Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

A very mixed session across the region today as risk taking diverges as a result of a more accommodative Federal Reserve overnight which sent USD lower against all the major currencies, which affected the ASX200 the most. Concerns that Trump may do something to distract from his impeachment woes

The Shanghai Composite dropped 0.3% to 2915 taking back its previous gains but still remaining above the 2900 point level, while the Hang Seng Index broke out the other way and closed some 1.2% higher to distinctly breakout above the 27000 point level:

Japanese share markets are still wavering, weighed down by more Yen buying, with the Nikkei 225 closing only a few points higher to 23424 points, still remaining well clear of daily support at the 23000 level but not going anywhere. The USDJPY pair is to blame here, able to bounce ever so slightly following last nights selloff but still hovering near last weeks low at the 108.40 level:

The ASX200 was the biggest loser, down 0.6% to remain just above key support at the 6700 point level with all the blame squarely at the feet of the Aussie dollar which surged overnight. The Pacific Peso didn’t move throughout the session and was unable to breach the 69 handle, looking somewhat overbought here but still in a strong position:

Both S&P and Eurostoxx futures are slightly higher going into the European open with the S&P500 four hourly chart showing how the recent bounceback is going to try to break strong resistance at the 3150 point level again tonight:

The economic calendar has a couple minor things to keep a little eye on tonight – just the latest ECB policy meeting and the UK election spectacle….

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Comments

    • I still think Moot, founder of 4chan, was their best choice for Person of the year. The world would not be the same without 4chan.

    • I saw MB had a Greta Thunberg post today but was members only, then you made a comment and thought this might suck some minds through a straw [plastic] …

      http://www.theartofannihilation.com/the-global-climate-strikes-no-this-was-not-co-optation-this-was-and-is-pr-a-brief-timeline/

      From the Trade and Development Report 2019:

      “The OECD estimates that institutional investors in member countries hold global assets of US$92.6 trillion and while figures for institutional investors in developing countries are harder to come by, estimates for the assets held by Brazilian pension funds exceed $220 billion and some $350 billion for combined African pension funds.”

      Beyond pension funds, this is a plan to take global public assets (the environment) and monetize them. “Second, “de-risk” private investment and maximize the contribution of development partners by joining up regional and global “platforms” to boost investment, primarily by creating new large-scale asset classes, such as “infrastructure assets” that can be “securitized” by bundling high- and low-risk loans into new and “safer” financial products.” – snip

      Lmmao …. and all the little piggies ran home … but not crying wee wee wee ….

      • ErmingtonPlumbingMEMBER

        Skips posts always have me Googling the meaning of works.
        This one I think describes the phenomenon of Greta quite accurately,

        “Co-option (also co-optation, sometimes spelled coöption or coöptation) has two common meanings. It may refer to the process of adding members to an elite group at the discretion of members of the body, usually to manage opposition and so maintain the stability of the group. Outsiders are ‘co-opted’ by being given a degree of power on the grounds of their élite status, specialist knowledge, or potential ability to threaten essential commitments or goals (“formal co-optation”).[1]

        In a classic 1979 article for Harvard Business Review, consultants John Kotter and Leonard Schlesinger presented co-optation as a “form of manipulation” for dealing with employees who are resistant to new management programs:

        Co-opting an individual usually involves giving him or her a desirable role in the design or implementation of the change. Co-opting a group involves giving one of its leaders, or someone it respects, a key role in the design or implementation of a change. This is not a form of participation, however, because the initiators do not want the advice of the co-opted, merely his or her endorsement.[2]”

        IMHO if Climate Catastrophe really is coming,….it’s not going to be averted by submission to Global Plutocracy and it’s accompanying Elitist technocracy.

      • ErmingtonPlumbingMEMBER

        Wow Skip
        I just finished reading that time line.
        I haven’t read something that’s blown my mind like that in ages.
        Thanks.
        Is that article legit?

        Do you find it an honest appraisal of how the CC debate is being

  1. The Traveling Wilbur

    Chill y’all.

    St Hugo
    Coonawarra/Barossa valley (bad start)
    Cabernet Shiraz (hmmmmm….)
    2013 (?)
    $39.00 (👍)

    Licorice notes with sweet, some fckn berry secondary characteristics. And an actual cork. Some of which ended up in the first glass.

    BWS.

  2. Has anyone else spent the last few days scratching their heads at the amount of coverage that the volcano explosion has gotten when compared to how little coverage the bushfires are getting? If it wasn’t for The Betoota Advocate writing stories about them I’d barely know they were happening. What sort of coverage are they getting in NineFax, News, 7 and Ten?

    • Of the 8 most popular articles on Domainfax, 3 are about the volcano. 2 are about climate change.

      7 photos are of bushfires and 5 photos of the volcano.

      It looks like Domainfax is trying to get the plebs to read about bushfires but the plebs are more interested in the volcano.

    • The Traveling Wilbur

      Oh you and your thinkingful insights. Wrong country mate. Given what’s on SBS it’s either Norway or Finland for you. No one else here will understand?

      • I couldn’t move to Norway or Finland. I’d be too intimidated by all the locals correcting my poor English.

        Though, something interesting about Finland is that they have a 34 year old PM. Of the 5 parties that making up the ruling coalition, 4 are under 40 and the other is 55. And, here’s something that will blow a few gaskets in this forum, they are all ladies. That’s year 3000 sci-fi apocalypto voodoo stuff.

  3. Mr. Bogan. The Woolshed is stopping dancing on tables. I can remember being a young lad spending $16 on a jug of rum and coke and dancing and smoking the night away on a table while being surrounded by backpackers. Now, I can barely stand up from the table if I have more than a couple of wines with a large meal. The dodgy dance bar downstairs is where I was once had something slipped in my drink. I think the two ladies I was there with that night were the targets. I just passed out and thankfully nothing happened to me. That stuff is just wrong. Bill Cosby deserves to spend a very, very, very long time away with some very, very, very scary men for what he did.

    • The Traveling Wilbur

      Then he can have a truly white Christmas. 😁

      And ah…. smoking…. yep. Them waz the days. Just remember the art to standing up from the table consists simply of not being the first to do so.

      You’re welcome.

  4. Had the joy of 2 hours refresher course on WH&S with the national safety officer today. Among the highlights was a good exchange between myself and the safety officer regarding vibrants and English language skills.

    Not completely unreasonably, safety guru follows the see something, say something approach. First step is to have “the conversation” was the repeated line. I tried to explain that it’s hard to have a conversation with a truck driver who can only say “unload”, “load” & “sign here”, especially when it comes to safety things that don’t occur to be unsafe in the homeland. The actual fcukin response was to “attempt to use sign language and gestures”. yeah, nah. I’ll just do what I know to be safe, or close enough to safe, to get the job done and get the non-communicator out of my life ASAP.

    Got all the usual safety first and this company will stand by you making stop work calls when it’s a safety breach no matter how minor – have heard this before and suffered the consequences of actually doing the right thing.

    It’s pretty infuriating to hear some office safety champ in a cushy full time gig tell me they’ll do anything to protect my safety (totally believed their earnestness) when I know the reality is time is money and as long as no one gets hurt no one gives a toss and if you complain it’s pretty easy to get rid of a labourhire worker without grounds. All this angst hasn’t even covered the ludicrous rigidity of the company safety rules that don’t reflect the dynamic reality of the job and how they refuse to act on feedback if it genuinely points out that their 100% safety cannot actually be achieved in line with their productivity targets. I hate training days.

    • Don’t get me started on those types…

      A girl of colour (who doesn’t work in the office but is a sub-contractor) called me honey the other day… In my mind I was like ut ut ahh… you haven’t done the sexual harassment training. Then I remembered she doesn’t work directly for the company and realised that was why… I thought how silly have things become that you can’t even been flirtatious or friendly anymore without it causing some kind of HR infraction…

      I give these woke types who run these trainings a real hard time by asking probing questions about the assumptions of some of these rules. I do it in a very subtle way, sometimes people tell me afterwards “man that was funny”. But I ask in a child like innocent way. 🙂

    • Yep, but they must ‘be seen’ to care! A safety plan of putting up a few signs to cover their arse concurrent with a rundown from some ‘professional’ in the field, then begrudgingly buying an enforced insurance policy to keep those ticket clippers happy. As you say – Time is Money – so back to busting your workers! Oh BTW there’s a whole gravy train of Troughers you must support so what’s a few lost fingers between friends….. you’ll still be able to work… Oh, you can’t? Well goodbye & plug another on in!