Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Stocks in Asia are mixed with the lack of trading in Japan because of yet another holiday but also due to the latest Chinese GDP print which showed a slowing trend, but an economy still powering ahead with industrial production and retail sales figures much higher than expected. Bitcoin is having a tough time as Trump adds to more things he doesn’t like coming out of America, gapping down over the weekend to below $10000!

The Shanghai Composite is having a slow start to the week, up only 0.1% or so, currently at 2931 going into the close.  The Hang Seng Index is up about the same and consolidating Friday’s rise to be at 28505 points, trying to maintain itself above the previous set of highs at 28500:

Japanese share markets were closed so trading in Yen was also muted, with a gap higher on the Monday morning open sending the USJDPY pair back above the 108 handle after its selloff on Friday night:

The ASX200 is again losing a lot of ground, down 0.6% and closing at 6653 points, mainly due to bank stocks but also a general malaise in industrials, remaining well below the 6700 point level breached last week. The Australian dollar continues its bounce from last week and is hovering above the 70 cent level against USD, ready to take out the previous weekly highs:

S&P and Eurostoxx futures are up 0.2% with the S&P500 four hourly chart wanting to extend its gains from Friday, where it closed decisively above the key psychological 3000 point barrier as the market goes all in on the Powell Put:

The economic calendar starts the week slowly in the Northern Hemisphere with some Treasury auctions and not much else tonight.

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  1. The Traveling Wilbur

    +’5′ to footsy. In today’s links.

    PS Well at least one Kiwi came first today.

    • Here’s the best take I’ve found on it.

      How England ended up winning the World Cup.
      The Irish captain, in consultation with the Australian coach, sends in a Kiwi and South African to bat the super over and then a West Indian to bowl it.

      • The Traveling Wilbur


        And he ‘threw’ his bat at the ball when diving to avoid the runout. Chunt.

      • 😄😄

        At least Jonny Wilkinson, Martin Johnson, and Clive Woodward were born in England.

        The 2019 ICC trophy should have been given to both teams – if both teams have the same score after the super over, just give it to both of them!

    • “Well at least one Kiwi came first today.”

      I was informed some years ago by some true blue bloke whilst working for Transfield, that NZ’ers were like the proverbial thousands, you speak of [came], lest only one worked ….

      He woke [tm] a few minutes latter probably wondering why the wall was lino’ed …. seems he neglected to check the ethnicity of the room ….

    • Heard a good one of late … most the dramas with C-corps is there being run by day traders …. rim shot …

      • If FED cut it is seen as feeding the addicts on Wall Street and all those companies that keep borrowing money to buy back their shares – more speculation, more easy money, less value all currencies (as everyone else cuts). Gold goes up.
        if FED does not cut everyone knows things will get ugly in a hurry as there is way too much debt. Gold goes up.
        And then on top of that we have trade wars that will not stop. US is openly bullying everyone and things will only get worse from here as more and more countries will decide to stand up and seek Russian protection. Bad news for the USD.

        And on top of that real possibility of hot war as US, UK and now France are openly picking fights with anyone US decides to bomb.

        I just can’t see any other outcome. The system has not changed and it only really works for the 1% and to some point top 20%.

  2. The Traveling Wilbur

    Jeez. I think it might be shut-in poll time. Everyone ok out there? (ps no worries Stagmal, we know you have better things to do right now. 😏)

  3. Just watched the 4 corners show about what the communists are doing in Xinjiang, I dunno about the emphasis on it being all about how members of the uighur community in Australia are being impacted. For one, you can be fairly sure that the rellies back in Xinjiang will face official reprisals. Secondly, they hardly touched on the Australian unis and businesses that are profiteering from what is happening in Xinjiang, Thirdly, I would have thought fleshing out some of the facts about what the Communists are doing to the Uighurs in Xinjiang – as in investigative journalism – would have been a program in itself. And lastly, not even a question to the Australian government about their attitude to all of this (used to be that our Foreign Minister or at least DFAT would be required to make some sort of statement for a program such as this but on this story it seems they got a free pass).