higher past the mid 110’s after a small stall overnight. There is continued upside here to least at 112 or even 114:

The ASX200 was  the weakest across the region, pulling back from its previous gains to be down 0.3% but still well above the 6000 point barrier at 6063 points. The Australian dollar launched through the 71 handle on the back of the positive sentiment survey with a lot of short covering going on after finding a bottom here at the January lows:

The economic calendar has a double CPI print tonight – in the UK and then US – plus DOE oil inventories.

Comments

    • Per MMT to much money chasing to few goods w/ a side of international capital flows and international asset allocation, then again laundering money is in the mix. Geopolitics does seem to have had bad timing for those seeking the NZ equivalent for a bug out shelter.

      • When one discovers that one’s bolt-hole is more of a sh*t-hole.

        I must say I am slightly amused at the turn of events the newly found freedom of circulation for the money didn’t last all that long. And all the perceived never ending gifts flowing from it seem to have turned out to be nothing more than empty cardboard boxes… well, some not all that empty but filled with excrement.

        Methinks we need another planet of muppets to extend to, or we’re kinda’ toast.

      • And all those pointy bits mean that they can’t be flogged off to the Chinese – bad feng shui.

  1. Scomo’s gone ballistic, opening up the Christmas Island concentration camp as a friendly message to people traffickers.

    Little Johnny did say “We will decide who comes to this country, and the manner in which they come”

    What a piece of work he is.

    But he knows his days are numbered so he may as well trash the joint.

    • Mining BoganMEMBER

      Decide who eh?

      We all know the boats never stopped, they were just turned around with a pocketful of money or towed back to Indo. Rumour is now that all intercepted boats are to be towed to Christmas Island.

  2. Israeli embassy, Christmas Island…what next? The further he slides, this PM may become quite unhinged. It could get spectacular.

    • – In order to build a firmer relationship with Israel he allows lets them test their nuclear weapons in Australia.
      – Bludger Games: in order to gain popularity, and satisfy Australia’s boundless desire for reality tv shows based around cruelty and suffering, 10 random long term unemployed will be chosen to fight to the death. The winner won’t have to fill out their job seeker diary for a year.
      – He declares war on Tasmania hoping that his popularity will rise as a war time leader.
      – He… nope, that’s all I’ve got.

      • Knighthood for J. Bieber.
        $15 million for whatever AFL scheme is going.
        Subsidised au pairs for professional women.

      • Yeah, footsore, something like #2. He’s not smart enough to be original so he can only revert to type, a god fearing crusader against bludgers, greenies and all that.

        Personally I see deep seated crazy in those eyes. If in the final days of this dire campaign he tried to win over the grey vote by walking around wearing the skin of John Howard, I’d be less than surprised.

      • – At the leader’s debate he is asked to lay out his vision for Australia. He decides not to. He is sure that this time would be better spent warning Australia about the inevitable descent into chaos and barbarity should Labor form government. Realising that words alone can not accurately portray the horrors that a Shorten government would lead to, he has spent the last week preparing a video. This is the video he plays to the nation.
        https://youtu.be/tJ4W9OAIKBw

      • The Traveling Wilbur

        Inspired by recent events involving him saying nice things about Thailand:

        – he decides to move the Australian embassy to Jerusalem.

        Wouldn’t​ be the first time!

    • That is disgusting the govt of this cuntry is no different to Zimbabwe I can’t believe ppl are so unaware of whats going on. This plus reef etc its hard to believe. Labor is no better, i hope this is another hung parliament and Labor must do a deal with the devil of tens of independents to get into office. Then I hope govt is gridlocked into implementing anything. Watch house prices fly!

    • That is disgusting the govt of this country is no different to a corrupt 3rd world country I can’t believe ppl are so unaware of whats going on. This plus reef etc its hard to believe. Labor is no better, i hope this is another hung parliament and Labor must do a deal with the devil of tens of independents to get into office. Then I hope govt is gridlocked into implementing anything. Watch house prices fly!

  3. Hill Billy 55MEMBER

    @ JohnR – he’s already got the $15 Mill to an AFL cohort. The Govenrment is donating said sum to the Lions WAFL team for “Training Facilities”. Probably also be used by the men’s team. but that wouldn’t garner as many votes. I’m sure he’ll dole out more of our hard earned between now and May 19.