Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Risk sentiment is generally solid today here in Asia with mainland Chinese shares the only fly in the ointment as Yuan contineus to advance.  The USD is mixed against the majors with Euro spiking, Yen firming and the Australian dollar trying to clawback it start of week gains. This is good news for gold bugs as the shiny metal makes a small breakout, now at the $1916USD per ounce level as daily momentum accelerates:

The Shanghai Composite is back on struggle street, down over 0.5% going into the close, now at 3319 points while in Hong Kong the Hang Seng Index is up firmly, closing 0.7% higher at 24751 points.  Japanese stock markets are also sturdy with the Nikkei 225 closing almost 0.5% higher at 23664 points as the USDJPY pair flopped after its failed breakout last night, now threatening the 105 handle proper:

The ASX200 is inching along, barely up 0.1% to close at 6191 points, while the Australian dollar is struggling to come back after its shaky start to the week, currently at 70.70 going into the London open, but still looking weak in the medium term:

Eurostoxx and S&P futures are slowly rising but there’s concern over the huge breakout in COVID on the continent that could spillover tonight. The S&P500 four hourly chart is still showing a lot of hesitation here as price hovers just above the current intraweek and two weekly low at the 3420 point level: a

The economic calendar goes back to wonky central banker speech mode tonight with not much else going on. Apart from that election thingy.

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Comments

  1. https://www.abc.net.au/news/2020-10-21/two-charged-over-alleged-nab-fraud-attempt/12796980

    It’s a cultural thing, your Honour.

    Fairfield man Srinivas Chamakuri, 47, who was not a bank employee, was arrested last month and charged with 11 offences in connection with an alleged fraud of more than $16 million.

    Five of his charges are identity crime offences against the person to whom the vouchers were provided, including accessing their driver’s licence, passport, tax file number, bank account information and payslips.

    Monika Singh, 38, a former NAB employee, was arrested earlier this month and charged with nine offences over the attempted $21.6 million fraud.

    Keep those v!brants coming in Scummo. My word, they really are saving the economy and enriching the country with their multicultural ways!!!

  2. Win the Electoral College

    The election predictions are going to look as good as calls for AUD at 40 cents and second wave stock market crash

  3. Arthur Schopenhauer

    Haileybury’s latest financial accounts show it has a strong balance sheet, raking in $100 million in tuition fees and $44 million in government grants in the 2018 calendar year. The school’s property, plant and equipment was valued at $233 million.

    One third of its revenue ‘government grants’. What bvllsh!t.

    https://www.theage.com.au/national/victoria/haileybury-eyes-xavier-s-100m-brighton-campus-20201020-p566qr.html

    Vote 1 No more Bullsh!t

    • darklydrawlMEMBER

      My kid’s public school had to grovel and beg to get a lousy $100K for critical maintenance. F#ckn! I am not against private schools, but they should get their greedy fingers out of the taxpayers till.

  4. migtronixMEMBER

    Trump 2016: I love being here, I love you all, lets make America great again.

    Trump 2020: I don’t wanna be here, everything is unfair, let’s make America all about me.

    • Less Woke More BlokeMEMBER

      Are you cool?
      Well I’m cool
      Is everybody cool?
      Well let’s get hot
      Grass roots
      All across this great nation
      And I am truly humbled
      And gratefully accept the nomination
      I’m gonna be President
      Of the United States
      First Tuesday in November
      Mark it down, and save the date
      Live music in the White House
      Strictly B.Y.O.B
      The public wanna get down
      It is our collective destiny
      I’m gonna kiss all the babies
      Maybe kiss their mamas too
      I don’t need the secret service
      I know how to work a room
      I’m gonna be President
      Of the United States
      I was born to be President
      Of these United States
      On the day I was born
      All the nurses and doctors
      Take that boy out his crib
      And put him in the Executive Office
      First thing that I’m gonna do is disclose all those U.F.O.S
      Put Jimi Hendrix on the 20 dollar bill
      And Bill Hicks on a five note
      Hot damn! The democratic process
      What a time to be alive
      Oh, I’m ready to give the people what they want
      And what they want is straight talk and no jive!
      We have exit polls coming in
      Rhode Island and American Samoa
      We have more results coming in
      From Puerto Rico and both Dakotas
      Breaking news
      Happening right now
      I believe we’re ready to call it
      Do you want us to call it?
      (Yeah) I believe
      We have a winner
      Thank you very much
      I couldn’t have done it
      I couldn’t have done it without you
      Drinks on me!
      Thank you very much
      I couldn’t have done it
      I couldn’t have done it without you
      Drinks on me!
      First thing that I’m gonna do is go for a ride on a U.F.O
      Put Jimi Hendrix on the 20 dollar bill
      And Bill Hicks on a five note
      Hot damn! The democratic process!
      What a time to be alive!
      Oh, I’m ready to give the people what they want
      And what they want is straight talk and no jive!

    • Gees, 127K views and it went up at lunch time. Light weight he ain’t.

      I wonder at his end game. Definitely poking the bear, and hard.

      I would venture that the outpouring of public sympathy for Gladys in the wake of the Dirty Darryl fallout does not and will not in any way transfer to Bruz, who will to a 100% certainly not be in the NSW Parliament come 1 Jan 2021.

      It may be that he just loves Koalas. But if so, why team up with Shooters and Fishers?

    • I didn’t think one could be dirtied any further than driving a supercar on public roads. It is the great leveler. Obnoxious rich people are obnoxious rich people regardless of how where separated on that evolutionary branch that takes us back to the cradle of civilization. It’s not that we aren’t d1cks, it’s that some of us manage too bigger d1cks..

    • My guess is he uses the word uleh often. Is a property developer with local council ties and wears big gold chains. But maybe I’m stereotyping?

      Maybe just in a rush to get to Queen Street Customs? That vinyl won’t wrap itself

      • I actually like the pastel colours. Yellow is too Nicholas Cage Ferrari in the movie The Rock. A very 90s feel.

        The flat colours are pretty cool I think. But that’s just my opinion.

  5. Not sure if anyone bought into IPT.. just to let you know I sold most and will sell even more tomorrow as I am fairly confident now that the guy that runs is it full of sh.. I will leave very few for just in case I am wrong but I don’t think I am.

  6. went to my local shopping centre again and was empty again so yesterday wasn’t one of those days. went to see an optometrist and shop was empty, the barber shop and Just Cutz were empty, went to the Dr’s to make appointment and empty, went to wollies and empty and the coffee shops all empty.
    People already noticed the reduction in JK and JS.

    • SnappedUpSavvyMEMBER

      Funny you say that about carnes hill, Casula is booming, so is the fckn M5 it’s packed now like before, also restaurants around Hurstville are all packed and fck social distancing what’s that 🤨 I liked it all quiet

      • Or ya know if we’re just going to print money, then reduce sales taxes to 0% and income taxes to 0%, keep carbon taxes and land taxes (with an adjustment for lower land tax for the number of children under 16 you have).

        Achieves the same end result but at least we maintain some respect by working for our crumbs rather than relying on Government handout.

        • We definitely need tax reform. You earn money it’s taxed, you save money, it’s taxed, you buy a house it’s taxed, local council charges you rates + water rates, car rego (more tax), you buy something GST, inflation is a hidden tax, when you think about it. Life is a set of never ending taxes.

    • The Traveling Wilbur

      I went to a Doctor like that once. He gave me a diagnosis and suggested I seek a second opinion and I told him I wasn’t paying his bill.

      The next time I went to a Doctor I made sure it was one that didn’t need help from another one first.

    • My lawn was nearly dead because is it was so dry and I felt bad watering it seeing how low SEQ water stocks have gotten. As soon as they declared La Nina IIstarted watering again guilt free and my lawn is booming, have to mow twice a week.

      With the rain uesterfay and more forecast over next few days I can now enjoy bot watering. I am concerned about the potential hail killing my beans and tomatoes….

  7. Someone on MB a few weeks back was wondering why so many flash late model $80,000+ SUVs in South West Sydney.

    Capers like this would have a lot to do with that.

    https://www.smh.com.au/national/nsw/thirteen-people-charged-after-alleged-500-000-daycare-fraud-20201021-p567d1.html

    Police have arrested two ringleaders and 11 other people in relation to an alleged criminal syndicate operating a large-scale family daycare fraud in Sydney’s south-west.

    and, yes, since you were wondering but too afraid to ask: v!brancy through and through.

    • Honestly in Ireland when the recession hit there was no flash cars on the road. It’s like they all went into hiding. No property developers with flash Italian sports cars. So far this doesn’t feel like a recession. I just see flash high end cars all over the place.

      Even when I was earning $250k+ P/year. I never thought of buying $100k cars. Just seemed a waste of money.

      My guess is a lot of the flash cars are funded by debt or equity mate. Or scams like the 1 you point to.

      • Lot of it is equity or registered to a business. Very few that earn every dollar even if it’s 200K+ would pour it into a 100K+ car. To throw money away like that you must be getting it fairly easily.

      • This was discussed a couple years ago regarding 90s recession in Australia when all the expensive cars disappeared. My theory was the those cars transfer from overly indebted show ponies that drive the car at every opportunity, to genuine motoring enthusiasts that buy them as 2nd car and drive them rarely. They are still around but you don’t see them so often.

        Those $100k+ SUVs a different story as they won’t hold or increase their value like a collector’s car. In fact the opposite. Too expensive to maintain as a daily driver and they will rapidly depreciate in price to compensate.

        • I suspect you’re correct. Even if someone said I could have a Lamborghini for cheap, but it needed work (often these cars have deferred maintenance items etc..) I’d probably not be that interested. A clutch can cost $10k+ in those kind of cars. I’d only take on a car like that to flip it onto someone else with more money than I.

  8. boomengineeringMEMBER

    Freddie and Gavin.
    It was me that posted that a few years ago and
    Gav 100K– 200K cars are not that flash. After that maybe.