Macro Afternoon

Stock markets in Asia are oscillating between small losses and tiny gains, with traders looking to the Fed again as it holds it symposium tonight in Wyoming. Chinese stocks are quite mixed with the Shanghai Composite again hovering on another scratch session going into the close, up three points to 2883 while the Hang Seng Index is the worst in the region, down nearly 1% to 26031 points. Price had been threatening the high moving average on the daily chart, but buyers have not had the confidence to push it higher, pushing it to a four day low:

Japanese share markets are putting in scratch sessions to due to the rise in Yen with the Nikkei 225 closing 0.05% higher to finish at 20628 points. The USDJPY pair has rejected its recent tiny uptrend with Yen firming to push the pair down almost to its intrasession lows for the week at 106.30:

The ASX200 is the best in the region, firming 0.3% higher to just over 6500 points, helped along by a much weaker Australian dollar. The Pacific Peso has almost matched its early week lows, currently hovering just above the mid 67’s with the four hourly chart still spelling trouble ahead:

S&P and Eurostoxx futures are flat and down 0.2% respectively, with the S&P500 four hourly chart still showing price rejecting the former highs at the 2940 points level, but steady above recent ATR trailing support at the 2890 level:

The economic calendar has a few preliminary PMIs to digest from Europe, but also US initial jobless claims and the Fed meeting to hang on every word uttered.

Comments

    • You don’t get brownie points for end of the day, however you may get the browniest Bondi cigar thrown at you… so hang around!

    • The Traveling Wilbur

      And looking a lot like Pell.

      Starting a sentence you’se clearly didn’t want to finish.

    • The Traveling Wilbur

      And apologies to Asura for being just a convenient commenter with which to illustrate the following point:

      That’s how you do paedo jokes boys. Like that. So unless they’re slanted that way, or that funny, or both, don’t fckn. Just don’t.

      Yes. Pun intended.

      (and thanks for your patience Asura).

    • The Horrible Scott Morrison MP

      Is that because you like to steal what others have earned through hard work?

    • TailorTrashMEMBER

      Always admired Tim …..the parliament could do with a dozen or two of him.
      Remember. once on the way back from Wagga just for the hell of it made a detour ( about 50 K round trip ) to visit Boree Creek . Not much there but an old general store paint flaking away in the sun ….closed years ago . No ritz or glitz just like Tim .

      Now I like to say ….you can’t impress me cos I’ve been to Boree Creek too .

    • Tim Fischer was an authentic leader who never shirked the hard issue. Outstanding individual and a genuinely great Australian. We could use someone like him in the Parliament right now.

    • Barnaby Joyce, Matt Campervan, The Member for the Philippines, that fvcken idiot Deputy PM, the list goes on but these clowns will never come anywhere near earning the same respect Tim did.

  1. Brisbane anecdata: Cannot believe the amount of Chinese people I saw out and about today. I was at a few places and the numbers were extraordinary with nearly all appearing to be grocery shopping and “local”. I know I shouldn’t be surprised but at Buranda/Annerley it’s usually a strong mix of migrants but skewing more towards those of African and Middle Eastern origin and the majority quite friendly, today’s lot seemed pretty standard “get outta my way, need baby formula” sorts.

    • Have you had that moment when you look around and realise you’re the only Caucasian in Woolies or Coles or whatever? And then you further realise that you’re an ethnic minority in your own town? Then you feel sad and angry?

      I know I have.

      • Never knew there are still people out there thinking AUD does not have mind of its own. Every time fundamentals are screaming for AUD to fall the bstrd goes up.

  2. I was in the back of an Uber talking about Opal Tower, Uber driver is in a 192 unit block, they’ve had water damage, required rectification works. The builder charged $50k per month which they had to sign and pay, but apparently didn’t sh$t for a year, now they f$$ked. The builder just parked a caravan out the front, I don’t understand exactly cos of his accent and I’m drunk, but sounded like they had to pay him up front and now he’s bankrupt… true or BS?

  3. … CHINA …

    Evergrande, Country Garden among Chinese developers cutting prices to boost sales, further weighing down sluggish economy | Pearl Liu | South China Morning Post

    https://www.scmp.com/business/article/3023803/evergrande-country-garden-among-chinese-developers-cutting-prices-boost

    Winter has come for China’s otherwise frenzied housing market, as the country’s top property developers slash prices to boost sluggish sales.

    China Evergrande, the country’s third-largest developer by sales, said it was launching a two-month campaign offering discounts of up to 22 per cent on 532 projects across China, starting from Tuesday.

    Local media reported that the company, chaired by billionaire Xu Jiayin, who is known as Hui Ka-yan in Hong Kong, has asked employees, even those not in sales, to promote its offers on social media.

    Other developers are providing discounts on individual projects in different cities. Country Garden, China’s largest developer by sales, cut the prices of homes in its The Clouds project in Guangzhou by about 10 per cent. For example, flats measuring 90 square metres are now selling for 2.7 million yuan (US$382,194), or 30,000 yuan per square metre. Earlier, similar sized flats were selling for 33,000 yuan per square metre after discounts.

    Even though some leading companies, such as China Vanke, the country’s second-largest developer by sales, insist they will try and avoid steep cuts in prices, more are expected to announce discounts to drum up sales. … read more via hyperlink above …

    • The Traveling Wilbur

      Odd. The videos I’ve watched 20 times don’t really require audio. Doesn’t hurt, but it’s hardly essential to the content.

      (currently undertaking online mime classes via Chinese exchange school study)

  4. TailorTrashMEMBER

    Did I hear that right on channel 9 news ? Confucius Institutes to be booted out of state schools ? Can’t find any other references to the story but if true
    good job …….poor old Bob Carr will be apoplectic .

    • The Traveling Wilbur

      And for those of us who would rather donate a test1cle to science than send traffic to twitbook. While still breathing. What pray tell, my good fellow, is the current probability?

      (of recession. not test1cle donation.)

      • The Traveling Wilbur

        Excellent news. Thank you. Glad I bought Bonds then.

        Currently nestling both of my test1cles (intact) as we speak. Used to dress Rio until 10 years ago when they began manufacturing overseas. My washing machine ate through those ones in a matter of months. Bonds much more durable.

        And profitable for the mo.

      • The Traveling Wilbur

        Yeaaaaas… but the judges’ scores will take…

        18 months to tally. And no one is going to include the Russian judge’s score in their total.

  5. The Traveling Wilbur

    BTW Sony TVs are legend. Just watched Blade Runner 2049 on it for the first time (seen it previously to that, just not on this TV).

    I am somewhat confused by this Director’s direction now however. During almost all of the closeup scenes where the male lead is directed to just stand there, silently, and there are a LOT of those close ups, I found myself wondering and more than just once, exactly what moisturiser is this guy using? I’m wondering if this is the reaction the Director was aiming for?

  6. https://www.news.com.au/finance/economy/australian-economy/the-sydney-suburb-with-such-a-filthy-past-it-needs-to-be-renamed/news-story/ed86763b74d4ea993d124ab8aeebbfd9

    Hahaha. Take that virtue signalling Muppets
    Mr Brown also called on SBS to move from its current home in Artarmon on Sydney’s north shore to the central city area where 70 per cent of residents were either born overseas themselves or their parents were.

    “You can’t have the national multicultural broadcaster in one of the most monoculture suburbs in Australia.

    “Moving SBS to the middle of multicultural Sydney is bleeding obvious. Artarmon doesn’t need SBS — Bankstown does.”

    • Lol. The perfumed elites of the SBS would never go anywhere near such a place. They are Special, after all.

      • Yes it’s easy to talk about how great immigration is when you’re not stuck in the middle of the worst of it. Rather enjoying the views from Artarmon. Watch all the squealing about having to move.

        But also the plans to change a suburb name so you can put housing there and idiots will be none the wiser that it’s a polluted dump. Like Homebush, worked out real well for Opal Towers residents. Who found their homes built on quicksand. Haha

    • The Horrible Scott Morrison MP

      There will be a 20% fall in house prices! But by the time that happens they’ll be double what they are today. Waiting to buy is a mug’s game. Buy today. Pay off within 15 years. Then you won’t need to eat dog food in retirement.

      • The Traveling Wilbur

        @trotly, the gubmint told you already.

        By getting a better job.
        Or an IP.
        Or shares you can claim tax back on that you didn’t pay in the first place.