Macro Afternoon

See the latest Australian dollar analysis here:

Elon Musk may have just saved Bitcoin

Asian stocks are rising despite the poor lead from Wall Street overnight, as oil prices rise to new highs and bond yields continue to spike with S&P futures looking to claw back last night’s losses. Bitcoin is having a grand 24 hours after the Musk man pushed the whole edifice over, its now back at $50K, down 15% or so – or where it was halfway through last week:

The Shanghai Composite is up over 0.3% going into the close, currently at 3654 points while the Hang Seng Index is soaring back in style, up 1.6% at 30801 points. Meanwhile Japanese markets are still rebounding, with the Nikkei 225 finishing nearly 0.6% higher at 30156 points as the USDJPY pair is still dicing with the 105 handle after its early week breakdown:

The ASX200 is finally playing catchup, gaining more than 0.8% to 6839 points while the Australian dollar is still highly elevated following its Friday night surge, now hovering just above the 79 handle as the commodity boom keeps a-booming:

Eurostoxx and S&P futures are broadly tracking higher this afternoon before the European opening session, up between 0.5% and 0.8% despite the four hourly chart of the S&P500 still showing a break of the previous week’s low that could spell some trouble ahead:

The economic calendar includes two big ones – European core inflation and the latest US consumer confidence print.

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Comments

  1. Mining BoganMEMBER

    What a day for political animals! Scummo backs down on stalkbook, Craig Kelly resigns from the party, Barnyard thinks raising the dole is good but only if we’re in surplus, Cash lies through her teeth, Scummo runs away a lot faster than I thought he could move…but Anne Rushton won the day for mine.

    https://mobile.twitter.com/Qldaah/status/1364032741608620033

    Watch her in the background behind the whiteboard lady. You can count the lies by the amount of times the eyes dart back to Cash. After the first ten she gave up and just didn’t want to be there. But apart from that, Scummo is fast! He runs like only a coward can.

      • Mining BoganMEMBER

        Stalkbook, man-handling pensioners, fake nippers carnival, lift the dole by a few bucks, Kelly resigning…each and every one of those were distractions to drag attention away from their rapey ways and the cover up,

        It doesn’t seem to be working, as much as Scummo and Cash seem to think it is going by the amount of giggling as they walked away.

        Today made me feel bad for Rushton though. She genuinely looked liked she couldn’t stomach the lies.

    • Arthur Schopenhauer

      You can see Cash desperately trying to hold back the smile as she starts lying. She knows she’s spouting complete Bullsh!t, and her face is giving her away.

      And then Sco-blab snapping, “I’ve got an international call.” They are not a bright bunch.

      Clowns. Corrupt, venal clowns.

      • happy valleyMEMBER

        +1,000 And every time I see Michaelia, she’s got a new outfit on and not a hair out of place – that probably costs more than $30 a week and there she was joined by Jane Ruston looking as feral as Michaelia.

        Presumably, SFM ran the JobSeeker increase by Jen to see whether it passed the pub test and more importantly, the happy clappy test of not helping out people who find themselves in strife because if they are, after all they deserved it?

    • “she’s a media person” yeah thats why your fcked, she knows your game you hair in can halfwit

    • Yeah but when the next campaign starts Murdoch will ensure that all of this is forgotten as happened with Shorten. This, the bush-fires, the corruption, the cock-up with the covid safe app, job keeper rorting, failure to get the right vaccine or roll out one in time. Never happened

      • Mining BoganMEMBER

        The common thought is that he’s quit because Scummo told him he wouldn’t be pre-selected again because of various crimes against humanity, but I’d like to think it’s the rape ban.

        • I was thinking as I saw the news today that it was only yesterday – or the day before – where there was a poll that showed that Craig Kelly was not rating well in his electorate. I’m thinking the libs saw a good opportunity to allow him to resign, in the lead up to the election, plus it potentially allows them some points for seeming to take the whole rape situation seriously. Really though, they are preparing for the next election and will replace Kelly with someone who they think can win the seat.

    • MountainGuinMEMBER

      So either Cash knows and is lying or she is telling us she is 100% clueless and acts on matters she has no idea about, lib staffers are incompetent and cannot pass on a basic message and she randomly goes around hugging and consoling staff. In either case she would be unfit for office.

    • The Traveling Wilbur

      Yeah, but on the really important news: I bought my first pot of Brylcreem. Ever.

      If the rest of my hair falls out, expect a knock on your door.

      • ErmingtonPlumbingMEMBER

        My kids purchased me a Jar of Brylcreem several Fathers days ago as a joke gift (I think the wife was largely behind the purchase)
        I can report that there is still 2/3 to 3/4 of the contents left.
        Though Im quite the fan of the relaxed/wet look the greasy stains it leaves on the pillow isn’t very nice.
        It also make you smell like a 1970s Dad.

  2. Arthur Schopenhauer

    Hyundai’s Ioniq 5 looks like the first mass market electric car for Australia.

    Flexible looking platform & charging up to 100km range per 5 min.

    How’s the Oz electric grid looking…

  3. Liberals latest gift to Australians lol.

    Dob in a Dole Bludger lol – https://www.news.com.au/finance/money/federal-government-announces-50afortnight-boost-to-welfare-payments/news-story/339d20765c4a4c22a2a24f1050408d5b

    ” I just smacked them in the head as hard as I could… but they didnt learn. Then I punched them in the mouth as hard as I could and they still didnt learn. After all I’ve done for them and all the bruises I’ve given them over the years, I just cant understand why they just dont learn. What is it with these people and why cant they learn? Do you think a Baseball Bat to the head might make them learn? Its how we learnt when I was young. I made it to grade 5 and did sums and everythin’ . I turned out ok. ” lol.

    • Mining BoganMEMBER

      Hello
      Hey hi, is this Dobkeeper?
      Yes
      I’d like to report a person on government payments
      Of course. Can I have a name please?
      Scott Morrison
      And who are you reporting Scott?
      No, I’m reporting Scott Morrison
      Eh?
      I’m reporting Scott Morrison
      Um…I don’t think you can do that
      Why not?
      He’s the Prime Minister
      That’s my point
      What?
      Scott Morrison is getting government benefits for doing nothing. We keep giving him jobs that he won’t do.
      But he’s the Prime Minister
      That’s right. Maybe he shouldn’t be then
      That’s not up to me.
      It is now. I’m reporting him
      Would you like to speak to my supervisor?
      Why? Do I have to report you too?

      • Lol. – is there or has there been any studies or data that show the level of Government benefit scamming going on and how much it’s costing tax payers. I’m fairly sure it would be a drop in the ocean vs how much is wasted by Federal Parliament or in budget blow outs and or NBN cock ups etc..

        • I think we had a Royal Commission into that but we never listen to those lol. Australian MP’s have been too busy raping woman in there free time lol. Its ok to rape in Australia, as long as you bring it up at Church next time and confess your sins. Chances are, the priest has probably done it too.

          ” Will you rape me? “… ” Sorry Miss, but we only just met… oh, alright then. You know the only reason I do this is for Australia, right? I do it for my country “.

          • Arthur Schopenhauer

            There’s a rumor going around Canberra that a sitting member has been meeting his needs that way.

            Long way to go on the story. It’ll shadow them to the election.

        • Every Conservative Government in the history of forever has gone looking for widespread and systemic rorting of social security. I don’t believe any has ever been found.

          So then they simply insist it must be happening (because who wouldn’t choose to sit around and do nothing in exchange for barely scratching through survival ?) despite any evidence and use that as justification for patronising, demonising and dehumanising people on welfare – fundamentally, just a distraction tactic from their own gross failure in creating enough employment.

          Ultimately, dole bludgers are a rounding error in the system.

          • Anyone in any doubt need only consult their annual tax statement to see how the aged pension dwarfs Newstart. Then take that and choose a vanishingly small % that will maybe be a good proxy for dole bludger numbers

            Ie what smithy said

          • The Traveling Wilbur

            Yeah, OK, you’re 110% right about all of that. Don’t let it happen again. (It’s confusing.)

          • @Swampy if only we the tax payer could decide how the tax dollars were allocated. I’d pull half of it from the pension and direct it at Newstart. Yoof gotta look after the yoof.

      • The Traveling Wilbur

        Yeah, eventually, everyone, everywhere gets round to giving public servants a serve.

        +1.

  4. crypto just shat the bed. pretty much minus 20-30% on every altcoin I follow. in crypto, that still counts as a dip, right?

    • Yep they’re all falling fast – to be fair though many rose 5 fold in the last 2 months so will see what happens overnight. I’m HODL so they’ll probably crash big time.

    • I’m tempted to buy the dip. Since it will probably bounce from here I think. Not sure what caused the sell off? Maybe Elon doesn’t wanna get sued for swaying markets? Lol ..

      • Tech has all crashed – its entirely worthless in reality – no returns.

        Everything is running towards commodities in preparation for economies opening. Consider that – oil, copper, fuel, food, housing, essentials, toilet paper – all consumables driven up by bubble speculators.

        I hope the predictions about no inflation by this website come true – for everyones sake – doubt it.