Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stock markets have all broadly sold off in response to the poor lead from Wall Street throughout the short trading week, as strong US economic data continues to push risk sentiment lower. The latest retail sales figures locally didn’t cause much movement in the Australian dollar which has been resilient to USD strength and weakness this week. Bitcoin remains well above the magical $50K level, having pushed through the $52K level it has slipped slightly to be just above $51K as momentum falters:

The Shanghai Composite took back half of its previous gains, down 0.3% to 3663 points while the Hang Seng Index fell again, taking some heat out of its own market to pull back nearly 0.9%, currently at 30355 points. Meanwhile Japanese markets also continue to selloff, with the Nikkei 225 finishing 1% lower at 29914 points as the USDJPY pair steadies just above the mid 105 level after falling overnight:

The ASX200 was the biggest loser, down over 1.2% to 6800 points exactly while the Australian dollar remains in a very tight trading range, currently just above the 77’s as it continues to track sideways:

Eurostoxx and S&P futures are broadly tracking lower this afternoon before the European opening session, with the four hourly chart of the S&P500 showing a potential break of last week’s low that could spell some decent trouble ahead – we’re overdue for a correction!

The economic calendar finishes the week with a slew of flash manufacturing PMIs on both sides of the Atlantic.

Have a good weekend and stay safe!

Latest posts by Chris Becker (see all)

Comments

  1. boomengineeringMEMBER

    Now I’ll put away such childish toys
    Hey, Swampy,
    Just had call from RE agent, 12mins inland south from Ballina on riverfront asking 2.2M. Nice place but not for me.

  2. Woodside’s CEO needs to go.

    https://www.abc.net.au/news/2021-02-19/human-rights-group-slam-woodside-over-myanmar-energy-development/13173162

    The problem is not the human rights group : the problem is United State!! There are only two possible scenario:

    1) The civilian leaders gets back in power, and Woodside is screwed for supporting the junta.
    2) The junta stays in power, US sanction it like North Korea and Iran, and Woodside is screwed for supporting the junta.

    There are no upside to going ahead.

          • The Traveling Wilbur

            Because like most sane people accidentally committing suicide by shooting yourself in the back of the head isn’t high up on her to do list.

            You’re speculating on intent and you have just as much insight, at most, into that as anyone else posting here. Probably less, I posit, speculatively. Twitter’s probably still up for Australians if you want to post crap and get fiery endorsements on it.

          • Quarantine Madness

            So she saved her own skin and let the genocide continue unabated.

            I’m not sure your excuses would hold up at a war crimes tribunal.

          • The Traveling Wilbur

            Can you put all the things you’d like to speculate on re what happens to democratically elected politicians operating under military juntas in one comment instead of adding to the list comment by comment? Ta.

          • If you break the Official Secrets Act in Myanmar and report on massacres you deserve the 7 years prison. In any case, you can appeal the verdict if you don’t like it according to some. Lots of cool stories here. Some fairytales even.

          • Quarantine Madness

            “Can you put all the things you’d like to speculate on re what happens to democratically elected politicians operating under military juntas in one comment instead of adding to the list comment by comment? Ta.”

            No-one forced her to lead a puppet government. But she did dutifully. Kept her mouth shut about a genocide in her name. I think she tacitly approved and that’s partly why she was wildly popular with the people. The Burmese see Myanmar as for Buddhists.

            She knew what she was getting into and what was expected of her.

            She could have gone into exile and be an agent of change from abroad.

            You’ve been hoodwinked by the meek, Mother Teresa act.

          • The Traveling Wilbur

            Apparently not.

            Do you have any thoughts about her feelings on whether masks and social distancing are effective in reducing COVID transmission?

          • Quarantine Madness

            You sound like one of those progs that say Obama the man of peace had no choice but to wage war against 9 countries in the middle east, no choice but to drop bombs on weddings, no choice but to allow ISIS to flourish.. It always some cabal above Obama making those decisions right?

          • The Traveling Wilbur

            Characterisation, goal-post moving and sophistry. Well done. Anything else out of the Troll-without-a-factual-foundation-for-an-argument-playbook you would like to run with? PS what happened to Myanmar as a topic, where did that go?

          • Quarantine Madness

            We’ll see progs make the same excuses for Biden. “He’s just a figurehead” they’ll say.

            There isn’t much more to say about Myanmar. Myanmar is for Buddhists and they will go to any lengths to ensure that continues. Aung San Suu Kyi is a Buddhist supremacist.

          • The Traveling Wilbur

            Jebus. Biden? Biden?! And we’re now in Lizard people prognostication territory. Bye.

            I look forward to ignoring your next username incarnation as well.

          • The Traveling Wilbur

            We’ll see progs make the same excuses for Biden. “He’s just a figurehead” they’ll say.

            That is the only Biden reference.
            That is what I replied to.
            That is absolutely nothing to do with Myanmar.

            You don’t have a clue about reading comprehension.

    • Why did the AFP not open a case in the first place?
      oh, just read it, said she did not want to make a formal complaint in the first instance. I am ignorant of the law, is that necessary to establish that a crime was committed?

      • Not exactly – the plods will investigate some things even without a complaint e.g. murder.

        But if a female says she does not want to go through with a court case, in practical terms there is no point pursuing the case.

        Anyway, the bloke knows who he is and thanks to this being national news and having been discussed by Scummo with the masses, the plods know (and have now told her) that once the jury is shown the CCTV footage of him going into Parliament House, it is basically all over for him, despite what occurred in the office and despite any denial by him.

        A very important lesson to the punters about staying well clear of any kind of liaison post heavy drinking. If the female has any alcohol on board at all, you are done.

        • The Traveling Wilbur

          Especially if you are a rapey bastrad. Allegedly.

          But yeah, for all the non-rapey bastrads, that advice about not getting women so drunk so that you can have sex with them without worrying about whether they are able to have intercourse on an obviously consensual basis is something that should be shared across the nation. Oh, wait. All normal people know that’s a thing. Silly me.

          • A friend described it to me this way. Upon reflection of her younger years she realised that she had got passed out drunk in some silly situations. Stuff she feels foolish for now. The difference between her and others that have been s3xually assaulted is that the guys that were around weren’t that way inclined. Claiming that the lady should not have been wearing that or been in that place is as daft as making ladies cover themselves up completely to prevent temptation. Sure people should take care to not be vulnerable, however, finding yourself in a vulnerable position on no way diminishes the responsibility of the other person for their actions towards you.

        • “despite what occurred in the office”

          It’s pretty obvious what happened in the office. Security guards checking in and discussing calling an ambulance etc

          So what possible grounds do you have for such an implication?

          • The Traveling Wilbur

            Liberal party member?
            2GB listener?
            Private school boy who learned to like boys involuntarily the hard way?

            There’s more possibilities than you might think.

        • In reality pretty much the complete opposite is true. Nothing more than he said/she said ? Unlikely to even get to court, let alone result in a conviction.

    • One of Australia’s most senior air force officers warned that changes proposed by the former chief of Defence Science and Technology’s aerospace division, scientist Dong Yang Wu, threatened the operational capability of the nation’s military aircraft.

      Defence Department documents reveal Dr Wu’s 2017 proposals to outsource structural integrity testing of aircraft and focus on future technologies were opposed by Air Vice-Marshal Catherine Roberts, who said they were “not an area that can be compromised or degraded”.

      Dr Wu, a Chinese-Australian scientist with no previous Defence experience who was recruited from Boeing China, was appointed to the position of chief of aerospace at Defence Science and Technology, part of the Department of Defence, in 2017 ahead of two internal candidates. She left two years later for undisclosed reasons.

      It is unclear to what extent the changes proposed by Dr Wu in her 10-year plan for the division were adopted. A Defence spokesman said the Defence Science and Technology group’s “ability to support structural integrity tests, fatigue tests and conduct forensic investigations were retained”, under Dr Wu’s proposals. “Changes under the reforms included expanding partnering with industry and academia to support structural and fatigue-testing,” the spokesman said.

      Air Vice-Marshal Roberts, who is the Royal Australian Air Force’s head of capability, raised her objections in a stinging March 2018 Defence Department minute to Dr Wu and other senior Defence officials. At the time she was head of air domain, a position responsible for acquiring and sustaining all of Australia’s fixed-wing assets. The document has been obtained by The Age and The Sydney Morning Herald under the Freedom of Information Act.

      “Aircraft structural integrity and fatigue test (across fixed/rotary wing and propulsion systems) are fundamental sovereign capabilities,” Air Vice-Marshal Roberts wrote.

      “This capability is critical to supporting operational availability and to inform safe and economic acquisition and in-service management of aerospace platforms, now and into the future as well as meeting our international obligations. With this role potentially being performed by a contracted workforce, this is not an area that can be compromised or degraded for Air Domain.”

      Dr Wu was responsible for more than 300 scientists, engineers and technicians supporting the operation and maintenance of Australia’s air combat fleet, including the F-35 Joint Strike Fighter.

      In a speech shortly after she left Defence in 2019, Dr Wu spoke about her experience as an Asian female and an “outsider” in the department, telling how she had been appointed to “address the perceived inward-looking culture and operation of the division”.

      She conceded in the speech that her proposed changes had not always been well received by colleagues.

      In her minute to Dr Wu, Air Vice-Marshall Roberts made it clear she would not support any reduction in the ability of Defence Science and Technology (DSTG) to investigate aircraft structural integrity and conduct fatigue testing.

      “When balancing the DSTG’s advanced research into future technologies with operational availability and sustainment requirements for the current and planned fleets, I would be grateful for your support in … ensuring indigenous aircraft structural integrity, fatigue testing and forensic engineering capabilities and competencies are maintained in alignment with Defence requirements,” Air Vice-Marshal Roberts wrote to Dr Wu.

      Neither Dr Wu nor Defence have commented on the reasons for her departure from Defence Science and Technology. In December last year The Age and Herald reported that she had still been unable to obtain the appropriate security clearance more than a year into her tenure as chief of aerospace.

      Defence has refused to release two documents on the security vetting process for Dr Wu sought through freedom of information. Defence said their disclosure would harm Australia’s national security and reveal the operations of the Australian Government Security Vetting Agency.

      There is no suggestion that Dr Wu, a dual citizen who worked for the CSIRO in the 1990s, has ever acted against Australia’s national interest.

      Four defence and security sources with knowledge of her situation have said officials responsible for vetting her high-level security clearance had difficulty adequately checking her networks in China.

      One Defence source said Dr Wu’s predicament was an example of the difficulties faced by Chinese-Australians wanting to work in sensitive government positions at a time when Australian security and intelligence agencies are increasingly concerned by China’s information gathering and influencing operations.

      “She was caught in the crossfire,” the source said.

      In December, federal Liberal MP David Sharma – a former Australian ambassador to Israel – and former Office of National Assessments director-general Allan Gyngell highlighted the problem with vetting officials of Chinese origin.

      “Many candidates are being turned away and others are leaving government service because of this issue,” Mr Sharma told a China Matters think tank event, according to a report in The Canberra Times.

      Mr Gyngell said at the same event that while it was important for the security vetting process to be “properly intrusive”, there was an increasing concern of “wasted talent”, with Chinese Australians leaving the public service because of the issue.

      Dr Wu now leads Melbourne-based charity MedFamily. The charity is supported by Chinese-Australians and sources personal protective equipment and other supplies for hospitals in Victoria and Queensland.

    • Rudd is a vindictive full of sht child. Anything that bloke’s cops is far less than what he did to Australia.

      Fakebook should refine their ban, and make it only 7, 9, 10, Fairfax and News Corp, and all their respective affiliates.

      That’s sustainable and it’s one massive smack in the face for the motives of Morrison and big Australian media. It’d let new media flourish.

      It’s embarrassing LNP and MSM didn’t see retaliation coming. Make it hurt.

      I’ve seen a lot of support for what Fakebook have done, though I don’t think it’s sustainable.

    • Check out Leigh Sales interview with Turnbull. It’s probably the only time I’ve ever agreed with him. He said (the obvious), Fakebook were asked to pay to share news articles, and Fakebook have the right to decline and stop doing it all together.

      Morrison’s a clown.

      • It seems FB’s model is not unlike money as information and the VoM [Velocity of Money] of it and how that translates to earnings for FB, hence why they are manic about anything that limits that velocity regardless of its quality E.g. all that matters is quantity and its speed constantly growing.

        I think this applies to the whole FANG gang regardless of the loose connection with any physical aspects associated currently with it. I would liken it to the Orange County RE model that swept across the U.S. and then was exported international and the ramifications of it.

        Being in Australia since the mid 90’s and have some reasonable notion of it, since then, I hear and somewhat agree with the perspective that this is ultimately a battle between Murdock and FB, cutting its grass, let alone take market share away. Hence its a bit of a conundrum of which force one may support because at the end of the day its just a choice of which one you want to have your reality delivered[tm] too you by – the powerless lose either way E.g old print media oligarchs vs. the new IT oligarchs and what ever delineation in shaping reality exists between the two – too the unwashed … sigh …

        • I like what Turnbull said skip. It’s like these Australian FW MSM mobs are so used to being given everything they want, they were completely blindsided by an obvious response from Fakebook.

          The first five or more articles on SMH have been about how we need to rein in the globalist behemoth (for not wanting to pay to share their articles…lololol). They’re just a disgusting blight on our democracy, and I embrace and revel in their hopeful downfall.

          I’m not so naive to think FB are in our interests, but just don’t care. I want to see Australians MSM broken.

          Not one of the idiots running this country asked…”hey what if they say no?”

          • Do you have any concept of commerce law – ???? – or national identity in shaping determination by its citizens in an equitable manner or are you a dead set corporatist when the agenda suits your ideological biases- ????

          • Whatever skip.

            I just want Australian MSM gone. Left/right. The whole stinking corrupt cesspit that it is.

          • No what you want is to en”force” your world view and will barrack for any agency that promotes it without thinking about the longer term ramifications ….

          • My world view is pretty basic skip. Nationalism.

            I’m not sure how wrecking left and right MSM plays into world view you THINK I have.

            It would more reduce inter government MSM corruption, house spruiking, immigration pumping and whatever other selective narrative they choose to feed us to benefit them and hurt us.

            It has gotten to a stage it can’t go in, and we survive as a country.

            You automatically butt heads with me, because you think I’m some crazy RVVNJ. I’m just not. I’m a reasonable guy who just wants to retain everything great about Australia. I’m more about genuine fairness that anyone you’ve ever met. I’m insanely passionate about Aus flora and fauna, and massively pro worker, but see what’s unfolding will destroy the whole lot.

            I’m more genuine than any Labor or Greens voter you’ll ever meet.

          • No FTA’s, no 1%er elites (probably no 3 to 5%er elites), everything we do is for the collective good of Australia, and Australians, everyone capable works or contributes, look after the incapable, immigration only in extreme circumstances (marriage). Complete discontinued and reversal of environmental destruction. That’ll do to start.

            So, I’m probably closer to a communist than you or the Greens are. Cop that.

          • Lmmao … I support social democracy w/ a side of MMT PKE which when you boil it down means ending structural un-under employment to scare off the monster under the bed of the IS-LM inflation … and you – ????? – are a market purist that now has ideological buyers remorse …

          • That’s just word salad to me skip. I’ve had half a doz beers and couldn’t be bothered.

            “has ideological buyers remorse …” WTF is that?

            “w/ a side of PKE’ WTF is that?

            “monster under the bed of the IS-LM inflation”….and…WTF is that?

          • So you blab on about stuff but have no acumen to basics … then stylistically wobble on about stuff because your world view is not panning out …. am I right …

          • “has ideological buyers remorse …” WTF is that?

            “w/ a side of PKE’ WTF is that?

            “monster under the bed of the IS-LM inflation”….and…WTF is that?

            “acumen to basics”

            What basics skip? I know what I want, I don’t care about the fluff, or history of politics and economics..

            I shouldn’t have engaged with you. It always ends like this. You’re a DH.

          • Yet neither of you can support an argument and then waffle on when confronted … so who is the inflicted …

          • I can out argue you all day every day skip, but when you start trying to show me how educated you are, in whatever the fk it is you’re educated in, you lose me. It’s ridiculous. You use acronyms or industry speak I don’t understand, and then seem to abbreviate it or something so it makes even less sense. You’re an over educated academic tosser.

            “waffle on”?

            Telling you what I think in plain speak? FM.

            Maybe try it, and we’ll see how good an argument you’ve got.

      • One should look at his first works and how conservatism [paternalism] was bastardized to forward a hands off market approach even if one is not inclined to it for whatever reasons. Then some now are besides themselves about counter culture …. ummmm … maybe its something to do with failure to administrate … too all and not a few …

        • they were never conservatives. They came from the small shopkeeper class who never experienced the ruling class traditions and imposed institutions so were in no position to defend them,.

          I remember when Howard classified himself as a “Burkean Conservative”.

          No your not mate, Burke believed in social reform in order to preserve the status quo, he believed that restraint was the pre-condition to liberty and he would have hated neoliberalism:

          “Society is indeed a contract. Subordinate contracts for objects of mere occasional interest may be dissolved at pleasure – but the state ought not to be considered as nothing better than a partnership agreement in a trade of pepper and coffee, calico or tobacco, or some other such low concern, to be taken up for a little temporary interest, and to be dissolved by the fancy of the parties. It is to be looked on with other reverence; because it is not a partnership in things subservient only to the gross animal existence of a temporary and perishable nature. It is a partnership in all science; a partnership in all art; a partnership in every virtue, and in all perfection. As the ends of such a partnership cannot be obtained in many generations, it becomes a partnership not only between those who are living, but between those who are living, those who are dead, and those who are to be born”

  3. Message for EZFKA guys. After registering I can’t see any articles, can’t post anything. Whilst I would entertain the possibility that you have preemptively banned me, I suspect your site is actually buggy 🙂

        • Mining BoganMEMBER

          Yes, have it on now. One game a week under the new deal with Stan I believe. Live, not delayed.

          Edit: I don’t know if there will be many super fancy plays under a Brad Thorn coached team but there will be plenty of tries like that one.

          • Mining BoganMEMBER

            It’s a bit g a y actually. Bought it for my old 1980s special racer that I did up. It’s not one I’ll wear bike shorts on so got a kinda padded gel seat with the old manufacturers name on it just to look the part, because it’s all about looking the part. Like this one…

            https://i190.photobucket.com/albums/z103/sundogwc3/008.jpg

            They’re boat anchors but the frames are good and it’s a fun commuter bike. I think mine is 37 years old which would be about the same as the one in the pic.

          • boomengineeringMEMBER

            Mining, didn’t it get much use?
            My old Campagnolo had many wheel changes over the years and eventually had to weld a sheaf over the fatique broken cross bar.
            Edit oops not the one in the pic

          • The Traveling Wilbur

            Yeah gel. I’ve never understood that as a cushioning medium. Great for flexible movement. Not good for a bottom stuck in one position for hours at a time?

            But it’s not the naughties anymore and hopefully tech is better now.

        • The Traveling Wilbur

          You’re happy about that?

          You realise that with the Stan thing and the vaccine rollout coming downunder that everything which was keeping Australia free from ritual and weekly humiliation is being called time on. Pun intended.

          Do you support the Rabbitohs too?

    • The Traveling Wilbur

      The ABC had this up early, with some OS footage and an actual interview with the senator at the end of the clip. OS interview piece to camera. Senator threw his kids under the bus AND managed to say he knew it felt wrong almost as soon as he sat down in his seat in the aeroplane [and saw all the other passengers whipping out their cellphones no doubt – at least one supplied in-plane footage to the interviewer’s network].

      • I’d hazard to guess that he didn’t really feel it to be wrong, it was more the awareness that he had been caught in the act. Like a cricket player caught roughing up the ball with a sheet of sandpaper. Or an Australian politician being busted claiming expenses they damn well shouldn’t. No true guilt, just a peeved feeling that the world is unjust because they didn’t get to get away with doing what they wanted to do.

        • footsy that’s bullsh!t.

          Smith and Warner got bans for at least 1/10th of their career.

          Punishments dictated by the home organisation (Cricket Australia).

          An order of magnitude higher against other players “convicted” of the same thing.

      • Oh no, I’m not going to take a dodgy vaccine with a no liability clause for a disease I have a 99% chance of surviving. Banish me from society! Unclean!

        Back under the bed then, ladies.

    • A policeman attended the anti covid vax rally for the purpose of law enforcement and a month later was injured while during other law enforcement purposes. He wants to be admitted to a public hospital. Sweeper, should he be allowed?

      A lady reporter attended the anti covid vax rally for the purpose of reporting and a month later was injured while bike riding. She wants to be admitted to a public hospital. Sweeper, should she be allowed?

      A concerned citizen attended the anti covid vax to hear what the speakers had to say. The citizen was unimpressed and decided to accept the experimental vaccine anyway. This citizen fell ill shortly after and wants to be admitted to a public hospital. Sweeper, should he/she be allowed?

      A dunce was convinced by a scoundrel that the experimental vaccine contained a tracking microchip from Bill Gates and George Soros. This dunce then attented an anti covid vax rally and refused the experimental vaccine. Years later when the dunce had forgot all about this, he had an accident and required hospital treatment. Sweeper, should a dunce recieve a life-long ban from public medical treatment as punishment for being fooled by a scoundrel many years ago?

      Sweeper, do you still

      see no reason why attending an anti covid vax rally shouldn’t rule out future admission to a public hospital.

      • The Traveling Wilbur

        +.99.

        It would have been the whole enchilada (1) but for the fact that once our new Chinese overlords arrive, they will be able to tell precisely who has been naughty or nice. Every time.

        +socialcreditscores

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