Macro Afternoon

A generally positive end to the week here in Asia with most stock markets putting on meaningful gains, buoyed by positive numbers out of China and Japan, plus a higher USD suppressing local currencies.

The Shanghai Composite is ticking along, only up a few points going into the close and remaining above 2900 points at 2945. The Hong Kong Hang Seng Index is up nearly 0.5% to be at 28760 points as it tries to pull itself out of a near week long malaise after rising too fast from its recent trend line:

US and Eurostoxx futures have pushed higher with the latter S&P 500 tonight again trying to break through the psychologically important 2800 point level that has been staunch resistance all week:

Japanese stock markets were the best performers due to a much weaker Yen with the Nikkei 225 about to close over 1% at around 21623 points, making a new daily and weekly high, hitting a high note to finish the week. The USDJPY pair is behind all this, leaping higher after last night’s breakout above the 111 handle, now at the 111.60 level and possibly getting ahead of itself as momentum kicks into high gear:

The ASX200 finished just short of the 6200 point level, up 0.4% to 6192 points, helped along by a much lower Australian dollar and a buoyant manufacturing PMI print. The Australian dollar was unable to hold its bottoming action from last night’s dump and is well below the 71 handle going into the City open:

The economic calendar finishes the week with two major releases – German unemployment and US ISM Manufacturing. Have a good weekend, Houses and Holes should be back on Monday!


    • Rather than bother trying to detect internal fraud and manage outsourced contracts It’s just easier to make a couple of phone calls and have a police strike force do the work instead.
      The taxpayer that pays for the police is the victim.

    • TailorTrashMEMBER

      Commissions of $40 millions ! …..fcuk!……….that’s some serious dosh …….the contribution of what ever activities it represents to dividends would have to be very material ( but then maybe not to a bank ) ….is this another example of gym operators selling loans ?……………….

      “NAB is the victim in this matter. Police have confirmed that no one at NAB is under investigation, including former CEO Andrew Thorburn, and there is no suggestion of any wrongdoing by anyone at NAB “………………….quite……….

      • Does not compute … who were paying the commissions and who were receiving the commissions? If no-one from NAB were involved in receiving or paying the commissions then why is NAB involved?

      • @triage
        “A remuneration report released in November also pointed to an investigation into an alleged fraud involving a former NAB employee.
        The matters included “certain control failings and breaches of policy” in the office of the CEO, the report said.

        Presumably a former NAB employees approved the commissions. Internal control failings at the highest levels? Nevermind that. Sounds like a garden variety banking cultural problem.

  1. Mining BoganMEMBER

    I’ve just seen a XYGT destroyed on the track at Adelaide. It had Jesus written all over it.

    It’s a sign!!

    • I had the first white 260Z in qld (auto)
      coppers harrassed me so much, i traded it down for a new XW GT
      about 3 months later i put it on its hood and a wrecker gave me for the slightly damaged car than I paid for it
      then I bought a white 6cyl E type, and my troubles really started
      A trick with the Z was to install a windscreen washer system, filled wiht hydraulic fluid and place the spray nozzles in the top of the rear wheel arches.
      About 1.5 meters before you stopped at the lights switch on for about 3 seconds only
      Smoke galore…
      but what nearly always beat me was the camber of the road, the back of the car would slide into the gutter.
      But a massive amount of fun

  2. TailorTrashMEMBER

    Vale Mike Willesee …………… wonders what he thought of ACA in these times ……..Aldi and what brand of soap powder one should buy ………
    …….he was a journalist.( maybe not the best ……but competent indeed ………when the word had meaning ) ………..

      • reusachtigeMEMBER

        Yeah. I loved how he was always blind. He pulled that caper off way better than Bert Newton and Graham Kennedy!

      • China PlateMEMBER

        And who could forget him and John Hewson discussing which one was going to pay for the birthday cake

    • Was talking to some raaf from Edinburgh
      told me pyne is all sorts of unmentionable doo doo
      they even challenged pyne’s need for security personnel