Macro Afternoon

Stocks in Asia have generally pushed higher following the record highs on Wall Street overnight with the USD still selling off against the undollars as traders readjust to the Fed’s dovish stance. Local stocks are the exception with the fall in iron ore price taking down Rio Tinto and BHP, while Bitcoin is struggling as Trump comes out against cryptocurrencies in general.

The Shanghai Composite is finally gaining some traction, up nearly 0.5% currently at 2931 going into the close.  The Hang Seng Index is up about the same and consolidating yesterday’s rise to be at 28547 points, trying to maintain itself above the previous set of highs at 28500 as it bounces off support at 28000:

Japanese share markets are mixed with Yen firmness upsetting the TOPIX while the Nikkei 225 only up 0.1% or so at 21668 points.  The USJDPY pair is still above the 108 handle after its swift reversal overnight, but suffered a mild selloff mid session:

The ASX200 is the loser for the day, down 0.3% to be back below 6700 points while the Australian dollar continues its bounce to almost be above the 70 cent level against USD:

S&P and Eurostoxx futures are up with the S&P500 four hourly chart suggesting a decisive break above the key psychological 3000 point barrier as the market goes all in on the Powell Put:

The economic calendar finishes the week with a quiet night, a few tertiary releases and central bank speeches, plus the Baker Hughes private oil rig count.

Comments

  1. StomperMEMBER

    “while the Australian dollar continues its bounce to almost be above the 70 cent level against USD:”

    So much for the rollover!!

  2. A decisive break upwards? Just what I’d expect after I shifted to a more conservative position. Sigh.

    • Andrew LeesMEMBER

      Last time I did that it was a 5 GBP fine… but that was a long, long while ago!

    • SnappedUpSavvyMEMBER

      Did exactly same 2 months ago but no left turn between 8 and 10am, didn’t even see the fckn sign, cop said challenge it and you’ll probably get off, I didn’t in the end…fckn
      As usual in corruption central straya the fine is outrageous compared to the infringement

      • China PlateMEMBER

        Fair dinkum they use that line so as to save themselves from copping a gob full

    • haroldusMEMBER

      If you haven’t had a ticket for a while it’s worthwhile to challenge it. I got a ticket and I hadn’t had an offence for 10 years, the fvckwit himself noticed it and suggested I challenge it (“While I did do the offence I haven’t had an offence for 10 years of daily driving and etc etc”).

      And I got off!

      FCKEN!

      • I challenged one a year ago and got off. Time to pay.
        But if the cvnt wrote in the notes that he also failed to notice the sign I would have.

      • You could still challenge and make an affidavit about what the cop said. Would be worth getting some photos of the sign as well taken from the car (passenger of course). The cop will have to give a statement too and give evidence under oath. Either he confirms what you said or lies under oath.

      • My wife got a speeding fine in the Jimny, a feat I didn’t think possible until she did it! Anyway I wrote a letter on her behalf because she didn’t have a fine for over 10 years and she got let off also.. So might be worth a go?

      • This is remarkable. What basis do you put for your challenge – just “I’m a good driver”?

    • Should see the ANPR fines for unregistered vehicles these days. Consider yourself lucky!

    • I have twice applied for clemency and succeeded. If it has been a few years since previous infringement, or there were mitigating circumstances, you should apply and get off.

      edit: I noticed further up you said you did this a year ago. If the sign was even partially hidden go back and take a photo. They expect you to drive safely and not take your eyes off the road for extended periods searching for hidden signs amongst the trees.

    • Straya! Make an invalid turn $267…
      Work in a bank, screw your customers financially for life and ruin or bankrupt them, no problem. We’ll have a little hearing and say you’ve been very naughty then tell you to open the lending taps again because otherwise bad for economy.. makes sense to me.

      You do the crime you do the time in Straya! Land of the free.

    • Fckn.

      I appealed a speeding ticket in 2017 frrom an automated camera in Canberra. Almost 40 years of unblenished driving in the ACT and I went 8 km/h over the limit in a 60 zone. I didn’t even get the courtesy of a response from the cvnts…not even a “sorry, but no”. Fine was something like $300 IIRC.

      Cvnts

      Fckn

    • Challenge it. I got donee last year for driving unregistered (didn’t get the notice and was a busy time at work). $750. Challenged it and as i had a good record they let me off.

  3. Look like scmo had hard on when he was speaking at the war games if it starts he will blow his Bolt praise the Lords

  4. haroldusMEMBER

    As a scientist I’m only licensed to practice in three states.

    Solid liquid and gas!

    Boom boom!

    • No, but I wanted to share the same thing.. Absolutely agree with this man. The example about the Swiss is bang on.. unlike here infinite growth worship is ruining everything.

  5. But it’s up wards on on wards for the five eyes fukem if they don’t become us. Scorched earth policy mother fukers burn them primates

  6. I skived off work early today to get home and work on my Nissan, last weekend it developed a misfire and stalled on me. I barely got it in the drive… I had noticed a slight hiccup here and there and ordered some MAF (Mass Air Flow Sensor Cleaner) on eBay which had arrived, but this seemed worse than that. Anyway I jiggled the MAF loom plug and the car repeated the same issue, so I knew it was related to the MAF sensor in some way. Apparently the solder joints go dry in them and cause incorrect voltage signals to be sent to the ECU for airflow (so the car doesn’t know what level of fuel to add to the engine). Hence the stumbles..

    Anyway I found a guy selling 3 second hand ones off an R33 GTR on Facebook. He sent them off Wednesday and they arrived last minute today. You beauty, I will hopefully have a running car for the weekend!

    Anyway I cleaned up the MAFs with the cleaner, let them dry and replaced the pod filters – which make HEKTIC noises in the engine bay with the factory airbox. The pod filters don’t have mounting brackets and I think this caused the issue to be honest as the pod dangles loosely in the bay and against the power steering reservoir which probably stressed the plug and the solder joints in the MAF.

    This is why I don’t like buying modified cars, the previous owner had fitted the pod filters and although they sound cool probably in some way responsible for the issue. The OEM spends millions on R&D, making sure their cars will be reliable.

    Anyway, threw the stock airbox in and new MAF and she runs like a dream again.
    https://imgur.com/a/4Ms4j9z

    Oh a new MAF from Nissan $500, 3 second hand ones cost me $80+$20 postage and now I have 3 spares (provided I fix the 1 that came out of the car).

    I’m also repairing my original Xbox which blew up in a lightning strike a few months back. (Already fixed the TV for $30) To survive a recession people need to learn to service and repair things, not just throw them out when they break or get old.

    Speaking of which the RX-7 has blown a coolant seal, so Engine out of that next and rebuild time. *Sigh*..

    • Well I’m definitely impressed.

      Now I need to invent something useful to do on my weekend.

      Harvest lemons I think. I have about a million now.

      Slightly less difficult than what Gav did though.

      • I’ll be impressed if I manage to rebuild my 13B rotary engine without messing it up.
        I find doing anything physical away from the computer is good the mind the and spirit. Shame I lost a bolt in the engine bay somewhere and can’t find the damn thing..Grrr.

      • Take em to a farmers market! Say the are organic if you don’t spray the sh1t out of them and get a buck each!

        Seriously, wtf is with the price of lemons these days!

        Yells at clouds!

      • Yeah exactly Timmeh! It’s taken me 18 months to get this old tree to produce fruit but it’s worth it to not fork out stupid prices at Coles.

        When I was growing up in Perth everyone had a lemon tree, it would have been just weird to buy them in a shop.

      • @Gav. Dropped bolts…
        Always place a small container of old filthy sump oil under car when working. All dropped bolts, nuts etc will go in there automatically. Voice of experience…

      • Have two lemon trees, both loaded.
        I leave them on the tree, and pick them as needed- we eat lots of middle eastern food.
        Meyers first, as they ripen first- the perfect G&T lemon my neighbour says.
        As they finish, into the Lisbons.
        Last all year- go mouldy if l pick them.

  7. … CHINA …

    Meanwhile In China, Beijing Is Losing Control Of The Economy | Zero Hedge

    https://www.zerohedge.com/news/2019-07-13/meanwhile-china-beijing-losing-control-economy

    China Is a Bigger Problem for the Global Economy Than You Think, Rupal Bhansali Says – Barron’s

    https://www.barrons.com/articles/china-is-a-bigger-problem-for-the-global-economy-than-you-think-rupal-bhansali-says-51562980078

    China ignoring US demand for trade war reform by reinforcing state-directed economic model | South China Morning Post

    https://www.scmp.com/economy/china-economy/article/3018120/china-ignoring-us-demand-trade-war-reform-reinforcing-state