Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Kayaking in the Cook Islands, 2019: Photo by H. Becker

Stock markets are pushing forward with gusto across Asia in the wake of the “conceding non-concession” from ex-President Trump overnight, with USD giving back some of its gains against the majors overnight, although gold is flopping to new monthly lows, now at the $1824USD per ounce level:

 

The Shanghai Composite is meandering nowhere going into the afternoons session, down about 0.1% to 3409 points while in Hong Kong the Hang Seng Index its still a case of just treading water with a second scratch session in a row, stuck at 26498 points. Japanese stock markets reopened with a flourish, the Nikkei 225 up over 2.5% to 26189 points while the USDJPY pair has held on to its surge from overnight but is stalling out here at the 104.50 mid level:

 

The ASX200 is having another very solid day, this time up over 1.3% to the 6664 point level while the Australian dollar is trying to regain from last nights big pullback as it remains floating just above the 73 handle against USD:

 

Eurostoxx and S&P futures are really picking up on the “OMG there’s going to be an actual functioning adult in the White House soon” realisation with the four hourly chart of the S&P500 showing price breaking out above it own high moving average and above the 3600 point level:

 

The economic calendar includes the closely watched German IFO survey plus 3Q GDP results and then in the US its consumer confidence and house price figures.

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Comments

  1. Goldstandard1MEMBER

    pherst.
    Sorry my spelling NQR-but I was so excited by the Victorian Andrews government’s mind boggling innovative policy of halving stamp duty for new builds. Juice those peasants, and make it rain for cheap house builders (Metrican, Poeter Davis et al) and I’m sure we tax payers will foot the bill when they collapse on the poor battlers!

  2. NEW ZEALAND … MORTGAGES … WHERE ARE THE MORE SIGNIFICANT DEBT TO INCOME (DTI) DISCIPLINES ? …

    BNZ joins Westpac, ANZ and ASB to demand 30 per cent deposits from investors … Rob Stock … Stuff New Zealand

    https://www.stuff.co.nz/business/123495497/bnz-joins-westpac-anz-and-asb-to-demand-30-per-cent-deposits-from-investors

    … No mention above of the far more important Debt To Income (DTI) changes underway by some New Zealand banks … as outlined recently …

    … access expanded post …

    https://www.macrobusiness.com.au/2020/11/links-24-november-2020/#comment-4035159

  3. actual functioning adult

    …….. pictures Biden adjusting his adult pull-up pants after letting fly with an old geezer fart that knocks back 3 supporters in coughing fits.
    Biden: “Yellen….. I choose you as my Treasury Biatch”
    Yellen: “Sorry did you say something?”
    Biden: “About 3:30”
    Yellen: “I will unleash hell for you Donald”

    • Wondering if the TAB will opens a market for the first person of the Biden Administration to die….they all seem so old.

      • See the top democrat in the judicial committee is stepping back from the role after being criticised for being a bit soft on Trumpy’s last handmaiden judge. I would have thought at 87 she could probably make room for someone half her age. Shows much much WD40 the yank political scene needs. 87 and she is still holding down a seat in congress…

  4. Considering they’re just too useless to learn what Opposition means (Or standing for the People) we have 6 days till the bail in bill becomes another Albodross around Labors neck. If I thought he’d listen I’d give him a call, but I’m sure his hearing aid is only tuned for orders from Scomo & the Bankers.

      • boomengineeringMEMBER

        Less than a week to call MP,s
        Australian Citizens Party media release 24 November.
        Look it up.

        • happy valleyMEMBER

          DOA – Albodross has apparently kowtowed to the LNP as per usual. Best to get oneself a good mattress for Xmas to hide one’s money under. “Informal” is looking to be the only candidate on the ballot paper worth voting for next time, unless you are lucky enough to one of those independents with some backbone and integrity currently representing you?

  5. robert2013MEMBER

    “OMG there’s going to be an actual functioning adult in the White House soon” FFS that isn’t what’s happening at all. They’re rejoicing at Washington grid lock which means no real change just more of the same BS from the Fed that’s been driving asset prices for the last 11 years.

  6. https://www.smh.com.au/national/nsw/berejiklian-grateful-queensland-will-reopen-to-sydney-20201124-p56hix.html

    NSW Premier Gladys Berejiklian says the Queensland government’s decision to allow Sydneysiders back into their state for the first time in nearly four months will be a relief for families who have been hurting under border restrictions.

    A relief? Why? So they get to the theme parks or something? I thought she was moaning and whining constantly about the loss of revenue for her State but really she just wants to go on holidays somewhere nice. Meanwhile Qld reaps the tourist dollars…….

      • Hahaha much longer than a day… you just expect a ‘growth’ fund to go up when markets in general go up… they have lost money in the last 9months since the markets puked..

          • Kinda annoying when you double down with them in the middle of puke expecting upside when markets recover… donkeys in a horse race these guys

        • 9 months ago is February. The very start of a global pandemic; one that MB themselves were writing about and trying to draw attention to. Damien even did interviews.

          Choosing that moment, given that information at hand, to double down into a growth fund was a bold strategy.

          • lolololol… buy low sell high… blood on the streets is how you make money… they’ve had to months to re-do their portfolio… From their mail out today;

            “We have been cautious on risk for months, avoiding the crisis at the start, but with minimal participation in the market recovery. And, to date, we have been wrong. We did identify the most likely reason to be wrong would be if governments would take ever more extreme steps to cancel capitalism. And that is what happened”

          • Umm, not really. It has been pretty easy to make even modest gains in the last few months. The suspension of capitalism has been apparent for a while.
            As somebody wrote here a few weeks after the lows- you had your 30% fall in the market, what did you do?

          • They got a 30% discount but bet on further falls despite massive stimulus and stocks already priced at depression levels.

            I think their assumption was that this virus was far worse than it was. But life did start going back to normal in much of the world around May.

  7. Oh I’m sure this New taskforce will be right on top of it. Instead of things like restricting work rights for student visas, learning the road rules and getting an proper Australian licence, there will probably be the usual how do we make this easier and pass the risk off to someone else.

    Stupidest industry ever

    https://www.smh.com.au/business/workplace/cheap-pizza-putting-lives-at-risk-nsw-launches-taskforce-into-food-delivery-deaths-20201124-p56hfm.html

    • The Traveling Wilbur

      It’s KevBank!

      I look forward to watching the ABC broadcast its impending demise live @3am on some future day. Too.

    • happy valleyMEMBER

      Up for bank of the month award from Josh Rainbowberg for getting ahead of the curve in his lend irresponsibly crusade and also knowing that the depositor bail-in regime is as near as next Monday.

      • We will be like the EU in a couple of years. 0.5% rates on the back of a mountain of QE and TFF. AUD will fall and all blame will be pointed at the CCP ending relations.

        But it’s ok, we will finally get some inflation and new migrant relations with Nigeria or some other overpopulated hell hole.

        Just don’t hold cash.

      • And so are McConnell and Trump.
        Wall St walk / bribe both sides of the street. At least DNC do try to improve universal health and basic wages for the bottom 50 %.

  8. ErmingtonPlumbingMEMBER

    Interesting how the word Populism has its origins in an, almost agrarian socialists, left wing political movement in the United States.
    The closest thing America ever had to a British or Australian style Labour party according to Thomas Frank.
    Yet today our establishment media uses the term to denote pandering to deplorable, Working Class “right wingers” and as a slur against democracy.

    https://youtu.be/-GiAb6pi32g

    When watching a documentary on WW2 Tom gets annoyed when the narrator describes Hitler as a “populist”
    What!,…It was the populists that finished that guy!
    His contrasting of the US in the 1930s with Europe is also interesting.