Macro Afternoon

See the latest Australian dollar analysis here:

Only the property crash can sink Australian dollar now

A mixed session across Asia, echoing a similar mood in Europe and Wall Street overnight with Japanese stocks falling on reaction to a poor consumer confidence print and the possibility of more lockdowns due to a local uptick in coronavirus cases. Elsewhere it was more positive, with gold and other major currencies lifting but this hasn’t translated into positive stock futures with the new financial year expected to open lower on overseas markets tonight.

In mainland China, the Shanghai Composite is surging higher and finally back above 3000 points to be up 1.3% to 3026 points while in occupied Hong Kong the Hang Seng Index was closed due to what is not really going to be a holiday anymore given the tight grip the CCP has on the wayward province. Nevertheless, futures are indicating a flat start on resumption:

Japanese stocks are getting a little more volatile with mild selloffs on the Nikkei 225, down nearly 0.8% to 22121 points with the USDJPY pair shooting up through the 108 handle before the comments from the chief cabinet seceretary sent it and stocks down, now resting at the recent highs at the 107.70 level:

The ASX200 has started the financial year with a mild up session, lifting 0.6% to be back above 5900 points while the Aussie dollar found more buyers before retracing the overnight gains to slip back under the 69 handle again:

Eurostoxx futures are down 0.2% or so with S&P futures off by nearly 0.5%  with the four hourly chart showing how price really needs to crack through the 3100 point level that corresponds to overhead resistance and get out of this two weeks of sideways price action:

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Comments

      • migtronixMEMBER

        My therapist said
        Not see you no more
        Wilbs is like a disease
        A ‘crete with no cure

          • Ska-badabadabadoo-belidabbelydabbladabbladabblabab-belibabbelibabbelibabbelabbelo-doobelidoo

          • migtronixMEMBER

            Stand in the place where you live
            Now face North
            Think about about direction and
            Wonder why you haven’t before.
            Stand in the where work
            Tell me it’s any different and
            You’ll know if you’re essential
            Or no

          • The Traveling Wilbur

            I’m sure this will end well.

            But lols all round so far. PS WTF are you listening to atm Mig? These are all tracks I like and some of which are a bit obscure. Great reference on Stand… btw. I’m so stuck on True North and a couple of other similar items (for weeks) I can’t think outside that box atm.

        • The Traveling Wilbur

          That’s cretin to my friends.
          And work colleagues.
          And that guy who I was passing today sitting about ¾ of a metre from a dropped five dollar note with no one else around who simply grunted at me when I literally pointed it out to him, and who then just got up and put it in his pocket and sat down again and resumed eating.
          People is fkcd.

  1. call me ArtieMEMBER

    Sorry if this is off-topic, but this made me feel good about, I dunno, something…
    https://www.theguardian.com/environment/2020/jul/01/bunnings-stops-selling-timber-logged-vicforests-court-ruling

    Vic Forests has been a plague on the country for many years. They are evil [email protected] and their reaction to the Bunnings ban shows this…

    They will appeal the court decision that concludes they have broken laws and are not exempt from preservation and sustainability legislation.

    They still think they should be exempt! Go you Bunnings, sorry for any bad things I said in the past

    • call me ArtieMEMBER

      Mig’s references are quite loose this evening. I’m wondering Wodka?

          • The Traveling Wilbur

            Ah… Dexter. Please please please someone (in about 10 years time) make the much needed next season of that show.

            In the meantime, always remember blood is heavier than water. Until those decomposition gases kick in.

            Sailin’… sailin’ a-way…
            To where I’ll always be…

        • C.M.BurnsMEMBER

          gday Wilbs. Life happened, or more specifically, breaking up from my longterm partner, happened. Been busy working through that and finding a new place to live, buying furnitute etc etc.

          I’ve tried to read the articles but haven’t had time to hang around for the banter in the comments for the last few weeks

          • C.M.BurnsMEMBER

            wine, whiskey and playstation (xbox… you console peasant!) are on the menu once I move in next week

          • The Traveling Wilbur

            I’d say Thoughts and Prayers but some fckuas have ruined that. So 🐻 instead.

            On the bright side, no one telling you to go to the gym or to keep your eyes off that… at least not for a while anyway 😉.

            Any good furniture finds? Must be a real buyers market atm.

          • C.M.BurnsMEMBER

            Cheers all.

            There was some bloody good shopping last week and up until yesterday. The rental hunting inspection was also very different from previous times in Sydney. Have some good anecdata , might try and drop into the weekend links or a rent related article and share some experiences.

          • call me ArtieMEMBER

            Nice to hear from you again Monty. Hope things stabilise for you and we can hear more from you soon. Artie

          • I went through that a couple of years ago. Juge bummer. I hope you get through it OK and find some smiles soon.

  2. Sound Familiar Boom……?
    I played with an old Nuttall Lathe today. It was like having a meal & a laugh over a glass of wine with an old flame that you were never sure why it didn’t work out. Nice & warm, but you know there’s boundaries. Seeing the curves, caressing & winding the handles, checking backlash & feel of the ways, nice crosslide. We tease each other as I refamiliarised myself with her still firm tailstock quill & admire how smooth & well looked after she is. She can take a sturdy cut, & does the work without complaint, hits the sizes – whirring a nice tune. Positioning just right to efficiently execute each technique as required showed the old muscle memory is still there & the dance was a true delight as we became one. But about an hour into our enjoyment things started to go awry as her headseal blew & splattered me & everything else with heavy sticky oil, & the meeting ended abruptly as I now found why I didn’t quite trust her & why she’d sat on the shelf for so long. And now the search for a replacement seal is on to fix her & bring her vintage self back to life once again & await the next unreliabilty to show itself. Oh, but what a simple joy those moments gave. – Nutty, you could’ve had me if you’d played your cards right.

    • boomengineeringMEMBER

      Colin
      A real joy to read your post. That is one buddy worth saving. Probably blew the seal from lack of use as they usually last for 50 yrs.
      Nuttall one of the best. My opinion Graziano manual was the best but they only make CNC now. My home lathe is a new Colchester $50k and had to put the DRO on myself as it wasn’t included

      • I guess it’s clear I miss them. Dean Smith & Grace was my favourite by far at GI – Just couldn’t miss & I’d get one in a heartbeat if I could find a good one. Graziano was good too. I competed on Colchesters back then & wondered how they’d age, but the one’s I’ve played with have done quite well.

        Nutty belongs to a bloke I’m teaching a few tricks, shame it didn’t blow on his watch but he took it in his stride, he’s used to doing up hotrods from the ground up. He bought it for a few grand & it’s in better nick than any other Nuttalls I’ve ever used.

      • haroldusMEMBER

        Could it be that the position of the sliding tumbler selector (along the lower edge of the box) precluded the provision of an oil-bath? It guess that was mitigated by the wicks, fed from a sight-glass-level-equipped reservoir, which provide the bearings with a supply of clean oil.

        • That thar lower area is the gearbox for feeds & thread pitches. I haven’t pulled it apart yet Harry. But they’re separate boxes. The top one is shallow & presumably splash fed, although I’m wondering if there’s something that actively feeds the bearings. I suspect Boomer’s right & it’s probably just been sitting for a bit too long.

        • It was a nice stab at it Harry & likely true for some unpronounceable knockoffs 🙂

    • Ukraine fnMEMBER

      Niko had a look at GMN and REE ,didn’t like sell /buy side set up seemed to spider-fly thingy for me.

    • If interested check out PDI. Has run up quite a bit recently but is a very interesting looking deposit with gold from surface so will be very cheap to mine.
      In Guinea though so there’s that.

    • SnappedUpSavvyMEMBER

      Already in on REE and now watching Gold Mountain, everything in that area is on fire

  3. COVID 19: NEW RESEARCH REGARDING IMMUNITY …

    Coronavirus breakthrough: Immunity from COVID-19 could actually be much higher … Ryan Bromilo … UK Express

    https://www.express.co.uk/news/world/1303396/coronavirus-news-immunity-cases-infections-latest

    IMMUNITY from coronavirus could be twice as high after new research reveals a new way our bodies fight against the disease.… read more via hyperlink above …
    .
    .
    Covid-19 immunity ‘may be twice as high as believed’, study finds … Laura Donnelly … UK Telegraph (behind paywall)

    https://www.telegraph.co.uk/news/2020/06/30/around-third-no-coronavirus-symptoms-may-have-developed-immunity/

    Findings by Karolinska Institutet suggest infection hotspots such as London could be further towards herd immunity than thought … read more via hyperlink above … behind paywall …

  4. SweeperMEMBER

    Amazing how some are still delivering the “lockdowns don’t work” propaganda. It is ok to admit when you are wrong.

      • One way to stop community spread in its tracks I suppose … but there were only 73 new cases in Victoria, so either you’re clearing the backlog or you might have taken out 5 that returned negative tests. (oops)

  5. TailorTrashMEMBER

    So today I have my third encounter with an Anglo courier driver in as many weeks …WTF is going on ……don’t the courier companies know that this is an occupation that requires skills that Anglos don’t have ?……..or are all those airline workers re skilling or down skilling ?…..
    Jeez …..where will it all end ?

  6. How good is staying up late to do your taxes and watching all those who didn’t lose their minds when the inevitable website crash happens?! It’s good I tells ya.

    You’re all loosers.

    And while I’m at it (and so is he) have a whinge Mig, you’re on fine form again so I’m guessing you’ve had another 4 cans of your hipster IPA and we can all expect you to dox yourself or someone else later on after 100 posts where you try and fight everyone. You might even go out walking again giving everyone the Forrest Whittaker mad eye hoping for a fight.

    In all seriousness though, take it easy fella, I came here with a skin full of white wine hoping to read some quality banter and just see ypu dropping shade everywhere and it’s turned me off MB for the night, I’m even deselecting the notify me for replies box. Relax man

    • The Traveling Wilbur

      When I heard the news my first thought was: “The ATO are going to have to reintegrate their AI’s datasets – probably fell over as it couldn’t believe it had to give money back to [email protected]”. True story.

    • migtronixMEMBER

      Can you hear us
      Punning on your stereo
      Can you hear us
      Punning on your stereo
      Can you hear us
      Punning on your stereo

    • The Traveling Wilbur

      Why, has it been naughty? Is it one of those frilly little numbers with a superfluous bow in the middle on the front?

        • The Traveling Wilbur

          Super indeed. Both being difficult to access and by the time you’ve got your hands on any significant assets the “What was all the fuss about?” thought inevitably crosses your mind.

          I always pictured you with a boa by the way. So this is all somewhat surprising.

  7. NEW ZEALAND: MAY BUILDING CONSENTS … MORE AFFORDABLE CANTERBURY POWERS AHEAD …

    Consents for 3554 new homes were issued in May, the highest number since May last year … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/105816/consents-3554-new-homes-were-issued-may-highest-number-may-last-year

    The number of new dwelling consents being issued has recovered strongly post-lockdown but commercial building consents remain low, according to the latest Statistics NZ figures. …

    … The increase in new consents was particularly strong in Canterbury where 667 consents were issued in May which was up 50.2% on May last year (the interactive chart below shows the trend for new dwelling consents in all regions). … read more via hyperlink above …
    .
    .
    Building consents issued: May 2020

    https://www.stats.govt.nz/information-releases/building-consents-issued-may-2020

    • MsSolarFelineAU

      @Mega65 Beyond useful! Thankyou thankyou thankyou. Especially for “the fin” 😉

    • Ahhh…probably the greatest punk song of all time. Played with clean guitar tone, of all things. The intro and solo are masterpieces, and the lyrics!!! My musically inclined sons have it on their Spotify rotation, and they were born 20+ years after it was released.

        • I’ve discussed this song with them many times, and they well know it ain’t about space travel, or girls on other planets.

      • Punk played on Spotify … if I could only go back in time to L.A. and inform them all down at Oki dogs how it would all play out …

        But then again that Ramones – Suicidal Tendencies concert in the old Hermosa Bch movie theater was a sight to behold too ….

      • haroldusMEMBER

        I would suggest the greatest is “Bodies” by the Pistols.

        Another Girl is an archetype for major chord punk (like The Replacements/NOFX/Green Day/Blink 182/tonnes of bands that don’t go down the blues punk path). I’m sure that there is a word for it, but punk even at this time seemed to diverge into either the more “Chuck Berry” punk with snarling power chords (Pistols), or the 50’s crooner structure with more musicianship and a cleaner sound (like these guys and the Clash).

        The cleaner guys were big on the chka chk quick little chord embellishemt, you never hear Jones doing that (I will need to confirm).

        Also, not to be pedantic, but he’s got a bit of gain crunch on that rhythm (OK intro is clean, but you can hear he’s playing softly, cause when he does those strong accented chugs with more strings it breaks up). I’ll have to check the gear, but I think the high moving rhythm chords are on the neck pickup of a single coil, which is harder to break up.

        Lead guy’s pretty good, he’s got a bit of gain and reverb, he’s doing the solo on the neck puppy.

        I wonder if the Police stole this for “So Lonely”.

  8. migtronixMEMBER

    Conflicted you claim
    In some obsequious
    Drain
    On my better judgment.
    Fvck you SFM
    I’ll carry my pen
    And rhyme unto death

  9. Vybrancy update!

    https://www.theage.com.au/national/victoria/hotspot-residents-caught-out-trying-to-change-addresses-20200701-p5586u.html

    Residents from Melbourne’s 10 coronavirus hotspots have attempted to change the address on their driver’s licence to get around restrictions as they enter strict lockdown conditions for a second time.l

    But licence fraud is a long established cultural thing, don’t you know, so youse are r#cialist even reporting this! Unless it is wh#teys doing it, then its OK.

    https://www.sbs.com.au/language/english/migrant-faces-deportation-over-fake-indian-driver-licence

    My money is on ‘New Australians’ but we will see …

  10. migtronixMEMBER

    Sweetness I was only joking
    When I said ScoMo should be
    Bludgeden in his head

  11. migtronixMEMBER

    You know that’s ive been drunk
    Maybe like twice
    And these short be days of my life
    Life!
    Insurance is not what I thought it was!

    • Ronin8317MEMBER

      2004 is a more than a few generation ago in terms of technology (3G back then) , so I’m sure Huawei stole their 5G technology from someone else 😛