Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Stocks are advancing across Asia in the wake of optimism that a trade deal between US and China can be struck before the December 15 tariffs kick in, with the ASX up over 1% while the USD treads water against most of the majors.

The Shanghai Composite has lifted nearly 0.7% and looks set to close just below the 2900 point level again at 2896 points. The Hang Seng Index is staving off its another breakdown, gapping higher on the open but waning in later trade, up only 0.3% to 26151 points with the daily chart still looking bearish:

Japanese share markets have fought back after a recent stumble despite not much of a rise in risk proxy USDJPY pair, with the Nikkei 225 closing 0.7% higher to 23268 points, remaining well clear of daily support at the 23000 level. The USDJPY pair was unable to advance on last night’s swing move, edging slightly lower throughout the session and currently at 108.80 and in between the moving average band and very flat going into the City open:

The ASX200 was this time the biggest winner, shooting some 1.1% higher to 6683 points on the back of major gains in bank stocks – told you the monkey boomers would step in! The Aussie dollar is not falling any further in the wake of poorer macro news, but is still unable to make any new four hourly session highs, currently still below the mid 68 level:

Both S&P and Eurostoxx futures are up only slightly with the S&P500 four hourly chart showing the recent bounceback finding resistance at the 3120 point level so watch any moves below the low moving average in tonight’s session:

The economic calendar has various secondary prints including final German factory orders and US initial jobless claims.

Comments

  1. On a serious note about federal Gladys.

    Is that libs leaking about the “loan”?

    And, who actually expects to get money back (directly) from a campaign?

    Fizzzzzzaaaaa spent 3 million I think and look where it got him.

    • It is quite strange.

      The normal thing to do, since Roman times, was to buy a public office and then exploit the office for profit. This has been done in Rome, Byznatium, the Papal States, England, France and I’m pretty damn sure it happens every day in China.

      Why is Gladys pursuing such an unconventional approach instead?

        • I hereby propose the concept of ‘Chinese liberal donor’ modeled after the one of ‘Indian giver’

      • She doesn’t trust the stellar bang up team of economic managers leadered by Josh ‘L-plates’ Frydenburger?
        She saw the writing on the wall for the Liberal government?
        She’s trying to bankrupt the liberals so CCP can buy it at a fire sale?
        She got tapped on the shoulder that she overpaid for her place and she needs to refund the money she was given?

        Choose as many as you think they apply.

        • I’m going for – she calculates that she’s tested Slowmo’s resolve, seen that he’s backed her despite an appalling set of circumstances, and concluded she is Teflon and and he needs her at any cost.

          Now she is actually trying to [email protected] the Libs – pay me to stay in Parliament or I walk and you lose your majority.

          Gutsy!

        • Youse chunts have it wrong thinking the Lib party holds the whip hand here. See my post above. 😉

    • TailorTrashMEMBER

      “By god, Mr. Chairman, at this moment I stand astonished at my own moderation.”

      Clive of India

      Poor Gladys just doesn’t understand the British (Australian ) way to profit from her situation
      ..,,,badly done CCP …badly done ….

  2. Some people yesterday seemed a bit stroppy and were banging on about Hayek and Mises word salads, too that, would proffer that one might consider Hayek’s Calvinistic musings about how altruism need to be purged from the human condition as such “the market” could operate efficiently because altruism screwed with price discovery …. bravo Platonic – Freudian faith breathers …. take a bow ….

    And what bloke that Calvin was … kids were seething sacks of sin that need beatings to to get the goat in them ….

    • Yeah but money saved from 5 big acronyms’ salaries at the top of PS depts and Red tape shredded!

    • First I’ve heard of it, but wowsers if true. Sounds like trading halt material.

      I remember tbe glamorous BT advertising….full page ads in broadsheet papers (when such things existed) etc…

      • Bringing rain ….. its just such a self fulfilling prophecy … never mind the unwashed fodder …

    • F’me dead. Time to really get a wiggle on moving money out of Westfrac. This gouging has been going on for years. I recall looking at my Super fund from my student years and discovering most of it was eaten in fees…

        • That’s what’s amazing about it, imagine how much crap has gone on in the banks over the years that we don’t yet know about!

  3. AUSTRALIA …

    BERTRAUD BOOK SUGGESTED FOR AUSTRALIAN PM SCOTT MORRISON’S READING LIST … WENDELL COX … NEW GEOGRAPHY

    http://www.newgeography.com/content/006489-bertraud-book-suggested-australian-pm-scott-morrisons-reading-list

    Australia’s Grattan Institute has included former World Bank principal planner’s Order Without Design: How Markets Shape Cities on its annual “Prime Minister’s Summer Reading List” (Summer starts in just a couple of weeks there). It is a good recommendation. We reviewed the book earlier this year.

    Some excerpts from that review follow: … read more via hyperlink above …
    .
    .
    Alain Bertaud contributed the Introduction to this years 15th Annual Demographia International Housing Affordability Survey …

    2019 15th Annual Demographia International Housing Affordability Survey

    http://www.demographia.com/dhi.pdf

    • Miltonesque propaganda for the developer lobby with a side of ideological indoctrination. your funding is not a indicator of cognitive processes …

    • I’d question the veracity of parts of this story. Dropping a cow is easy with only a .22 solid & every farmer knows how – it’d be unlucky from that range to miss the spot. We never used painkillers in the 70’s on cows, lambs or dogs (mainly using elastorators for knackers & tails, & hacksaws for the horns, but we did cut some knackers out on Calves) & it didn’t affect them as much as some might imagine, but it did have an effect….. it’s good there’s better ways now, I never enjoyed it.

      • I was actually referring to the fact it was an Israeli network investigative report.

        Why that target?

        • Nothing like feeling righteous & superior….. Maybe they’re trying to starve their Middle Eastern brothers down a bit?

        • Israel plays the long game.

          China’s geopolitically strongly aligned to Iran. They have a massive oil supply agreement including China have armed forces onsite on Iranian oil fields.

    • Another story with the lot 😁 thanks Harry!

      It’s this bloke I feel most sorry for:

      “Financial manager John Flinn, who bought three apartments on the block…”

      I mean he diversified and everything! Those apartments were probably on different floors and all! It’s not like he tripled-down on all the risks, he’s been prudent and savvy!

    • Then there’s this guy: “ It’s like me ordering a Ferrari and receiving a Hyundai“.

      No it’s not. It’s like you paying a million bucks for a toilet half full of sh!t and instead you got a toilet brim-full of sh!t.

    • Yeah pretty small reaction. Sigh! But maybe it stopped a bounce up to 0.69…

      (Edit – scratched the earlier bit, UK politics are pushing the GBP up).

  4. Arthur Schopenhauer

    Well shutins, it’s on like Donkey Kong:

    Thursday Twilight Auction sale in Melbourne’s leafy north east:
    *** $1.72m ***
    Young skip family.
    $180k over 2017 peak.

  5. Arthur Schopenhauer

    Hey Reus,
    Can you get me into a party this weekend. I’d like to bring Skip, if that’s OK. 😍

  6. TailorTrashMEMBER

    “All up, we trade nearly $194 billion worth of goods and services between China and Australia—more than we trade with Japan and the United States combined. Who does that? Who leaves us in a position like that? All that money is making us complacent. There’s no reason for us to be singularly focused on China.”

    Prior to the vote, the Greens’ Senator Nick McKim said that the Liberal and Labor parties were “riddled with CCP influence as they are, riddled with dirty CCP money as they are—are going to collude, once again, to vote such an inquiry down.”

    “I’m telling you now, you’re all standing on the wrong side of history here. History will be written one day,” McKim added.

    “History will record those who stood up and tried to address this situation, and history will record those who rolled over and let the CCP tickle their collective bellies. and unfortunately, it remains the case that both major parties in this place will be on the wrong side of history.”

    Indeed …….

    https://www.zerohedge.com/geopolitical/were-sitting-ducks-australian-politicians-warn-threat-chinese-regime

  7. Interested PartyMEMBER

    hahaha…you just can’t make this stuff up.
    In the US, they had a hearing (last night our time)…or something, not sure what to call it TBH, but anyway, there were 4 constitutional experts called to opine on the constitutionality of impeaching potus.
    3 dems + 1 rep.
    Of the 3 dems, one worked for bill clinton.
    another is epsteins nephew ( really )…..lololol
    and the 3rd is a bisexual angry far left loon who gets triggered when she walks near trump tower and has to cross the road.
    Dems…..the gift that keeps on giving.

    Epsteins fckn nephew….lol.

    • One better … imagine talking to a fully fledged adept and credentialed Libertarian Austrian and have them say – we – just need to better manage sociopaths because – we – need their creative juices – no joke.