Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Another mixed session here in Asia with Chinese stocks retreating the most, while Japanese bourses stabilised, local markets were wary of the Scomo election call, with the Australian dollar tapering slightly from its overnight surge.

The Shanghai Composite has closed 1.5% lower to just below 3200 points, reacting poorly to the expected CPI print, while the Hang Seng Index has fallen about half that, down 0.7% to 29908 points, unable to beat the recent steady state of daily highs above the 30,000 point level:

US and Eurostoxx futures are up only slightly going into tonight’s session, with the four hourly chart of the S&P 500 still showing an inability to get above last Friday’s high at the 2900 points level with trailing ATR support still being respected however:

Japanese stock markets finally stabilised today, with the Nikkei 225 closing 0.1% higher to 21711 points, but the daily chart remains threatening with a bearish double top pattern still forming. The USDJPY pair has come back slightly after its break below former trailing ATR support and pipped just over the 111 handle during the Asian session. The short term downtrend remains intact however with momentum weighing down:

Local stocks fell in response to the election call with the ASX200 losing just over 0.4% to be back below 6200 points again, the stubbornly high Australian dollar not helping either. The Pacific Peso retraced about 20 pips during Asian trade after the big leap overnight but this short term uptrend remains intact with a further breakout likely to continue tonight:

The economic calendar is relatively calm tonight with some final CPI and PPI prints for Germany and the US, plus initial jobless numbers for the week.

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  1. Stationary Wilbur

    Just denying TTW.

    Edit: To Peachy, Timmeh, Stewie at el. keep up the righteous anger. I packed up and left but at lot of my mates in Aus are in a state of despair, and I think this election is putting into sharp focus how little their power over the future is. I can only hope that at some point to anger bubbles over enough for things to change so they can have a go at even just a modest life – a stable job, kids, somewhere to call home.

  2. truthisfashionable

    It’s coming back, slowly but it’s better than nothing.
    “The Melbourne production line that remanufactures Ram pick-ups to right-hand-drive is about to switch to three shifts – running 24 hours a day, five days a week – following an investment by the distributors of more than $10 million.”

    The most interesting tidbit is this:
    “The facility uses parts suppliers that were previously working with Australia’s three manufacturers – Holden, Ford and Toyota – before their factory shutdowns.”

    • quote
      ”On test we saw an average of 15–16L/100km in city and suburban driving and limboed to just 10.5L/100km on freeways, the latter equivalent to a Toyota HiLux 2.8 turbo diesel.”
      stuff ya steenking sewing machine kokdrag diesels up ya jumper

    • interested partyMEMBER

      It’s safe for him to now be extradited to the US and testify on the Clintons. The FBI and DOJ ( obama’s and clintons crew ) up till now were dirty and may have arkensided him. He’s booked in for a showing in the US senate I reckon……moar popcorn.

      Remember Seth Rich.

    • LOL 😆
      An aspiring elite being arrested for annoying the elites.
      Assange is not Wikileaks and there would be a few inside the group to see his sorry arse sent to Sweden or even the US

  3. Another species of humans has been found.

    There’s a cool graph that shows how long we Homos have bumbled about this place: about 2.4 million years.
    Our version, the dashing and witty Homo sapiens, has only been around 300,000 years.
    That’s rather short on the bigger time scales. A slither of a slither of time on the cosmic timeline. It makes it all the more awesome we’ve messed up the Earth over the past 150 years. I guess that is something we can kind of be proud of. We are the best at being the best, and the worst. Maybe that Mr. D1ckens was onto something.

    • The Traveling Wilbur

      Us homos have been around about 50k. May as well count Orangutan and Republicans if you want to go back 2.5m years on a comparative basis.

      And Michael Cane.

    • …. and now that homos are allowed to get married, they’ll probably procreate prolifically and outlast us normal people.

      • I’d say we’ve been growing and have had a bit of a growth spurt. Perhaps we are now toddlers or teenagers. One of those ages where we like to play with toys rather recklessly without thinking about the consequences, or cleaning up.

      • desmodromicMEMBER

        If it is ‘just evolution’ then prepare for a population crash. No natural population has grown exponentially, as are humans, and not crashed as required resources become scarce and/or disease decimates the less fit. For humans think water shortages and influenza pandemics.