Macro Afternoon

See the latest Australian dollar analysis here:

Will Bitcoin destroy the US dollar?

Asian stocks have fallen sharply across the region, responding to the poor lead from Wall Street and then the wafer thin assurances from the Fed overnight, as S&P futures tumble amid some really fragile risk sentiment. Bitcoin is having yet another interesting 24 hours, getting back to the $50K level with a modest 10% gain since this morning, but still nearly 20% off its recent high from the start of the week:

The Shanghai Composite is down over 2% going into the close, currently at 3562 points while the Hang Seng Index has completely flopped, sinking nearly 3% to be back below 30000 points. Meanwhile Japanese markets couldn’t escape the carnage, with the Nikkei 225 finishing 1.6% lower at 29961 points as the USDJPY pair is slowly moving higher to almost get back to its start of week gap down point:

The ASX200 was the best in the region, relatively speaking, losing only 0.9% to be back below 6800 points at 6777 while the Australian dollar is still highly elevated and hanging on above the 79 handle despite the risk off mood:

Eurostoxx and S&P futures are tracking lower before the European opening session, down between 0.4% and 0.6% with the four hourly chart of the S&P500 still failing to break above the downtrend from last week’s high above 3950 points:

The economic calendar includes German consumer confidence and a swathe of US Treasury auctions.

Latest posts by Chris Becker (see all)


      • boomengineeringMEMBER

        You won.
        Been frying my brain occupied on a single phase lathe motor with 6 wires into junction box for Swiss guy. . Was hoping to use the 6 terminals inside to reconfigure to 3ph in but to no avail, the capacitor and resistors necesary and 4 wires to stator only 2 ways continuity. Damm those Germans.
        Lucky for photo phones. Wish Wiley Wolf was still on this site.

        • The Traveling Wilbur

          I’m lathe to ask this, heh, but is making it 3ph what the owner wanted done, or are there bits on it that need fixing?

          • boomengineeringMEMBER

            Had to change pulleys, bore and broach internal keyways in them. Strengthen and redesign pully adjustment subframe and he wanted a variable speed drive so I thought I would get more torque by utilizing 3ph and installing a VFD. No 3ph possible but maybe still use VFD as they retain power in low revs unlike potentiometers.

          • boomengineeringMEMBER

            Thanks Swampy, but I can sort it. Would have been good to get his input earlier on though.

        • Cheap cv*t wanting grunt [motor] with variable speed that is not affected by amp demands [smooth] on a platform that was engineered for less than … mahahahahahaha ….

          Whats he turning on it and how many hrs with changes in demands to satisfy demands …

  1. The Traveling Wilbur

    Fair warning – went all-in on the ASX index at the close. So lookout below no doubt. 😨

    • I went short yesterday and was in desperate need of a greater jinx to get me out of the red. Thank you.

    • You’re simply the best
      Better than all the rest
      Better than anyone
      Anyone I’ve ever met
      I’m stuck on your heart
      I hang on every word you say
      Tear us apart
      Baby, I would rather be dead

          • The Traveling Wilbur

            emphasis on the wrong syl-ah-ble in that interpretation. It’s definitely not that… try reading the first two words as one name. DespicableMe (the movie brah) too. So that meant what was in your first comment, back at you. 😘😎

            “metoo” has been coopted forever. Which sucks from a language use point of view. THAT I can’t touch, hence Despicable. Which seems fitting in my case.

        • See tulips, laws, and a clown car of other social psychological dead ends …. though at the end of the day is it Capitalism …

          • Psychology did so much to improve the lives of the perpetrators. Kinda like bench opinions…

          • Psychology was given the market treatment [science mart] see DSM-IV and the debates about its philosophical or ideological baselines to the previous edition and the corporatist led [money] agenda to silence any detractors. It should be noted that not all countries this books methodology due to concerns about its scientific validity.

            The ex wife’s psychologist that has arms length bevy of acronyms of international accreditation, in service since she was a teen, was taken to task by me over which perspective she applied in her discharge of medical duty, even pulled her up on a years before reference to the book freakonomics … on her part … utter rubbish …

            Consider the aspect of reaming a PhD for lack of intellectual diligence and being influenced by ideological flimflam economic sales men in a discipline outside their degree or knowledge.

          • In addition I would and the core feature of Curtis last doco was the “smoothing” out of society by market driven agendas, which psychology was a cornerstone, that in of itself is not a criticism of psychology, in of itself, but the application of it too as John Howard said … let them sleep …

            I’ve argued before with you over the idea of the delineation between science and engineering E.g. the latter can take the prior and imbue it with ideology in a attempt to burnish it with empiric gravitas – see Philip Mirowski Science Mart.

            But hay mig … all past aside … you worked as a mathematically driven financial operative and questioned the data … too that I have respect for you …

    • The Traveling Wilbur

      It’s also the name for obsessively itterating to your analyst all the reasons why Wonder Woman is hot at every session.

  2. If bitcoin is an alternative currency, shouldn’t criticism from the spokesperson for the offical global currency have already been priced in?

  3. Some guys, they wanna have
    A rape u station
    So they add LNP to the CV
    And what you seek is what you get
    Ask Campion all about it

  4. The Traveling Wilbur

    Did anyone else see skip putting himself behind the bar and eyeing up the cash register? LMAO.

    • Fat middle aged buddy said what …. as everything they believed[tm] in crumbles around them – ????? – so the best they can do is extenuate the dramas on others for their lack of knowledge – ????? – thingy …

      Oh you had plans ….

      • The Traveling Wilbur

        He comes across as quite timid and a little confused – but overall, quite sweet.

        As to the video of the kangaroo… well, it wasn’t as good as when the police were chasing him. Still a charming view. Not must see TV though.

  5. GBPUSD has been kind to me lately.

    Got my stops all locked in. Cant really lose at this point. Up, Up, Up she goes.

    • The Traveling Wilbur

      When the Central Bankers say their Central Banks aren’t going to factor inflation into their thinking, before it’s even happened, there’s only one outlook for markets (and housing).

      • FFS what do you expect from a bunch of quasi monetarists and a bunch of ideologues that mistook deflation as vindications of their cramming down of labor to support high equities prices, too legacy holders, and then some are confused about flow of funds and how macro prudence can blow up in ones face … see repo …

    • I am the ideology
      John Birchist
      I will come to destroy
      The New Deal
      In Republistan we stand tall
      Ready to grift off you all
      Libertaria! Uber alles!

  6. Mining BoganMEMBER

    Okay, this has gone past scary.

    “An AFP “sensitive investigation” is a process of inquiry that: involves, or is likely to impact on and/or be of significant interest to Australia’s international relationships or agreements, the operation or administration of the federal government or parliament, or a state, territory, local or foreign government or parliament, an elected member, associate or staff member of an elected member, election candidate, senior or prominent member of a public service entity, of a federal, state, territory, local or foreign government or parliament, a professional journalist or news media organisation or possibly would be, of significant interest to the Australian community”

    Is there anyone or anything it doesn’t cover?

  7. MAFScoin. It’s what Australia needs. Make it accepted on all betting apps. It’ll go to the moon. Or whatever a MAFScoin version of the moon is.

    • TailorTrashMEMBER

      To quote one of the participants
      “My new forever starts today “
      One wonders how many new forevers she has
      had .

      • MAFScoin will be a wild and unpredictable ride. The experts haven’t got a clue. Many will enter with daft dreams and unrealistic expectations. Few shall leave happy.

  8. Left a lame spot in the city
    Battling the suits every dawn and dusk
    But I never looked back since
    Autum at least
    They’re loser loser losers
    On a lost grift

    • Big cone keep on toking
      Big nights keep on rolling
      And I’m rolling, rolling yeah
      On some pure Amsterdam pills

          • Without productivity tokens of exchange have no rights or value E.g. people with fiat that want to psychologically grasp the the brass ring without doing anything to support broad up lift is not capitalism … its first in best dressed without having earned it … now consider how that rolls from a broader sociology economic dynamic …

    • Their Woodstock recording is my go to recording for pre work treadly workout in yonder Bunyip country hills

      Just excellent

      Or Propagandhi’s Victory Lap, pending mood.

  9. Remote Working Update …

    HSBC To Slash Office Space By 43% As COVID Ushers In Hybrid Work … Zerohedge

    There is absolutely no way to avoid a great deal of pain coming to the commercial real estate market as companies dump or are planning to eliminate office space as the pandemic has changed the office’s role.

    HSBC Holdings Plc is the latest company that will reduce its “real estate footprint” by 40% over the long-term, Group Chief Operating Officer John Hinshaw said in a conference call with analysts on Tuesday, according to Reuters. … read more via hyperlink above …
    Tech jobs are booming. Remote working is now a top demand for job hunters … Owen Hughes … Digital Transformation / TechRepublic

    Manhattan Office Space Availability Reaches a Record High … Maurie Barkman … Motley Fool

    Real crisis hasn’t even begun yet … Kim Yong – sub … Trends Insight & Business Creativity / Hankyoreh South Korea