Macro Afternoon

Not a happy day on Asian share markets with a sea of red across the board, as risk sentiment remains very cautious with no good news emanating from the US/China trade war. All the major currencies are on the defensive against King Dollar, with the Aussie hovering at its recent lows while Pound Sterling has broken down again on Brexit negotiations.

The Shanghai Composite is off by more than 1.3% to get straight back below 2900 points, currently at 2853 points, while the Hang Seng Index is doing about the same, off by 1.6% to 27245 points signalling a clear breakdown here on the daily chart as this correction continues:

US futures are off by 0.5% while Eurostoxx futures are even further down, off by 0.7% as traders await Euro-wide PMI data tonight. The four hourly chart of the S&P500 chart shows a clear breakdown back to trailing support at the 2830 point level as traders write off this week:

Japanese share markets are down amid the poor mood, with the Nikkei 225 closing 0.6% lower to 21151 points while the broader TOPIX is down about half that. The USDJPY pair has failed again to push higher after breaking out to the high 110’s and is currently hovering precariously above the 110 handle:

Australian stocks have finally put in a poor session with the ASX200 falling 0.3% to remain get back below the 6500 point barrier, closing at 6491 points. The Australian dollar is as depressed as a Labor supporter here, with no momentum behind it and remaining below the 69 handle:

The economic calendar will focus on a slew of European preliminary PMI prints tonight, including the latest ECB  minutes plus a similar view at the US PMI’s.

Comments

  1. Well I’ve looked at my tea leaves and furrowed my brow and now declare the AUD oversold.

    • So it’s not surprising that Disney has tried to make its 2019 remake more culturally sensitive, not that it’s clear which culture it’s trying to be sensitive to.

      I think they mean lie?

    • “Tom van Laer, associate professor of Narratology at the University of Sydney”

      Narratology? WTF? I give up. I’m gonna buy a house, turn gay, change my gender, convert to Islam, sell my guns, stop saying fcuk and cnut and join the LNP. My pronouns are xhe and tharg.

  2. Look out Sydney-Melbourne developers.
    -Man Smashes His KL Luxury Condo After Paying over RM2 Million but Gets Low Quality Unit.-
    Quote…………
    “I will make it my life’s mission to screw your company.”
    “I will smash some of the things in my unit, and I will be living in this unit.”
    “I will make it into your new ‘showroom’. It will be opened 24 hours, available to all residences.”
    “I don’t have time to go to a tribunal. Wait until you deal with those from mainland China.”
    “There is more than one way to skin a cat.”
    “Almost every piece is cracked. I marked all of it so you can see it.”
    “I don’t accept (your taste in furniture). I don’t like it.
    https://www.youtube.com/watch?v=1XnVXNKYCUY

    • Does it take more than a week though and for the apra changes to actually take effect?
      Dont get me wrong, i think its horse sh1t.. or its a bit like that “global synchronised growth” everyone got excited about that never came just a year ago and now we look worse… reckon it is like that.

      • The sentiment amongst investors has changed. This is like throwing a banana against a tank. Nobody wants to invest in real estate.

      • Queensland premier, Annastacia Palaszczuk has her partners career to think about given she’ll be out of a job.

    • China has given up investing in new coal mines here after seeing how badly the Indians got on, however that does not mean they have stopped burning coal, they have just moved countries to source coal from. Indonesia is experiencing a coal mining boom driven by Chinese investment!

    • Highly likely the Chinese money has been diverted from Australia to a new Indonesian coal mine.

  3. A lot of discussion (particularly on the abc) on why there is no women fighting out the leadership battle of the ALP. I’ve always considered that if you are the leader of a major political party in Australia then you are probably corrupt, possibly psycho and an asshole. Maybe it’s a good thing that women are not contesting this leadership as it proves they are less likely to be corrupt pshyco assholes.

  4. So now Troy Bramston is lecturing Albo that he has to stop the class politics to truly be a Keating acolyte. ffs this election is a nightmare.

      • C.M.BurnsMEMBER

        isn’t that the express purpose of this site and forum ? An outlet for economically/financially aware shut-ins ?

        I mean, there are weekend meetings and everything. And if that isn’t the purpose, who has been giving me out these shutin coins to mark various stages of membership ?

      • It’s a bar with no closing time and the advantage that it can be entered and exited from anywhere and at anytime.

      • haroldusMEMBER

        it can be entered and exited from anywhere and at anytime.

        Sorta like one of reusa’s tenants.

      • Gold Harry… I haven’t LOL’d at an MB comment like that for a while. Thanks for being more perverted than I.

      • haroldusMEMBER

        😀

        I think reusa even refers to them as “it”.

        As in, “It rubs the lotion etc”

    • Trout à la Crème

      In your opinion, who would be the greater cause of the nightmare, Paul Keating or the media?