Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Another generally mixed day in Asian risk taking given the poor performance on Wall Street overnight as the stronger USD weighs on markets.

Chinese stocks are really struggling here, with the Shanghai Composite down nearly 0.6% to be well below 2900 points although the Hang Seng Index has found a modicum of buying support, currently up 0.3% to be at 26536 points. Price is anchored below former trailing ATR support and the resistance zone at 27000 points as momentum flat lines:

Japanese share markets have taken the poor CPI print in stride as Yen weakened slightly throughout the session with the Nikkei 225 about to close 0.3% higher to 23115 points, as it holds on above daily support levels above 23000 points. The USDJPY pair lifted higher at first but has stabilised in the afternoon to currently be at 108.60 and looks to finish the week flat as the risk proxy of choice provides uneasy direction:

The ASX200 is up nearly 0.5% higher going into the close, putting in a good finish to a poor week, currently at 6706 points, helped by a lower Aussie dollar which is hell bent on testing last week’s extreme low at the 67.70 level as negative momentum builds:

Both S&P and Eurostoxx futures are flat with the S&P500 four hourly chart showing price still anchored at the previous trailing ATR support level at 3100 points – watch that downtrend line from the early week high:

The economic calendar concludes the week with a speech from ECB President Lagarde followed by a slew of preliminary services PMI across the continent and in the US. Have a good weekend!

Comments

    • boomengineeringMEMBER

      Bit out of character for me to spray anybody but just gave it to SnappedUpSavvy on previous post, There Aren’t Enough Jobs For Oldies To Work Longer.

      • SnappedUpSavvyMEMBER

        Hey Boom, no wuckers mate, your hard I can tell, I got two guys like you working for me, the problem is you’re a rare breed. If you can find a hard old bloke who wants to work it’s like winning lotto. You know of the 20 people I employ 18 are over 50, it’s just the over 60-65 that would prefer to be retired but still have to work that give me the shyts and I’m too nice to sack em

    • ErmingtonPlumbingMEMBER

      She must have been a Greta Thunberg fan trying to “Spark up” a bit of Propaganda to argue for greater climate action.

      “How dare you get caught” I can hear Greta thinking.

    • Good Stuff! Now I know why there’s been no backburning. Pretty sure the other Libtoads that left prematurely were along for that timeline as well as the Koala Killer #BerejiklianBushfires

    • He does a good job of setting the record straight. LNP are already regretting their attempted blame deflection.

    • proofreadersMEMBER

      Water off a koala’s back – the Federal and NSW LNP will tell you they are the best managers of absolutely everything (not just the economy).

    • Pfft, it’s clearly all The Green’s fault. :).. I love Jordies haha. I love that he triggers Boomers even MOAR!

    • TailorTrashMEMBER

      “Liu’s extraordinary success as a fundraiser – more than $1 million by her own account, before she’d even been elected to parliament – remains to be probed.”
      ……it’s the price of one apartment …..small change ……..Straya sells itself cheap ……

    • Hartcher normally seems like a pompous, supercilious dick who works for the big of town, so that was refreshingly good.

      • SnappedUpSavvyMEMBER

        Keating impresses as well but less so, his head has been so deeply entrenched in his own ass for 40 years he must be used to it by now

        • Sold out the labour movement in office.
          Sold out the country in retirement.
          but journalists still love him because his language is fun!

    • Good reads Gunna! Although he takes a good sweeping stab at a lot of flaws he’s not so hard on his own professions lack of morals & duplicity in supplying their own fair share of the lube.

    • The Horrible Scott Morrison MP

      That’s right. Every year some joker predicts the housing market will fall 40%, with an accuracy rate so far of 0%. You’re a slow learner.

    • After he has just purchased a place and is planing to “rentvest” it?
      Im not really convinced Martin is doing himself any favours with some of these jokers.

      • That was good. Watching it confirmed my suspicion that North is approaching the topic from the wrong angle – ie. from a debt/affordability perspective rather than valuation/behavioural perspective.
        Saying the bubble will burst because credit will be less available makes no sense because credit availability is factored into intrinsic value. As the guest says you need to be able to tell a story of why the narrative or expectation of a greater fool will change irrespective how the asset is financed.
        Focusing on debt makes no sense. That’s why Adams, keen etc. keep getting it wrong.
        Simple thought experiment; all mortgage creditors convert their debt into equity in the debtors homes. Mortgage credit is now zero. Previous creditors are all landlords. Why does this imply prices should fall? Adams, Keen etc. say it should because debt has collapsed. But they are wrong because it doesn’t imply any change in expectations of CG.
        If bubble was actually understood as the technical term it is 1) mainstream journalists would never use it and 2) the bubble would have burst a long time ago.

        • Then people get twitchy when after a short down draft it goes right back up …. emotions are like that …

          • rational agents do not have emotions…
            in reality it depends on the balance of bulls and bears and how damaging the crash was. Bulls remember the booms and bears remember the crashes.

          • Rational like Natural was always a mythology where like Thatcher privatizing public housing [or base social goods] – was like a dealer handing out freebies next to the day trader playground.

    • There seriously needs to be a corruption enquiry into that fvcking snakepit of a company and the politicians that award them no competition contracts. Fvckers must be funneling billions to Fonseca bank accounts.

      • Nothing different to big civil projects I saw in the U.S. during the 80s, tenders lol, BSDs set up everyone of them.

      • The Chairman of Westpac is on the board. I think that tells you all you need to know about the company.

  1. As soon as u talk the poo up or down, someone takes the opposite action
    “Aussie dollar which is hell bent on testing last week’s extreme low at the 67.70 level as negative momentum builds”
    ……Europe grabs it and pushes it up from 67.85 to 68 almost to spite you

  2. Tesla just released their ‘cyber truck’ – surely its a joke, otherwise someone needs to look into Elon shorting his own stock.