Macro Afternoon

Stocks in Asia are flat again with only the ASX200 putting in a positive performance as concerns over Trump’s mishandling of the trade war with China rise again. The USD is relatively calm although Pound Sterling remains under pressure with S&P futures flat before tonights open.

The Shanghai Composite has been unable to get out of its rut, falling another 0.2% going into the close, currently at 2931 points while the Hang Seng Index is also off by about the same to 28578 points, still able to maintain itself above the previous set of highs at 28500 but going nowhere:

Japanese share markets were the worst off even as Yen moderated, with the Nikkei 225 closing 0.3% lower to 21469 points. The USDJPY pair has stalled after getting back above the 108 handle, the breakout of the bullish falling wedge pattern effectively over as momentum wanes:

The ASX200 was the odd one out and got some traction with a bounce today as the Australian dollar fellback. The bourse closed nearly 0.5% higher to 6673 points. The Australian dollar is finding a modicum of buying support here at the 70 handle against USD but not enough to stave off lower session lows:

S&P and Eurostoxx futures are basically flat with minor drops on the open expected with the S&P500 four hourly chart still showing a lot of hesitation here around the key psychological 3000 point barrier:

The economic calendar continues with the UK and Canadian latest CPI prints tonight.

Comments

    • The Traveling Wilbur

      That implies the regulators don’t know what’s actually happening.

      Really?

      • This would be a good example of Cameron Murray’s theory about laws and regulations being intentionally worded in ways which allow them to be subverted.

      • What – ???? – it was understood almost 2+ decades ago that defunding of regulatory anything with a side of revolving door and the “Experts” were sourced via those that knew what was right or wrong from inside industry … with a cherry of ideological red shift on top.

        I mean any dim memory’s about Born and the Chicago boys still flicker …. chortle ….

      • Freedom [tm] … JohnR

        Anyone arguing against it was automatically put in the socialist commie pigeonhole and labeled a proponent of totalitarianism [waves at Hayek posse], yet here we are today and latter day saints are befuddled …. outrage – !!!!

      • Skip has a point. The GFC was by large the result of captured regulators trapped in the revolving door between Government and Industry.

      • The Traveling Wilbur

        Ladies and gentlemen… we have evidence of Al awakening… an intelligence capable of the skippy => human transform has arrived. Apparently.

      • It is like the scene in Phenomenon where John Travolta deciphers military communication.

  1. Well, my landlord seems reasonable. From story in yesterday’s Macro Arvo, where I was contemplating 20% rent reduction, they offered 40%. Seriously, how good is Straya!

    • Mining BoganMEMBER

      I’m trying to work out how Reusa can call you a looser from this result.

      • haroldusMEMBER

        He’s just lost 40% of his rent equity!

        And his petrol equity is looking a bit poorly at the moment.

        At least his PHI equity is looking up.

      • What do you mean? I just gained disposable income to support new vibrant massage parlours. Just doing my part as a deplorable renter scum!

      • The Traveling Wilbur

        Your query has been addressed below.

        Max Looser (now there’s a name for the ages) won’t need to miss out.

    • Solid work Maximus PrimeLeaseHolder.

      Now it is time to subdivide the place and install bunks floor to ceiling.
      Bring that massage parlour in-house with select sub tenancy choices and payment arrangements.

      Vibrant Haus.

    • The Traveling Wilbur

      You should forgo the 40%, let them move in, without cancelling your lease, and then charge them 140% rent for the remaining months of your tenancy.

      Winning. Good. Thinking like Reusa. Priceless.

    • Guys clearly #Fakenews. This has never happened in Straya and the Real Estate agent would serve him a no ground eviction notice if he tried it.

  2. Australian Bureau of Statistics research illustrates why it’s a good idea going in to retirement owning a mortgage – free home …

    Home ownership continues to fall as the great Australian dream gets more distant for many – ABC News (Australian Broadcasting Corporation)

    https://www.abc.net.au/news/2019-07-17/home-ownership-falling-while-more-people-are-renting-abs-study/11318070

    … extract …

    … Renters spend more on housing than owners

    The ABS study found the average weekly housing costs for all Australian households were $311, but vary significantly for different tenure types.

    $53 for owners without a mortgage
    $484 for owners with a mortgage
    $366 for renters …

    … On average, private renters paid 20 per cent of their income on housing costs, compared to 16 per cent for owners with a mortgage and 3 per cent for households who owned their home outright.… read more via hyperlink above …

    … and too … buying ‘affordable’ homes at or below 3 times annual household income …

    2019 15th Annual Demographia International Affordability Survey

    http://www.demographia.com/dhi.pdf

    Definition Of An Affordable Housing Market – Performance Urban Planning

    http://www.performanceurbanplanning.org/affordability.html

  3. 6 hours ago

    $4.8m share fraud

    making $2.44 million by stealing the identities of people, selling their shares and transferring the profits overseas.

    she attempted to make a further $2.35 million through trades made as recently as March this year.

    https://www.afr.com/markets/equity-markets/asic-probes-young-mum-s-suspected-4-8m-share-fraud-20190717-p527z1

    https://www.smh.com.au/business/markets/young-mum-s-passport-held-over-alleged-4-8m-share-scam-20190717-p52818.html

    • Mining BoganMEMBER

      I expect she’ll receive a $600m grant from the gubmint to rectify her shortcomings.

    • The Traveling Wilbur

      Well. As long as they were all dead peoples’ accounts she won’t have to worry about doing any jail time. That’ll be a load off her mind.

      Does anyone know if she was claiming fees for financial advice? (if so she can deduct that from the ‘victim’s losses total’ – handy to remember for the sentencing phase (assuming ASIC don’t indemnify her first (it might all have been going to bikie gangs or EyeSis))).

    • The Traveling Wilbur

      More seriously. So the AML compulsory identity (including photo id, address and 100 points+ of ID) registration is clearly working well. Dutto must be stoked.

      Thank goodness that standard isn’t used to secure anything important.

    • The first anecdote with the purple water is funny and I did not know this:

      Germans love rules. They follow those rules. German engineers expect people to follow their rules.

      When Japanese engineers go on to design a product they ask themselves: “How will the customers use it? How can I prevent failure if they abuse it?”

      The German engineer: “I made this machine and it has to be used in this particular way. If the customer abuses it and it fails it is his fault, not mine”.

      Marcus Depaul, M.A. Medical Biotechnology

      • The Traveling Wilbur

        German. You have to pay extra for a product that’s designed to be abused.

      • Wonder if German customers follow rules and American customers dont? Australian customers pnly read the manual after it breaks …

    • “car”. It’s the car-iest car that ever car’ed.😆😆

      The “head rest accident movement sensor signal”, causing an engine warning light every time I drove over a big bump (like over a side walk).😂
      This sensor has never failed me on my Hyundai. It doesn’t exist….👍
      The oil level and ignition trigger on your axe won’t go bad either…😆😆😆👍

      • 59. Which of these best describes your gender identity?
        Man
        Woman
        Transgender
        Genderqueer
        Agender
        Genderless
        Non-binary
        Cis Man
        Cis Woman
        Trans Man
        Trans Woman
        Genderfluid
        Other – Write In

  4. The Traveling Wilbur

    BTC starting to touch 9100. fckn. awesome.

    Remind me why I don’t like this Donald guy again?