Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

by Chris Becker

Risk markets are still in divergent mode, not helped by the long weekend here in Asia for Singapore and Japan, with reaction to Trump’s executive orders muted.  Gold has survived its Friday night drop, heading into short term support just above the $2030USD per ounce level today, with silver the one that’s moving, currently breaking out above the $28USD per ounce level after falling nearly 10% on Friday:

In mainland China, the Shanghai Composite was positive but flat before the lunch break, now breaking out again, up over 1% to 3397 points, while in Hong Kong the Hang Seng Index is down 0.3%, as negative momentum drags it down to 24464 points. Japanese stock markets are closed for yet another holiday with the USDJPY pair gapping down slightly after its Friday night surge and looking staid here:

The ASX200 is the standout as a bank rally claws back all and then some of its Friday losses, closing 1.7% higher to 6110 points.  The Australian dollar is dead flat, unable to recover from its bludgeoning on Friday night from the NFP print as USD switches sentiment to positive:

Eurostoxx and S&P futures are up slightly with the S&P500 four hourly chart still showing no signs of reversal of the previous week’s breakout above 3270 points, although momentum is diverging as the NASDAQ failed to make yet another new record high:

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Comments

    • Ronin8317MEMBER

      As there are no more rocks, Trump will have to be imposed on the face of a former president. Getting rid of Lincoln would be popular with his base.

      • I’m surprised Mt Rushmore hasn’t been obliterated yet – for not being ‘diverse’ enough, white privilege etc. Only a matter of I time, I guess *sigh*

        • bolstroodMEMBER

          Mt. Rushmore is the renamed Sioux sacred Mountain The 6 Grandfathers in the Black Hills of Dakota.
          It was is their most Sacred site.
          Takes a certain kind of enemy to do something like that.

        • I love Mt Rushmore. One of my favourite tourist attractions to visit in the USA. Also helps it was the setting of one of my favourite movies – North by Northwest.

          South Dakota is lots of fun. Deadwood, Wall Drug, Prairie Dogs. Rapid City. Also the still work in progress Crazy Horse monument.

      • ErmingtonPlumbingMEMBER

        It’s not designed to be a distraction.
        Its just part of the never-ending clown show Donald Trump performs every time he opens his mouth to speak as President of the United States of America!!!

    • So it dry lays a bunch of blocks. Then what? 😂
      Can it pick them all up and put them away?

    • That report looks like a slow news day spruik by a lazy intern. Even the company’s YouTube channel qualifies the claims.

      https://m.youtube.com/channel/UCfK41aTB7_VI2DHTJy2l-yg

      They do seem to have advanced, they can now lay curved walls. They also seem to have developed a brick to get the most out of the process. In the future they hope to hit 1000 bricks an hour with their next build.

      There’s still a way to go for them, I hope they do eventually succeed. It’s a solid idea that could lead to higher quality builds in a shorter time and at a lower cost.

  1. okradovicMEMBER

    https://www.news.com.au/finance/money/wealth/australias-highestpaid-ceo-earned-38-million-last-year/news-story/5ce48ca7b1fe8e1a322ba81ebc6a3e1f
    Highest paid CEO is in education??? I wonder how much of that is due to our visa scam education system.
    “IDP Education is an international education organisation offering student placement in Australia, New Zealand, the USA, UK, Ireland and Canada. IDP has more than 100 offices in 31 countries and 550 counsellors.”

    I think this is why revolutions were invented.

      • The one thing you’ll note is that most of the wealthiest people in this country have gotten so as result of State / taxpayer patronage — whether it be immigration policy (property, retail, education etc), regulation, PPP, banking, whatever. The State has been responsible for gifting the brazen and the greedy an incredible windfall.

        Wouldn’t it be nice to have a handful of self-made billionaires who’d actually built world class businesses that we could all be proud of.

          • Ah, that’s right – I forgot – behind every successful entrepreneur stands a good gubbermint.

            Steve Jobs would’ve been a nobody without one. 😉

          • Self made = Atlassian dudes. Afterpay dudes. Virtually anyone in tech. Lang Hancock was pretty self made too. His daughter inherited it but she played her cards craftily as well.

          • Steve Jobs would’ve been a nobody without one.

            How successful do you think Apple would have been without patents and copyright (and the US Government backing of international IP laws) ?

    • When the situation gets serious you have to lie…that man said…….effort is fraying at the edges in the US

      https://covidtracking.com/blog/the-last-thing-we-need-is-fewer-tests-this-week-in-covid-19-data-aug-6

      Mr Trump has been taking notes from Mr Morrison…….announce big programs……weaken them after a little while when no one is looking……then when the next crisis occurs pull money from them and let them whither on the vine…..with help from Mr Murdoch Aussies soon forget the last program promised.

      • Just modern politics – nothing more. What counts is that the plebs think you’re ‘doing something’. No matter that it’s ill thought out, riddled with undesirable consequences, a crass waste of taxpayer money — being seen to be ‘taking action’ is all that counts.

  2. People whinge about their tax dollars paying for the dole, I’m more concerned about the tax dollars used paying the job network providers to pretend to find work for people on the dole.

    Had another appointment with mine today and all they could do was keep recommending jobs I’m not qualified for and basically showing me job ads I’ve already applied for and been rejected from (strangely can’t find me work for what I am qualified for, almost like I’m one of a couple of thousand people competing for only a handful of jobs, whoocoodanode).

    The pearler was when they suggested the Army, I’m not adverse to the idea but I’m obviously fat as fck and they could clearly see this but still thought it was a good idea to suggest, hardly a realistic idea to get me back into the workforce as quick as possible like Scummo wants. Really highlights how useless they are.

    • Yep. Clown show. I’d rather send money to a genuine bludger to sink cans than keep these pricks going. We had a guy come in at work who found the job himself and they were ringing us up and hassling him so they could get credit for it.

    • I am GrootMEMBER

      Yep, a useless waste of money. At least under the old CES there was one agency for both employers and potential employees to go to. The current fractured network of competing agencies trying to conjure up jobs in their local area hasn’t got a hope of competing with that. Not to mention that each JDO generally has more clients than they could possibly devote any meaningful time to individually.

      Yet another in a long and continuing line of privatisation influenced failures.

    • There was a nugget in this story nobody is talking about, the guy has been wiped out so is moving to QLD for a change.
      I will be bailing Melbs as soon as the gate opens too, plus plenty of others ive been talking to.
      A Mass exodus is afoot

      • He can eff off were full.

        I watched this last night and thought when did the abc become an extension of social media and just opportunity to get your mug on the Telly.

        This guy doesn’t have a ‘small’ business empire he has just cobbled together seemingly polar services into one stop shop in an effort to pay the commercial rents.

        Probably will start a hims mowing, moving , dog washing, walking , pest control , carpet cleaning end of lease cleaning all from the one van and undercutting all and sundry. Richard Branson here we come.

  3. Arthur Schopenhauer

    University redundancies are being readied. The many thousands of casual staff have already gone. Plans are being made to drastically cut tenured staff. All happening much quicker than expected.

    No students expected to return before 2022.

    September is going to be ugly.

    • A friend of mine started a new job, he’s the same person who caught Covid-19 recently. Anyway, since he’s still on 6 month probation period he’s been let go. I guess because he’s an easy 1 to drop.

      3 kids to feed.. but I don’t know how he’s doing financially (family friend of the wife’s side) and I know he owns several investment properties. Gonna be interesting to see how things go..

      • At least he has some IPs – better than nothing. Unless they’re under water, in which case, he’s in serious trouble.

        I wish him well (for the kids’ sake if nothing else) but I reckon there are hundreds of thousands out there like him — if (when) the dominoes start to topple it could get wild.

      • Ouch.

        Can you sack someone during probation for being ill? Sounds a bit…. well Gunna is the IR expert but sounds a bit unfair to me. Has he got a Union he can ask for some quick legal advice before he sues the fkck out of someone?

        • You don’t really need a reason in probation – that’s why it is probation.

          Also, unfair dismissal doesn’t count for anyone over $150k p.a. – you’d be able to cut heavily in university administration without IR issues there either.

        • I don’t think he was let go for being unwell, rather let go because he was an easy head count to drop without any kind of redundancy etc.. pretty sure it was a Government based business or contracted out firm from Government. Infrastructure projects did some work around Healesville dam etc..and maintenance of pier infrastructure etc..sounded interesting actually. I was hoping I might be able to get involved since they do a lot of preservation works.