Macro Afternoon

See the latest Australian dollar analysis here:

Australian dollar climbs with global stock surge

Asian share markets are pulling back despite very solid manufacturing PMI prints in China and the end of fiscal year window dressing in Japan.  Bitcoin is again relatively strong but remains unchanged and elevated above the $58K level as it tries to get back above its recent record high above $60K:

The Shanghai Composite started poorly with an immediate near 1% selloff before recovering nearly half that going into the close, down 0.5% to 3437 points while the Hang Seng Index is pulling back as well, down 0.3% to 28502 points. Japanese markets are in hesitation mode again with the Nikkei 225 unable to find any confidence, closing 0.6% lower at 29250 points while the USDJPY pair shoots for the sky, almost heading through the 111 level:

The ASX200 was the best market finally and stood out by putting substantial gains, closing 0.8% higher at 6790 points, helped by the weak Australian dollar remaining below the 76 handle after its sharp pullback overnight:

Eurostoxx and S&P futures are mixed with the latter steady as the four hourly chart of the S&P500 shows price really wanting to get back the previous session losses and head through the 4000 point magical barrier which has remained elusive since the start of the week:

The economic calendar is European centric with UK GDP and German unemployment releases tonight.

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Comments

        • The Travelling Albatross

          I tip my hat to you sir, I only ask cause I want to learn, for example when I asked if you bear or bull I wanted to know if you see the markets ( share and housing) are going to fall or rise, same when I asked about identity wanted to check which school of thought you you see best , all good my fellow human 🙂

    • pfh007.comMEMBER

      “.. Macroprudential policies can help

      Our analysis suggests there are measures policymakers can take to resolve, or at least lessen, this dilemma. Macroprudential policies—such as setting limits on borrower eligibility, raising minimum capital, or liquidity ratios for banks—can tame buildups in nonfinancial sector leverage…”

      Sure they can help but no one is using them when taming leverage is the last thing on their mind.

      Maintaining private sector leverage is a critical but unstated objective of the Washington consensus.

      https://en.wikipedia.org/wiki/Washington_Consensus

      You ought to know that.

      Along with a banker monopoly of central bank deposit accounts and the balanced budget over the business cycle obsession.

      • Nothing hard about converting to Utilities or Postal banking, yet not a word on shadow sector antics as noted above and not to mention myself long ago.

        Guess Chicago school types are rusted on hard ….

        • pfh007.comMEMBER

          Shadow sector?

          What has MP-LOL got to do with non bank lenders?

          To the extent your banking mates facilitate shadow banking it has nothing to do with MP-LOL which is barely relevant to your crooked banking mates anyway.

        • Unregulated vs regulated and lets not forget the tax haven aspect … but yeah … banks …

          Look banks were sorted last time, then some came along and inhaled the Powell memo, yet all you can respond with is banks, so one would think the drama is more fundamental.

  1. RobotSenseiMEMBER

    Got fed up with waiting and went for the AZ vaccine today after the outbreak in Brisbane.
    The actual process itself went rather smoothly, given that the entire database has had to be designed from the ground-up by QHealth; 2nd jabs are in 3 months.
    Once again I’d like to thank D!pshit from Marketing, “Sick” Hunt and the whole colony of LNP weasels for botching this process; as usual it’s a combination of “not our problem”/the states are hording the vaccine/”how good is xyz”?

    [email protected] these pr!cks. The abject lack of accountability on any deliverable in this process is absurd. 15% of the 4m April target achieved, major tertiary trauma hospital ED in Brisbane on bypass for all but Cat 1 services again, tourists and businesses in Northern NSW with Easter plans in turmoil, and all because this septic tank masquerading as the LNP party room can’t even sh!t straight on a Sunday morning.
    Urgh. Happy Easter, everyone.

    • I’m confused how a covid ward Dr and nurse are not vaccinated with Pfizer. Being in leave is not a reason – unit managers can manage that. Also was there a protocol breach with PPE / other?

      I’m non frontline health in NSW and have had AZ already. Super well organised.

      We’ve done so well in NNSW so thanks QLD – especially annoying given all the carry on from QLD when it was in Sydney

    • Mid 90’s ….. I can’t remember who played but it all sounded awesome thanks to a reunion with an old school flame with a helluva medicine cabinet – man I was so Reusa’d by her & her crew who all thought they were Janis.

  2. Arthur Schopenhauer

    Crikey Bernhardt, if a country can’t make glass vials, it can’t make a product containing a vaccine. Like all economic matters, Bernard will tool around for years, pull out every disproven 80s undergraduate economic theory, and then eventually, the penny will drop.

    https://www.crikey.com.au/2021/03/31/australian-manufacturing-labor-albanese/

    Is it so hard to understand that local advanced manufacturing is built on local commodity manufacturing? Is that a hard concept?

    Non-engineers, please take the floor.

  3. The elephant in the room surely has to be the member for Manila. I see the NSW MP Michael Johnson has resigned after texts came to light showing him inviting a friend to parliament house. And the Qld polly Andrew Laming is not going to contest the next election after getting caught taking an undignified photo of a fridge. But George got to spend how long overseas on the public teat, frequenting girlie bars. I always considered what he did beyond the pale for a current parliamentarian. Must be time for some sort of reckoning.

    • Member for Manila is just helping those poor Filipino girls out of poverty. Plus, you know, we prefer not to discuss or address the horrible treatment of women in other societies…it brings up the topic of the slave labour use to make our fashionable attire (good for protesting in) and religious persecution (got to be inclusive and all that).

  4. reusachtigeMEMBER

    How farkn stoopid cancelling that country people’s Blue Feast. It’s an institution and many people have invested in it so it should go ahead!

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