Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

It’s been another good green day for stock markets here in Asia with the USD remaining relatively weak against most of the undollars, except the Aussie which fell back on yet another boring RBA meeting. Gold is holding on to the $1910USD per ounce level, trading in a very tight range:

The Hang Seng Index was the strongest mover, up more than 0.8% to be almost above 24000 points while Japanese stock markets also pushed higher with the Nikkei 225 closing 0.5% higher at 23433 points. Meanwhile the USDJPY pair has been unable to advance on last nights gains, still stuck at the mid 105 level that it held all of last week:

The ASX200 had a relative staid session, gaining only 0.3% in the end to finish at 5962 points. The Australian dollar fell slightly on the RBA non-meeting result, heading back to its Monday morning opening level just above the 71.50 range as its little uptrend stalls:

Eurostoxx futures are up 0.2% or so while S&P futures flat, unable to advance on last night’s move higher with the S&P500 four hourly chart hovering just below the 3400 point level and slightly overbought at this new weekly high:

The economic calendar has lots of Fed and ECB speeches across both sessions tonight, and a few tertiary releases to keep an eye on but probably not earth-shattering.

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Comments

  1. boomengineeringMEMBER

    Cashless society pushers putting the thin edge of the wedge in via pokie addicts

      • boomengineeringMEMBER

        But if you think about it without electronic transactions they could only spend what was in their wallet.

        • Arthur Schopenhauer

          Think about all that inane impulse spending that would prevent in other sectors, like fast food! (The counter argument.)

        • That’s true, boom, but, as I think I’ve mentioned before, I spent some time in the casino business and, regrettably, the punter determined to get rid of his money will find a way of doing so. Whatever the addiction, the user is remarkably inventive in finding his way to the fix.

        • boomengineeringMEMBER

          The banks/gov’t are trying to get rid of cash to lock people in the banking system to prevent bank runs caused by negative interest rates and to facilitate bail ins when banks are on the brink of bankruptcy. Plus other reasons.

    • Mike Herman TroutMEMBER

      I was informed at my local Woolworths this morning as I arrived that they will be trialling cashless transactions in the coming weeks.

      • boomengineeringMEMBER

        Civil liberties are a huge risk also when everything you do and spend on can be tracked and traced. If they disapprove of any business they could just stop the electronic transactions resulting in its closeure.
        A complete loss of freedom, very unaustralian.

        • boomengineeringMEMBER

          We have been to cafe’s etc ordered then informed the missus, card only, then promptly walked out.

          • I’d be willing to bet there’s an order of magnitude more customers who don’t patronise establishments because they lack Samsung/Google/Apple Pay (or even just PayPass) than vice versa.

            About the only place I use cash is with the social golf club. Half a dozen pineapples in my wallet lasts literally months.

  2. The Traveling Wilbur

    So Markets, eh?
    They certainly love Trump’s return.
    Wait until betting markets for the Pres. Elec. resume and continue pointing to a Biden win.
    Grab your shorts while you can.

    Not financial advice.
    Do your own research.
    I’m just some looser who’s too lazy to setup their own webpage.
    And my parents’ garage is way too far away to drive to.
    Past performance of the TAB is not indicative of future results.
    PS Trump will still win anyway, but there’s weeks of trading between now and then.

    • I bought few BBUS today. But few as I think there could be another rally or two so I can average down.

    • interesting view you have on Trump winning. my opinion now is Biden to win (for now). I think increased infections will be used to lock down many cities and lack of stimulus will crash the markets. MSM will try to blame it all on Trump and his supporters for not using masks and not practicing social distancing. The magic part is how MSM will position this strategy while at same time to sound unbiased. They did almost perfect job during first 2 days when Trump go diagnosed with covid19.
      The battle for undecided voters is being fought right now.

    • A cold or flu can cause breathing difficulties. This is COVID. Of course he’s not 100% but seems to be on the mend.

      He’s the most important leader on Earth looking to be re-elected next month you want him home tucked up in bed?

    • Sounded breathless too. Has yet to hit the danger point of 7-10 days. ABC interview with NSW infectious disease expert said he’s got classic symptoms of short-term corticosteroid-induced euphoria and hypomania.

      • The Traveling Wilbur

        Yeah. The expert the ABC interviewed. While he was in his car. In Australia. I’d believe the Channel 7 body language lady over him. On Trump’s behaviour at least.

        You should watch PBS news hour moar. They tore Trump a new one. Without hyperbole or opinion. It was like 1985 all over again. Even better MD quals too.

    • He looks like me when “race commuting” into town against some other random who is much faster. You get a red light and have to stop next to each other but you don’t want to show how hard you were trying to keep up.
      https://youtu.be/YOK3PCKH17E?t=92

  3. Arthur Schopenhauer

    A fair bit of defiant non-mask wearing in 3084 this afternoon.

    A ‘hello’, and you get the ‘I’ve got no-mask, what ya gonna do punk’ death stare straight back at ya. Indian grannies look out, there’s a new style death stare in town!

    • The sub class 103 (Non contributing) Parent Visa holder do not underestimate oh padawan.
      Strong in them is the power of the death stare

  4. “There are now more recorded cases of COVID-19 inthe White House than in New Zealand, Taiwan and Vietnam combined, and they have 124 million people”

    “recorded” being the operative word – let that sink in.

  5. The Traveling Wilbur

    Sink is both a noun and a verb.

    However, please pick the f’ one y’all. Seriously.

      • The Traveling Wilbur

        Much as I told the last visitor to throw-up in my house… you had to go there?

        And he did.
        The loo was occupado.

        • Was at a party once and a guest made a dash from the lounge room to the front yard, unfortunately the screen door was locked. Vomit sprayed all through the mesh.

        • I knew a guy once who’s party trick was to fake throwing up in the sink, using tinned vegetable soup as a prop. The fun part was the rest of the drunks’ reactions when he grabbed a spoon and started eating it…

  6. happy valleyMEMBER

    Almost had a chuck earlier tonight when I saw Josh Rainbowberg and Cormann doing the role play for the cameras today and Josh says: “Tonight’s all about Strayans”. Really. FMD.

  7. RobotSenseiMEMBER

    Leigh Sales going after Depressiomberg over fiscal stimulus is rustling my jimmies.

    • I was just going to comment on this as well. Josh getting his ass handed to him over the whole debt bashing the Libs did during the GFC…. he should have saved the coughing fit for tonight.

      • happy valleyMEMBER

        She did keep pressing him about there being no real support for over 35s – based on the way she was pummeling Rainbowberg, she might be out of a job.

  8. reusachtigeMEMBER

    So farkn what if there’s more cases in the wh1te house? What’s ya farkn point Trump hater?

    • The Traveling Wilbur

      Yes. That’s right. As any real strong orange man that gets the 19 will just harden the f’up and get on with business. Like a real man should.

      I remember in my day when we wouldn’t even be allowed into school without proof offered of a grotty handkerchief and at least two freshly extracted boogers. Without that, it was three quick laps of the (frozen) shower floor and a quick rum and toddy (todd being the Principal’s name) afterwards.

      And we were grateful for it.

  9. Well well well.

    The BBC has failed to connect with white working class audiences and must do more to make them feel represented, according to its head of diversity.

    June Sarpong said her work to reach under-represented groups would extend beyond black and Asian people to include working class communities and their concerns, including immigration.

    “But we know that we’ve had serious issues in terms of our connection with C2DE [working class] audiences and I think it’s about getting the balance.”

    C2DE. Charming.

    Anyway, I think this article misconstrues her meaning. Despite the headline, I can only see her wanting to “connect” with “C2DE”. It just happened that she grew up in a “white”, “C2DE” environment.

    I can’t see anywhere that she actually says she wants to “connect” with a “white, working class” audience.

    And, “I totally understand when it comes to immigration, that is the community that has actually lived it, and often we don’t have the sort of nuanced debate around this stuff that we need to.”

    Nuanced debate eh. Sounds suspiciously like controlling the debate.

    I’ll try to dig out the source if I can.

    https://www.dailymail.co.uk/news/article-8809509/BBC-failed-connect-white-working-class-audiences-says-diversity-tsar.html#comments

    • Do bear in mind that these people are terrifying, and didn’t go to Cambridge.
      Sheffield Til I Die gives some insight.

    • The DM has run a concerted campaign for years to wreck the BBC. It’s former editor, Dacre, was a recent Johnson choice to lead a press governance org which would diminish public media so these stories are in a sense fake news and part of the DM’s push to create right wing Murdoch media in Britain.

      • To me this looks like the DM supporting the purported change in direction (because it plays to the DM’s audience).

        But what struck me was the headline words did not match the apparent spoken intent of the speaker.

        So, I’m going to try and dig out the original, if possible.

        • In UK readership definitions the C2DE demographic is closer to the Daily Express not the DM, which is BC1C2 and with a strong female bias whereas the Express is older working class male.
          DM has consistently looked for mgt failures at the BBC, which it has made like many overindulged mgt cultures.

          • Even more interesting (BBM).

            Between April 2019 and March 2020 it had an average daily readership of approximately 2.180 million, of whom approximately 1.407 million were in the ABC1 demographic and .773 million in the C2DE demographic.[11] Its website has more than 218 million unique visitors per month.[12]

            https://en.wikipedia.org/wiki/Daily_Mail

  10. Even if PH stayed at home doing nothing, voting PHON first and greens and main parties last will fix Everything.

    The stated in writing policies of PHON are force enough.

    With Labor unelectable, sacred cows would need slaying to gain working class voter share.

    Burn the system to the ground.

    • The Traveling Wilbur

      She isn’t the only one. Imagine a family of five foster kids in Brissy with a (as this was the name back then) solo Mum getting callbacks from a Mortgage Broker. In 2003. They should have realised their capital gains years ago. FOMO stopped ’em. They weren’t the only such family.

      They would never have had to ‘work’ again.
      Who said maths doesn’t matter, ‘eh?

    • Has any MBer ever driven a Phase 3 goat?

      What was it like?

      I can’t believe my 330i e46 2002 isn’t 200K

      • I haven’t driven 1. I would like to.

        If they keep rolling out enough JK/JS your BMW may get there…