Macro Afternoon

Not the bath of blood that the media (and me!) expected with the continued fallout from the US/China trade war hitting risk markets across Asia, but with some reservation from the bears. The PBOC moved the Yuan sharply lower against USD, the weakest all year while Yen stopped firming against USD.

The Shanghai Composite is set to close below 2900 points again, down 0.3% to 2890 points, at least forestalling a wider corrective move. In Hong Kong, the Hang Seng Index has reopened down 1.8% to just above 28000 points and is the worst performer in the region. Note how fast support evaporated once 29000 points was cleared:

US and Eurostoxx futures are fighting back however, the latter up by 0.5% with S&P futures indicating a possible bottoming action here as it bounces off the 2800 terminal support line:

Japanese share markets continued to fall which was no surprise given the drop in the correlated USDJPY pair overnight, with the Nikkei 225 closing 0.6% lower at 21067 points. During the session however, Yen has weakened with the USDJPY pair bouncing off the 109 handle and getting back to the Friday session lows:

Australian stocks had a bad start and then recovered somewhat before dropping at the close, with the ASX200 falling nearly 1% to be at 6239 points. The Australian dollar remains depressed, but is somewhat stable after making a three year low overnight and is still stuck here at the mid 69s:

The economic calendar

Comments

    • Lol, reminds me of when someone showed me of an ex senior doc working above me was done for kiddy porn. At least there’s some use to a pointless centralized registry

  1. Uber IPO flop!

    gave his employees a rallying cry Monday morning: “Remember Facebook and Amazon!”

    said in an email to employees Monday morning that “our road will be the same” as Facebook and Amazon

    lol

    Warren Buffett likes moats and Uber has no moat. There are so many alternatives to Uber:

    Bus riding, bicycle riding, taxi riding, and Didi, Lyft, Ola.

    • Uber takes a 27.5% clip off the driver, then transfers great majority overseas to avoid tax? What a great model Mr Government. Gocatch in Australia takes a 15% clip and rest goes to driver. No surge pricing either, yet people love Uber? F k we are stupid

      • I forgot about GoCatch. They never advertise.

        I just went on their website now. Looks like I can not get a ride today?

        So a ride from the slum to the train station at 7 pm tomorrow = $20?

        Uber charges me $10 for the same journey.

      • I asked a driver about GoCatch, he said not very busy compared with Uber.. we should block the Uber DNS in Australia like China would do and force visitors to go to GoCatch instead. 😀

  2. The FHB blank cheque (terms pending) policy is a perfect case study in journalist incompetence. On Sunday Morrison announces the policy, journalists work themselves into a frenzy and text one another with regards the politics and optics. Labor matches the policy and journalists pat Labor on the back for being so smart!
    2 days later the non-journalist adult commentators take apart the (lack of) detail and the policy is revealed to be a lemon stuffed into a can of worms.
    You might say this is all Morrison and Bowen’s fault. But seriously if Morrison thought the media was even halfway competent would he try to pull this routine 1 week from an election? This is the cost of having journalists working in the media imo – dreadful policy. Hopefully after the election Shorten holds a RC into journalism which finds that journalists should be barred from working in the media.

    • Hopefully after the election Shorten holds a RC into journalism which finds that journalists should be barred from working in the media.

      Ha ha ha!

      Young lads on YouTube have replaced the lamestream media for a great chunk of the population. Paul Joseph Watson is good at exposing the hypocrisy of the globalists.

    • GunnamattaMEMBER

      Yep, as an ex journalist (not in Australia) I am inclined to agree.

      But all the journalists were doing was slurping up the trail of bullshit nuggets two utterly idiotic mainstream sides of Australian politics were defecating into the public arena in the week leading up to an election. The reason the journalists ululated the way they did was because if they dont then they find the double plus unenthused editor or HR man is only ever a few steps away. Journalism, as we once knew it, or as we once thought we knew it, is grovelling in the gutter after getting a kicking by the financial world, which has remained standing alongside to use the now feeble corpse as a pissoir.

      Morrison doesnt think the media is competent because there are some large interests – Rupert and Ninefax for starters – who he knows can only communicate with their underlings by kicking them between the thighs, and who enthusiastically agrees with them in not being remotely interested in a competent media.

  3. This one’s probably a repost. 10 steps to prepare for economic Armageddon, by John Adams.

    https://www.news.com.au/finance/economy/australian-economy/how-to-prepare-for-economic-armageddon/news-story/08c0ab60e4184ee2d2f3e3d199a5a803

    Most of it is just good life advice. Keep things simple, look after yourself and those around you, and don’t be greedy.

    I found it when trying to find out about Mr. Adams as he seems to be a bit of a divisive figure. Can someone provide a quick summary as to why this might be?