Macro Afternoon

See the latest Australian dollar analysis here:

RBA drops deflationary AUD-bomb on economy

Asian stocks have shrugged off the poor confidence from overnight and are bidding higher going into the weekend close.  Chinese stocks are leading the charge with the Shanghai Composite up nearly 0.5% to 2897 while the Hang Seng Index is doing the same, up to 26173 points. Price had been threatening the high moving average on the daily chart, but buyers are not yet confident enough to push it higher, so we end the week where it started:

Japanese share markets are putting in mild gains with the Nikkei 225 currently up 0.3% to 20687 points, held back by a still firm Yen, although the USDJPY pair is hovering at the mid 106’s once more, with price bunching up around recent session highs, waiting for a bullish USD move:

The ASX200 is having a mild one to finish the week, currently up only 0.2% to remain over 6500 points, helped a little by a weaker Australian dollar. The Pacific Peso is trying to hold on to its current position and not put in a new weekly low, staying at the 67.60 level but still spelling trouble ahead:

S&P and Eurostoxx futures are rising slowly, with the S&P500 four hourly chart still showing price wanting to breach the former highs at the 2940 points level, remaining steady above recent ATR trailing support at the 2890 level:

The economic calendar finishes the week with no official releases, but a closely watched speech by Fed Chair Powell tonight in Jackson Hole. Have a good weekend!

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  1. 16 hours ago

    Immigration to Britain falls to five-year low

    Net immigration is 226,000/year? That is the same as the immigration rate into AUS! (which has not enough water for 25 million, let alone 125 million)

    Got to keep importing the slaves:

    6 hours ago

    Brisbane man charged with enslaving woman in a workplace

    • Hay Jacob have you considered how many immigrants or natives want to hangout for Brexit and roll the dice when warts and all the E.U. is a better option.

      • Jacob probably thinks the good times are just around the corner even tho wage earners are more than 7% down post GFC and any wage increase is below inflation, does anyone adjust for this stuff anymore.

        I also heard that most of any increase is due to cracking down on minimum wage theft, something like 1.2%, so I’m not really seeing this supply and demand function due to immigration factors. Its almost as bad as monetarists banging on about everything being a direct reflection of money alone, corruption and distributional factors don’t even exist, not to mention user pays means everyone has more overheads to daily life.

        But hay its those dirty immigrants stealing jobs …

    • Moar migrants is the cure not less more cake Imagration made oz and will keep us from recession moar not less 400,000 a year will surface cause lam cowboy I need heard stop trying to stop my work the old will be suffering you ignorant prick

    • “No idea what you mean.”

      It’s alright Jacob. This is my stock standard response to skip. I’m not being rude, of course. I love a debate, but when you don’t understand what the other fella’s saying, you need to move on.

      • Oh look its the ignorant banging on about stuff again that can’t bother doing their home work but are sure fire ready to proselytize anyway.

        Look up cult and reconcile young fellas ….

    • they must be having a slow day and thought might as well turn off the lights and say have a good weekend everyone!

    • Good one, Nikola. Bit like a medical practice near home – you could feel like you’re dying but, if it’s Friday, you need to feel like you’re dying before about 2:30pm.

    • Hay when I first arrived in Brisbane all the Directors and C-suite were in the pubs at 12 avo in the CBD …. only got back to office before knock off and then roof top drinks before setting off …

    • We were supposed to have a 15 hour work week by 2000, so start job at 830 am and finish at 1130 am.

      The ASX is open from 10 am to 4 pm – so that is a 30 hour work week.

      Give every public sector worker a 30 hour work week already!

      • Ah, brings back fond memories wingy. That’s how my dear old dad used to swear at me when I was a lad, any word with more than two syllables and he’d insert a fvcken in the middle of it. Bit of a bush poet, the old man was.

      • Neither, but he probably would have had a session in the pub with HG and a blue out the back with Roy (on account of Roy being up himself).

  2. With all the doom and gloom, this was by far the best thing I’ve read all week.
    I honestly hope we see more of this type of thing..and by this type of thing I mean sensible, sustainable, energy efficient homes. Not the man Steve found below…

    These homes are everything the nature-loving Mathews family aren’t: ostentatious and hugely fossil-fuel-dependent. About a decade ago, Steve found a man foraging on their property for firewood. He lived in one of these palaces, but had lost his job and couldn’t pay his latest $800 energy bill.

    To be honest this man sounds like most aspirational accidental millionaires in this country.. asset rich, cash poor..

  3. NEW ZEALAND’S HORROR HOUSING WEEK: From Nationals Housing Crisis To Labours Housing Disaster …

    … or … how the Labour – led Government finally blew it … setting the stage to lose the late 2020 general election …

    The two worrying proposed National Policu Statements … Eric Crampton & Toby Fitsimmons … New Zealand Initiative

    Housing despair … Dr Eric Crampton

    We Prefer Potato! … Toby Fitzsimmons

    Full MacroBusiness Au Posting …

    … concludes …

    …Seven months on … the recent government housing / urban development announcements were the last opportunity for the Labour – led government to get back on track …

    It has … again … failed.

    Enough is enough.

    It must go.

    • TailorTrashMEMBER

      Sounds like “American beauty” …..just needs to invite a sexually confused ex marine to share the slab of Ronas

  4. … CHINA …

    China’s enormous debt ‘no longer can be ignored,’ analyst says … CNBC

    US-China trade war turmoil and global economic gloom cast a dark shadow on Asian equity markets … South China Morning Post

    South Korea’s economy facing ‘perfect storm’ as Japan trade dispute continues and exports plunge … South China Morning Post

    • Yeah, only 17 units in the development and only 4 units currently occupied. That’s called a surgical strike. I bet there are plenty of much bigger residential buildings around that could and should get the same treatment but why p!ss off hundreds of people when you can bone less than a dozen and still give the impression that something is being done.

      • We never ever improve against the moving ball. The sun goes behind a cloud, the humidity rises, and wickets clatter. Every f’ing time. This is a surprise? We don’t know the English ball has a seam and moves? What the actual etc?
        It just goes to show that crikkit is not a real sport.
        ah yeah see below.

    • Breaking news on that article. David kock has died. Yay! Now just for his brother and Murdoch. Then our scumbag billionares.

      • You forgot the Murdoch boy who is trying to out right wing his father.
        There is a lot to prove when you start out with nothing 🙂

  5. The Traveling Wilbur

    Popcorn: check (hot).
    9GemHD: check (on).
    Weather: check (accomadating).
    Deep-seated loathing of the various [deleted] forming most of the Australian test squad: check (still firmly in place).
    Beer: check (chilled). (and open).

    Go long chalk. They’ll need it for putting the runs up on the scoreboard.

  6. The level of poetic license that Geocon, which is building thousands of high rise units in Canberra, seems to use reminds me a lot of a couple of Qld land sharks I had a bit to do with at one point in time. One used to claim that Bribie Island was 30 minutes from the Brisbane CBD on the basis that he’d almost managed to do it early one morning after a night on the turps.

  7. TailorTrashMEMBER

    Kevin 27 ?
    Labor continues with the navel gazing……
    …….they just don’t get it ..,,,,.the new labour they supported and imported to feed the strayan economy no longer votes for the Australian Labor party ….well FMD……..irrelevance writ large …
    .prattle on kevo… you were the architect of your party’s demise …..

    • My pocket is supporting the bombers at a rate of 5-1. I am hoping for a great game to impress the USA b-ball players who are there, not sure why but i’d like to have them impressed. So far so good, great game.

    • I follow them too and they’re playing something like decent footy. But Ray Chamberlain needs a couple weeks on the pine – free kick Collingwood. Don’t need to win but it would be a huge boost if they do

  8. You are definitely not from the South for you would be hung to call Australia rules airal ping pong you ignorant moron