Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Today’s session in Asia was marked (sic) with a lot of markdowns to GDP growth across the region in the wake of the coronavirus, with Japanese and Australian economies expected to feel the brunt the most in the first quarter. Asian stocks however are quite mixed with Chinese markets rallying on potential stimulus from the PBOC, while Japanese bourses fell the most on their slump in preliminary 4Q GDP results. Gold has advanced while Bitcoin gapped nearly a thousand dollars lower to start Monday well below its recent highs.

The Shanghai Composite is bouncing back with a solid 1.6% gain today, up through to 2964 points while the Hang Seng Index is up 0.6% or so to 28000 points exactly. The recent break out above the high moving average on the daily chart continues its follow through here, but requires a break through firm resistance at the 28000 point level above, as momentum is still not yet positive:

Japanese share markets continued their falls with the Nikkei 225 losing another 0.5% to 23534 points, on the back of the poor GDP print. The USDJPY pair remained below the 110 level on the open despite a small gap higher and has barely moved throughout the session:

The ASX200 put in a scratch session to start the week, barely moving to finish at 7125 points, remaining well above the 7100 barrier. The Australian dollar gapped higher however, bouncing off a small support level just above the 67 handle against USD, but still in a dominant downtrend:

Eurostoxx and S&P futures are up slightly, although the latter is determinate given they will be closed tonight with the four hourly chart of the S&P500 showing a nascent bearish rising wedge pattern that is likely to be ignored:

The economic calendar is relatively quiet tonight with only a few tertiary level releases, with US markets closed for President’s Day.

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Comments

    • ErmingtonPlumbingMEMBER

      Well,… Inspite of his admiration of Australias greatest political embarrassment, I still reckon the bloke is OK and his sacking a disgrace.

    • If PH was actually a good politician she could be slaughtering them right now. But she isn’t. To the perpetual relief of the LNP.

      All they have to deal with are weak pollies (PH and Albo) and fake opposition (Palmer and Albo).

      If they had to face anyone with some spark, a bit of commonsense and a basic command of the English language they would be getting eviscerated.

      • Mining BoganMEMBER

        This.

        The problem with Poorleen is that she inadvertently stumbles on the right answer for the wrong reasons then proceeds to open her mouth and prevent any progress for the good of the land.

        Or maybe she’s so cunning it’s deliberate. That would be even more scary.

        • I think she is good enough to keep her seat (on and off) and no better. Apparently that is as much as she wants. I don’t think it’s deliberate, she’s just self-limiting.

          Imagine if we had someone as good at this as Trump is. Kapow.

          • TailorTrashMEMBER

            I said this many years ago ….Pauline has a nice red leather seat for her ample ar$e and a nice salary ……that is, has been and always will be her main concern …….she talks the talk….but doesn’t know how to walk the walk ………..
            Hope Latham is busy getting him self teed up for a senate seat …….he at least has a spark of intellect ….if he choose to use it ……..but the seat and salary drains the will in many ……

        • Well she’s smart enough to have worked out how to game the system to keep her and her fvcked up family comfortable.

        • Not sure if I would be eliminated on “bit of commonsense” or “basic command of English”. Probably the former. The latter probably isn’t necessary to be honest.

          • The Traveling Wilbur

            Ah… then you were acknowledging your earlier mistake re basic English. Spot on all round then. You’re clearly public service executive level material then.

            You don’t need to run for office mate. You’ll make more backhanders money where you are.

          • Mining BoganMEMBER

            I believe the good Footsore had already created a cabinet. Is this some sort of mutiny? Civil war is wasteful! We need to stand together and fight the common enemy, sobriety.

        • Ok very well. By popular demand.

          My Cabinet:

          Minister for Finance: Wilbs
          Minister for Culture: Harry
          Minister for Defence: LSWCHP
          Minister for Housing: Gav
          Minister for Education (chiefly telling tards how it is): Peachy
          Minister for Health (both nutrition and hygiene): Ermo
          Minister for Foreign Affairs: Reusa
          Minister for Home Affairs: Reusa

          Other applicants welcome.

          • Alternatively Harry we might need you as our anti-corruption czar. You know, in charge of exposing things no one wants to see and which should have been left covered up.

          • Bonzer! I am not worthy of this great honour that has been bestowed upon me but etc etc….

            I’ve started making ammo in preparation for The Cleansing.

            In bulk.

          • Well, we try.

            Also, MiBo looks set for two portfolios: Communications (street talk) and Animal Welfare.

          • Dibs on a back bench. I’d also like to suggest parliament is done via the interwebs. It’d save the taxpayers a bundle, fewer flights shows some concern for the environment, and I wouldn’t have to visit Canberra. Colin Farrell’s character in ‘In Bruges’ thinks Bruges is the most boring place on Earth. He’s never been to Canberra. If it was set in Canberra both he and Brendan Gleeson would have topped themselves in the first 5 minutes and we’d have missed out on a very funny film.

          • I’m also going to submit all my reports via text message. Or by WhatsApp. They’ll mostly be emojis and gifs.

          • I think I’ll take up a trade as well. Part time of course. It’ll be like those footballers that pick up life skills for when they retire. His Hon. footsore, the apprenticeship concreter. At least that way I’d spend some of my time with decent folk of high moral standards.

          • All staffer applicants will have to submit a report that they’ve written. Then, I’ll get them all to summarise and critique each other’s reports as part of the interview process. My perfect staffer would be clear and concise with their own writing while absolutely scathing of well structured nonsense. For fun we could just drink and take the red pen to the work of others and send back to them with a grade on it. That’d be a hoot. And news pieces as well. Not so much the emails of the constituents. Definitely the correspondence from lobbyists and any annoying folk from the other parties. Imagine being in a hung parliament. You’d never be left alone by whichever sods gained power. So a very firm PA is a must. Someone who cares neither for friends or work. They show up. Do their thing and then head home. And they must abhor politics and politicians. The fewer people skills the better. If after our time together they have a slight grudging respect towards me then I feel our relationship would have blossomed to its most beautiful potential. That’d be kick ar5e.

          • I’d also wear whatever [email protected] [email protected] wore the sitting prior into parliament. And then restate her previous points with the foundation of compassion and care for others in a manner that would really bother her and the other members of parliament whose views come from a place of primal fear of those that are different. Except I wouldn’t wear the shoes. I’m sure hers wouldn’t be sensible at all. Or the make up.

          • Only over the last thirty minutes. The worst thing one can do is to treat a farce as anything but. And is there a bigger farce than the current federal government?

      • Mining BoganMEMBER

        There should be a whole bunch of Labor people heading off to Nelligen right now just to find out why he’s drawn to Poorleen and not them. They’d probably learn quite a lot about their own failings.

      • Concur on the financial side but not the monetary, alas their is also a long list of conditions with fast consumer fashion, design obsolescence and right to repair, etc.

        MMT is not a one size fits all and being developed to boot, Thomas sometimes defaults to cookie cutter on currency.

        Suggest looking at his well spring, as compared to the MMT PK camp to square the divergence between the two.

  1. The Traveling Wilbur

    2015 Hardy’s Cab Sav.

    14 a bottle. Snuffled the last three.
    Aweeeeeeesome. 2.25 left. 😁

    • It is this approach to obtaining value for money and minimising waste that could one day see you made Minister for Finance.

      • The Traveling Wilbur

        It’s my approach to blagging money from various public sources to ensure the continued support of my constituency that will ensure cases of Grange continue to be delivered to my door – thanks to all my ‘regifting’. Gratis for delivery I might add.

        One has to plumb the cheaper varietals to keep in touch with the common man haroldus. Occasionally.

      • TailorTrashMEMBER

        Indeed…….gruppenfuhrer Dutto craves this status …….even Reichsmarschall….or Fuhrer………..one can only hope this corrupt government collapses before that ……

        • The Traveling Wilbur

          My google search history now has that oberstrum… word in it (as I had to check the spelling). I hope you’re happy – I’m never getting that UN position now!

  2. No thanks. If I want Chinese food, I’ll try to make it at home. Who knows if those chefs or customers are just off the plane.

  3. I’m looking for landlord advice. Of course our pillock of a landlord wasn’t going to let us go without attempting to keep some or all of our bond.

    Agent came around Friday for last inspection, the place was pretty much spick and span as we received it (minus wear and tear).
    Agent flagged 2 issues.
    1. We hadn’t dusted light fittings (I had already packed and sent ladder to Sydney, total of 3 light fittings). No biggie.
    2. They said oven glass could be cleaner, there was no grease deposits, rather tiny dots on the glass that oven cleaner didn’t remove/budge. Same oven cleaner removed paint from the side of the oven though! The oven is probably close to 30 years old, I don’t think expecting it to be like new is reasonable.

    Agent said yard looked good, it was mowed within 2 weeks, and house was basically as we had rented it and admitted the place needs work due to age and lack of maintenance.

    We had the carpets steam cleaned and they stank bad after, due to being old crappy carpets, not because of anything we had done. With Sydney’s humid weather it didn’t dry fast either and of course landlord doesn’t provide any heating in the home so can’t turn that on. So windows open for 48 hours in bedroom that stank.

    Anyway I said I can’t dust lights and oven can’t be cleaned further, that grease is stuck on for good. Oven is cleaner than when we moved in mind you!

    When we left agent said everything was basically fine aside from those items.

    Anyway then I get an email today claiming a new list of items!

    1. The carpet smelled bad, not just a bit. Anyway the landlords after spraying with carpet deodoriser and air freshener Saturday and Sunday, the odour is not so bad now

    I basically said, not my issue. This is the state of the carpets.
    https://imgur.com/a/RmoWbcx
    NB: The cupboards in the master bedroom? They were there when we moved in.

    2. dead grass in the lane way near the front and pile of dead leaves also at the back of the side lane.
    https://imgur.com/a/9dMV85V
    Here is what he’s complaining about.

    3. Flower beds very weedy also between concrete areas. Should have been sprayed.
    I would mow and do edges and use whipper snipper to cut weeds as short as possible, but never sprayed weed killer with dog in yard, since he would eat grass etc..and we all know about roundup..

    4. The laundry not swept.
    Is it reasonable to expect an outdoor shit shack that has holes in roof (gaps between wall and roof) and door is blown open in the wind to be swept clean?
    https://imgur.com/a/41asv2a

    5. The front entry not swept or mopped and cobwebs around the entry timber roof.
    The offending dirt.
    https://imgur.com/a/pxZMa85 – I did sweep, but I didn’t mop..

    6. All window perimeters left black with dust..
    I missed cleaning 1 window because I didn’t open it to clean at the bottom where to closes.
    https://imgur.com/a/UoC86pj
    As you can see paint flakes off and you can’t really get all the dirt off anyway..

    7.. The outside toilet not swept or cleaned, lots of debris on floor.
    Same as Laundry, it’s an outdoor shit shack, that has no lockable / closable door and dust/dirt and leaves blow in with the weather.

    8. Grass in the driveway damaged by dog, could have been repaired.
    Refer to photo above of driveway, I put fresh grass down to cover where he had dug in the past.

    9. Front door perimeter left dusty and curtains on door not washed.
    Seriously can’t believe I need to dust the front door lol.
    Photo of front door (ignore the car).
    https://imgur.com/a/avBlipA

    10. The concrete built in table outside is stained with car engine oil.
    This is correct, 2 stroke oil got on it.
    But given it’s an old piece of shyte under an illegal wooden structure with nails sticking out of it and dodgy electricals that get soaked wet in the rain. I’m not inclined to entertain much here.
    https://imgur.com/a/huH63k9 (if this was the only issue he was complaining about I’d be more accommodating).

    11. The wardrobes in the bedroom were easy to move. Lots of dust behind.
    As per #1 the cupboards were there before we moved in, we treated them as fixed items in the house, never moved them. If we moved them (they are frail old things) I’d suspect they may break and be liable to repair / replacing them, so we didn’t.

    12. The kitchen exhaust fan black with grime.
    The exhaust fan cover was cleaned, the fan itself is broken and hasn’t been working for months.

    The agent is getting a quote for cleaning costs and remedy of issues. I’ve basically said I’ll give you $60 back from bond (2 hours at $30 p/hour for cleaning) and that would cover the oven, window glass (streaks from cleaning) and the dusting of light fittings. I lodged my bond claim back as such.

    I suspect Landlord will be attempting to keep a much more substantial amount of money, if I know him well enough he will try and claim up to $1000 at a guess..

    My attitude is you can’t polish a turd. His house is a turd. He should be grateful we paid rent on time and stayed as long as we did with lack of repairs and maintenance. Thoughts?

      • That would be nice. Did I mention the time I was away on a business trip and he pulled a Reusa on the missus? Tried to put the hard word on her. Said his wife isn’t like she used to be. Dirty pig.

        • The way I see it, he was trying his luck at sexually harassing her, and she should have pepper sprayed his grubby arse out on the driveway. She could make a complaint to give him some time to reflect on how much of a cvnt he is…

          • I am hoping it goes to court and his wife is with him. I’ll be sure to mention this transgression as part of his continued campaign of bullying and harassment.

        • Normal ware and light garden work only … everything else is on the land lord.

          Agencies always try, kick backs from cleaners and other trades, baked in.

    • Agreed. He’s used to dealing with weak people who do not know their rights. Remind him in Writing that he stated clearly following inspection that the house was fine, and relying on this, you handed over the keys and departed. He had the opportunity to ask you to rectify the problems at the time and instead he told you it was fine. As an expression of goodwill you are prepared to allow $60 for any remaining cleaning but otherwise the bond should be fully returned to you.

      In short tell him to get fcked.

      • Agent came around on the Friday, he had the option to attend but didn’t. His problem if you ask me. If he’s hired the agency. to deal with the management of the property and they only picked up those minor issues, then that’s between him and the agent to deal with. I’m no longer involved and handed the keys back on Friday. if dirt and debris has become apparent on the front porch for example, then that could have happened in the last 3 days I wasn’t there.

        I honestly don’t think he’s got a leg to stand on, but now that I have no threat of eviction from this bastard I intend to fight him all the way.

        • Tell him to get thoroughly fvcked with a rusty star picket. I took nearly 500 photos every time I rented a place. I wrote 5-6 pages of detailed ‘entry status reports’ and told the agent they are free to contest the findings. I have yet to find one try to call my bluff.

          On exit I only had 1 try to pull a swifty on me, only for me to gently jolt their memories with some ‘to the point’ pictures of the entry state and thinly veiled threat that ‘I have more and I will see you your sorry punk arses in court if you don’t drop it right now’. Never heard of them afterwards and got the bond money back in full… thought so,yellow bellied c0ck-munchers!

    • PS for anyone else who wants to short circuit this sh!t, hire a cleaner from the agent’s approved list and tell them to clean it to final inspection standard. Fix a price and pay them. Then any shortcomings are theirs to fix, tell them agent to take it up with their approved cleaners.

      • I did consider that, but given the state of the home and condition of it in general I thought common sense would prevail.

          • Well, in my defense even the agent said that we’ve been there 6 years so it shouldn’t be a problem. The house looked fine all things considered, but we get a full backflip Monday after they already had it open for inspection on the Saturday.

        • You foolish fool… but I repeat myself.

          Rule 1: Agents always lie and landlords are thieving cvnts.
          Rule 2: When you’re getting vibes to the contrary, see Rule 1.

          Sheesh ma’ dude! Get these truths in your head so you can teach the little one the ins and outs of dealing to life in S’traya.

          • I am thankful I’m not renting again for a long time (unless I move interstate or overseas), so whilst this is excellent advice and I’ll cherish it for years to come. (I did take photos when we moved in and when we moved out, but clearly NOT enough)..

            But you’re correct I am an ignorant idiot.. my crime is I put trust in my fellow human beings to be decent.

    • Just contest. Paperwork them to death. Great it like a game and you’ll get the most out of it. So far I’ve defeated 2 landlords, Centrelink, the ATO, a dodgy restaurant owner, and those pesky MYKI folk. Each victory is sweeter than the last. They all hide behind the perception of power. If they are in the wrong they fold. The best ones are when you get someone inside said institution who sees the BS, sorts it out and then reprimands the stubborn buffoon whose pride couldn’t get them to admit they were wrong. Though sometimes the said bufdoon is under the pump trying to hit some sort of nonsense KPI. Then I do have a bit if sympathy for them. 5 minutes a night is all you should spend on this endeavour.

          • Agree, plus I said to the missus ages ago if he tries to steal our bond (and we knew he’d try it) that I would fight him all the way, even if we lose, I would still do it out of principal.

      • Yes, I’m nowhere near as accomplished as you, but when I was a student I got a landlord to pay $180 out of his own pocket due to a communication stuff up over fixing a light. He was not happy

    • TailorTrashMEMBER

      Gavin …..I take it you have a pile of photos ……..fight the fcuker every step of the way via rental bond board ……and paper work them to death ……the beaurocrats cant close the issue if you keep up the arguments in writing ….always asking for a response ……by a set date ……

      ……….and one quiet night after you win go back with a few tubes of super glue …….it does wonderful things to locks catches and windows …….

      ..sadly this is straya 2020 ……pissant little landlords strutting the landscape…………end of Straya as we knew it ……..

      • I have photos, but not nearly as detailed as I would like for what they are picking on. Just general property photos. I didn’t think things would be this absurd, so I didn’t for example take photos of the porch at the front, since there was no damage/changes in the time i was there and I figured a simple sweep of the front porch should be enough to maintain the property. I certainly don’t see any of my neighbours mopping their porches.

        Just as an example, but I wanted to get feedback here, since I think it’s completely unreasonable and petty. So I am happy to fight him all the way, plus we have email threads between the agent and us raising concerns at times of rental increases and getting no response back in many cases.

        Only tolerated the place because we kept missing out on buying, didn’t want to sign another year lease and move again plus having a dog in Sydney is like having the Corona Virus, nobody wants to touch you at a rental inspection. I know prices for houses are insane, but I couldn’t live in this rental market any longer.

        The state of this country and the rental market in general makes me weep.. what a sad place this has become.

        • TailorTrashMEMBER

          Looks like you rented a sh1thole from a bondthieft landlord ……(Straya 2020…….those old diggers would be sad) ……….
          …..as footsore said …..paperwork them to death
          ………..the beaurocrats can’t close out a case in dispute ………………you have nothing to lose ……..patience and paperwork ……it can be very rewarding …….
          ……most of these pr1cks are used to stealing bonds from poor souls who can’t write more then their names ……….you have the skills to take the fight to them ….use them …..

    • She loves the vibrancy!

      That couple reminds me of the movie Idiocracy where the intellectuals were waiting for hte right time to have kids
      -They invested carefully and have done well financially but are still the leper class because they’re renting
      -Leverage up, buy property and push up prices, lol what could go wrong i’m a baller

  4. Mining BoganMEMBER

    WTF!!??

    “While apologising to the mining company Silver Lake Resources, Ruzunga said he was not aware it was a crime.
    “I’m very sorry,” he said.
    “Some awareness needs to be put there, some of the rules need to be emphasised and put on the noticeboard or somewhere like that.””

    “https://www.abc.net.au/news/2020-02-17/deo-alfred-ruzunga-sentenced-in-kalgoorlie-for-gold-theft/11973536

    Now we need signs in gold mines saying it’s illegal to pick up the gold and walk out with it?

  5. Ahahaha… look at that, how cute: https://apple.news/AUCD14T0oRo2WaxzWJ36q1Q

    He’s angry… full of.. impotent rage… like when you shït your pants and you can’t blame anyone else for it.

    Yet import taxes stay, to protect the local industry and LCT stands to also protect the local industry… S’traya, winning at every fvking turd!

    I bet that money would’ve been better off to be given to everyone in the industry and first order related and they still would’ve had enough for a full bodied latte and an erect-oral campaign…

    • Mining BoganMEMBER

      Has any erstwhile journo thought to remind him that he was part of the cabinet that made the decision to tell GM to push off? Just one?

      No, I guess not.

      • No, you don’t do that, lest one has to learn to code in a hurry, courtesy of a certain RFS fired employee volunteer.

      • The Traveling Wilbur

        To be fair… at the time, it was Tones, and he was just a flatulent little nobody looking for someone else to hide behind to take the flak for all the dirt and failure he’d managed to accumulate while in a fairly insignificant and under-rated role that wasn’t even in a position to deliver half of what had been promised…

        oh…
        wait…

      • Ya think?! … but that means… they lied to us? Man oh man, next thing you’re going to tell me there is no two-legged Mrs Santa…

  6. Would I get a speech writer? I’d sacrifice the PR guy for a good speech writer. Someone highbrow that uses ’em big n fancy words. Yet honest. We don’t want no mistruths out there.

      • Then I shall forgo the speech writer and get a limerick writer instead. I’m sure there are a few unemployed ones that would appreciate the work.

        • There once was a man in Engadine,
          Who thought his life was too anodyne,
          He went to leave a log
          Inside the bog
          But he missed and that’s now a shrine.

          Eh…. sh*t rhymes for a sh*t Crime Minister

          • Too crass.
            Plus, you failed to use Nantucket so most wouldn’t identify it as a limerick. They’d just see nonsense words by some smarty pants who has airs on themselves.

        • Oh, lah-dee-dah… excyuuuuuuuse-me yer honor! I’m not going to use grade A material for skidmark of a marketing droid masquerading as a prime minister of a continent….

          Besides, he didn’t do the deed in Nantucket, did he?