Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

Outside of Japan, Asian stock markets have re-engaged to the upside despite the mixed lead from Wall Street overnight with local currencies still surging against a weak USD. Bitcoin has stalled in its epic journey, falling back but not below the $46K level following the Tesla bid as momentum reverts from its overbought status on the four hourly charts:

The Shanghai Composite is up nearly 1% going into the close, moving further above the 3600 point barrier while in Hong Kong the Hang Seng Index is up over 1.5% to 29988 points, almost cracking through the key 30000 point level. Japanese markets however remain in stall mode with the Nikkei 225 falling back slightly or 0.1% to 29464 points with the breakdown in the USDJPY pair holding at the mid 104 level without another session low but still looking very weak:

The ASX200 took back its previous loss to rebound 0.5% higher to close at 6858 points with the Australian dollar still not helping by staying above the 77 handle for nearly a two week high although it is now coming up against its weekly downtrend line:

Eurostoxx and S&P futures are lifting slightly going into the London session, with the four hourly chart of the S&P500 showing a small uptick even as momentum begins to taper as this reflation rally tries to get up to the 4000 level:

The economic calendar is inflation centric tonight with German and US inflation prints the key events to watch, with oil traders keeping an eye out for the EIA crude inventory report.

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Comments

    • Perhaps I’m unreasonably blinded by my hatred of self-serving lying douchebags, but I don’t really feel that Greg Hunt bloke even tried to answer that question.

    • Michael Pascoe’s observation about Hunt’s response highlights how concerning this approach is.

      “The important thing about this Hunt response (going Trumpy and attacking the journalist) is that it was planned – workshopped ahead of time as the way to avoid this obvious and rank issue. Expect to see more of it – they’ve given up pretending.”

      They are, to mix metaphors, testing the water to salt the already barren Earth of political discourse in this country. Perhaps they’ve realised that spin and bullying is all they have left, or all they are capable of. Unless Rupert turns on the LNP I can’t see Labor competing against that. Not only is it impossible to engage with, it also requires a tenacity and personality that doesn’t seem to exist within the Labor party. At least not at the federal level.

      The LNP could go too far and lose votes. However, I think that Australia is too lobotomized from the last 20 years of sound bite politics to look beyond the tribal baiting that Hunt did. At least Juice Media will have no shortage of content for its videos.

      • The Traveling Wilbur

        This was inevitable. And predictable some time ago: the calculus is simply that whatever works for the right wing of American politics will work here. More than half the time that’s simply because whatever it was was stolen from Australia in the first place.

        Desperate is the key word. Diety knows why though – can’t see Labor winning an election any time soon.

      • happy valleyMEMBER

        Read Niki Savva’s excellent book “Plots and Prayers” for an interesting insight about Hunt and why he was some of the lead in the saddle bags of Il Dutto’s attempt to become PM in 2018 and how compliments of Malcolm, we got Scotty from Marketing as the PM we had to have, and how Josh Rainbowberg did a Steven Bradbury to become deputy leader of the LP, ahead of his more senior colleague and good friend Hunt.

    • happy valleyMEMBER

      BTW, has anybody heard whether Mathias has taken the taxpayers’ plane on another tour around Europe on his OECD head campaign, after apparently coming back to Straya for some R&R late last year?

    • boomengineeringMEMBER

      How’d you go with that soft solder with a smell of Ag today.?
      Been chasing around Brookvale all afternoon looking for 1/4” hard nylon pneumatic tube for CNC machine. No one had it, even went old timers supplier. one died not long ago 86yo. And another recently closed down. I had plenty of 6mm in stock but the fitting would slip. Only had two short pieces in my stock so be it, closer to machine or joiner.
      Those yank machines sure are behind the times with imperial.
      Can’t charge for all that fruitless hunting.

      • ErmingtonPlumbingMEMBER

        First in wall rough in using the Oxy only in over a year (Usually just use pex pipe or Copper press fittings now days)
        So even though I “Saved money” on buying that kg of 2% silver solder I still purchased a couple of sticks of 5% this morning when picking up a shower breach a Castle Hill Cooks.
        That 2% might be lasting me a while.

  1. TailorTrashMEMBER

    So in NSW money laundering in a casino ….(even one given every help and even a prime spot of real estate for a filthy business ..) is bad
    On the other hand money laundering through the state’s homes pushing their children out is perfectly fine
    Shocked …shocked I am …..

    https://youtu.be/wH6cLeCxxrQ

  2. Australia …

    Pandemic pummels Sydney CBD office and hotel land values … Larry Schlesinger … Australian Financial Review

    https://www.afr.com/property/commercial/pandemic-pummels-sydney-cbd-office-and-hotel-land-values-20210210-p57158

    The COVID-19 pandemic sent Sydney office and hotel site values plummeting as rental revenues dried up, while industrial land values surged on the e-commerce boom, figures from the NSW Valuer General show.

    Over the 12 months to July 1, 2020, the value of CBD office, hotel and serviced apartment sites fell by 15 to 25 per cent – the largest decline for any property type across the state.

    By contrast, industrial land values in the City of Sydney rose 16.9 per cent because of strong demand for warehousing and logistics space and the dwindling land supply following the rezoning of industrial sites for residential and other uses. … read more via hyperlink above …
    .
    .
    City workers snub office return for greater flexibility at home … Biance Hall … (Melbourne) the Age

    https://www.theage.com.au/national/victoria/city-workers-snub-office-return-for-greater-flexibility-at-home-20210208-p570g8.html

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