Macro Afternoon

See the latest Australian dollar analysis here:

Australian dollar poised for higher as Trump destroys America

Its the end of the month combined with the fallout from last night’s (early morning!) FOMC meeting and subsequent rate cut has been somewhat restricted to currency markets, but mainland Chinese stocks are pulling back in the wake of the disappointing PMI print, as the overall mood remains somewhat mixed.

The Shanghai Composite fell gain as the contracting PMI print stayed off risk taking, falling nearly 0.4% lower to 2929 points, while the Hang Seng Index is moving the other way, up nearly 0.8% to be at 26873 points, staving off the stall below the previous weekly high and weekly downtrend line:

Japanese share markets are doing quite well considering the weakness in USD sending Yen higher with the Nikkei 225 closing 0.4% higher, taking back the previous gains to 22927 points.  The USDJPY pair had a big spike but subsequently fell back well below the 109 handle going into the London session, taking price back to last week’s high:

The ASX200 continues to suffer, down 0.4% to close at 6663 points, after recently breaking below the 6700 point barrier, mainly due to the sharp rise in the Aussie dollar going straight through last week’s high and the 69 handle getting way overbought in the process:

Both S&P and Eurostoxx futures are down slightly with the S&P500 four hourly chart however still showing quite a bullish mood in fits and spurts with the latest Fed cut should providing a catalyst for more upside:

The economic calendar is very busy tonight with European wide CPI and US PCE Core spending, as we run up to Friday night’s NFP print.

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  1. The Traveling Wilbur

    I guess I’m going to be FIRST to mention exactly how special it is that the one thing impeeding the Government’s desire for growth (real growth) is its even more ardent desire for a surplus (one with black numbers this time).

    And I hope you were mowing with a Hi-Vis on MB. Safety First.

    • Unfortunately the only way I’m contributing to real growth is with a speeding fine.

      I slipped up in a 80 to 60kph transition today and I got done. I’m so bloody careful but I had the bad luck combination in an unfamiliar area. Still it’s my first fine since moving back almost 3 years ago so the bastards haven’t been getting much out off me

      • Yep appeal it if you haven’t had a fine in years and the speed limit exceeded is modest. Worked for the missus.

    • Yeah TTW it was fortuitous that Bill Clinton under the tutelage of Rubin [what – ???? – divergence of wages and productivity thingy are you talking about] got that surplus and almost privatized social security and medicare but for a dress stain …. Presidential lag time dropped it on Bush Jr whom had to contend with the moral dilemma of throwing a big donor under the bus [Enron – I weeped at their xmas card – see you in the WH soon] though wars fix everything – this is known khaleesi ….

      Just so everyone knows … we borrow our money from the wealthy …

  2. ok cvnts here is one for youse..
    since I always tell how I make money on certain share transactions some probably think I am a big mouth and only talk when I win. Truth is I was wining since Feb with some small losses here and there but every month I was finishing well ahead.
    Not this month. Today, Halloween arrived early for me. I decided to cut my losses on one stock in order to prevent possible bloodbath and made $14k loss. For the month I break even but it still hurts. It had to be done or otherwise I would have been gambling and not investing fckn.

  3. Attn MB site devs: your pagination/caching seems to be broken. If you’re logged in it’s fine, but if you start a new private session, go to home page, then go to page 2 you will see that it skips about 2 days worth of articles. Specifically, anything newer 1pm Oct 28 but not new enough to be on the home page is inaccessible.

    • The Traveling Wilbur

      I got that too. A coule of days ago.

      Fix is to go home, and then refresh page. Worked for me.
      Failing that, clear your cache.
      But, yeah… shouldn’t be happening and can also be hard to spot. In my case dates were about right and displayed articles were two months old. Serious.

      • Yeah I had a quick test before posting by flushing my own cache – then on a fresh device. Everything on the 29th / early 30th is just gone for non-logged in people (which I usually am since my cookies self destruct)

        • The Traveling Wilbur

          You right. I forgot that initially I was not logged in, then (after encountering issue) I logged in, etc. and then all good. Was using a different device than usual.

          Ah.. what a tangled web we scummy non members weave eh?

  4. looks like russia will have its nord stream 2 within months, after the final portion of pipeline was approved.