Macro Afternoon

A mixed start to the trading week here in Asia with Chinese stocks on the rise while Japanese and local stocks fall due to the lack of confidence transmitted by Wall Street on Friday night, not helped by the Labor Day weekend. Chinese private PMI figures helped boost the official ones while the next set of tariffs start to kick in – for US consumers of course.

The Shanghai Composite closed nearly 1.3% higher to finally get back above the 2900 point level at 2924 while the Hang Seng Index faltered and stumbled, falling nearly 0.7% to 25561 points. Pressure is building here as price moves below the low moving average on the daily chart, still anchored nearer the terminal low just below 25000 points:

Japanese share markets have sold off as Yen buyers stepped in, with the Nikkei 225 closing 0.4% lower to 20620 points. The USDJPY pair gapped down to the 106 handle on the open and was unable to recover throughout the session, still below the Friday session lowS:

The ASX200 also pulled back, lacking direction as traders remain concerned about tomorrows RBA meeting, closing 0.4% lower to fall back below 6600 points with the Australian dollar still trading in a tight band around the 67.30 point of control, at least not making any new session lows:

Eurostoxx futures are down as confidence evaporates, with the S&P500 four hourly chart still showing price unable to make a break for it above the 2940 point resistance level:

The economic calendar starts the week slowly with some tertiary releases and not much else as the Labor Day weekend in the US will also put a damper on trading overnight.

Comments

    • To entice customers, mall owners are now expanding their food courts and leasing more space to so-called internet-proof tenants, such as nail and beauty salons and interactive “experience” retailers that offer more than just clothes.

      Lol, more nail salons and rub n tug joints. What an economy! We’re starting to give the Thais a run for their money!

      • Soon $2 sucky sucky. Will actually be $2 because of a lack of competition. Even the black economy will have wage stagnation.

      • reusachtigeMEMBER

        Nope. No one can give the Thais a run for their money. Those girls are the best. They love their relations transactions!

      • The Traveling Wilbur

        Nope. Cause they’ve (Thais) all moved in to my building. So they are taking all the money and running. Not being run off for it.

        Serious. 2.5 establishments. One is .5 as it’s in an apartment running ‘tutoring’ services.

  1. The Traveling Wilbur

    Also, It’s monthly Lowe down time again tomorrow. Nearly forgot.

    🍍Rate Cut?!! 🍍✔

    • I wouldn’t be surprised if they do cut. Place your e-bets here kids.

      If they do, oh boy, the house ponzi spruiking will go into overdrive (even though it’s a sign of a very sick economy)

      • reusachtigeMEMBER

        Sign of a sick economy? LOLOLOL! Youse all really do have your minds all arseways!! It’s a sign of boom times ahead!!!

        • Poor buggers don’t understand its not their fault they’re taught this they don’t understand 5 eyes economics here’s a hint watch coanan the barberins

    • The RBA’s painted themselves into a corner…again. They cut rates to stimulate the economy and all that achieved was to excite the morons to pump Sydney and Melbourne house prices while the broader economy stagnated. With a Government totally bereft of ideas, the RBA’s dammed no matter what they do.

    • The NBN is like a festering wound for us — one that will take a generation to heal. Overseen by idiots, it should have been abandoned when it was clear it was going to be a disaster i.e. when it became a thought in a pollie’s head.

  2. If everything that’s happened so far is not enough to sink stocks then a few a weak economic numbers will do nothing. Something big and out of left field will need to happen – Pakistan launches a nuke and demolishes Dehli, the caldera under the Yellowstone National Park erupts wiping out most of California, an asteroid smashes into Parliament House Canberra (while in session – but hopefully not while that breast-feeding pollie is at it). You get the picture.

  3. Picking them off one by one………..it is all about Sydney and Melbourne speculators……can’t carry the whole country

    https://www.abc.net.au/news/2019-09-02/townsville-property-housing-market-boom-bust-mining-north-qld/11464454

    Farmers giving up on this crop

    https://www.queenslandcountrylife.com.au/story/6361669/lack-of-rain-has-farmers-harvesting-crops-for-hay/?cs=4699

    In 2011 the gold/real estate ratio in the US was 135……about where the Melbourne ratio used to be in normal times and will be when this madness ends

    https://jessescrossroadscafe.blogspot.com/2019/08/stocks-and-precious-metals-charts-tweet.html

    • Wow, the sense of entitlement in that Townsville article is staggering. Wah wah wah, I speculated on RE and it didn’t work. The Gov must do something!

      • My balls that mofos chin what bich intilted mofo god say if it look like trash it is trash intitled cvnt Ave go ya dog

      • Not surprising though. Real estate going up for so many years and so many unsophisticated and unworthy individuals have made money from time in the market without wearing risk consrquences that to do the same and not be rewarded feels like someone moved the cheese and they are being picked on. Of course that is not true … the world has changed and risk consequences are lining up to say hello. But after such a long bull market rewarding taking “risk” when it doesnt bite, it brings in the unwary and it is rather a shock when the bite comes.

        • You are not of sound mine old school teaching rigid can’t change see u 0 like D0 nut old trimmer u don’t understand Acient advice

      • I love how the first buyer “snapped up” her property at the peak. Savvy!

        I also love how the 5br house is worth $260K … maybe I should move to Tville… although that was after the reno added security fences and security lights… sounds like a nice part of town…?!

          • Cars that don’t go are just tiny homes Wilbs… every front yard should have one… sounds like that place is a mecca of affordable housing!

          • so… by stealing a car’s tyres and leaving it up on jacks, you are actually increasing it’s value, because of how retarded our house prices are and this ongoing longcon that is the ‘small houses movement’ ?

            you sir, are a genius !

          • Now you’re talking. I reckon the lady in the article should get one on blocks set up for her next home open.

            “With granny flat”

            Should double in value in about seven years.

          • Saw a station wagon parked down in Ultimo this evening late 2000s Commodore wagon. Looked like a mattress in the back of it too. I reckon someone is living out of it.

    • The Traveling Wilbur

      You really are the Angel of Salvation for scheisses everywhere aren’t you? You only need to look at it, and up she goes.

      • Oh shush! It’s gone up two pips FFS! Unlike previous flash dips below this one is a more nice glide down which might set a new upper bound.