Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stock markets are rallying for the most part across the region with the latest CPI print locally shooting to the underside and given local stocks a small boost. The Australian dollar is trying to stave off a freefall while USD fights back against Yen as we head into tonight’s very important Fed meeting. Bitcoin is decelerating this afternoon after breaking out of its start of week gap down, having pulled back from the overnight $55K level and not yet exceeding last week’s breakdown highs – a sign not all is well with the crypto thingy:

Chinese markets are still somewhat stuck with the Shanghai Composite looking to put in another scratch session, currently unchanged at 3444 points while the Hang Seng Index is up a scant 20 points to still be just under the 29000 point level. Japanese markets finally got a shot of confidence from a much lower Yen with the Nikkei 225 closing 0.4% higher at 29096 points while the USDJPY pair is attempting to breach the 109 handle as it remains well overbought and overextended following its start of weak breakout:

The ASX200 loved the CPI print, finishing exactly 0.5% higher at 7068 points, while the Australian dollar was the main casualty, falling straight down to the 77 handle before a mid afternoon rally failed to pick up momentum, now tipping over and looking tenuous here at the 77.40 level:

Eurostoxx futures are up 0.2% or so while S&P futures are basically unchanged going into the London open, with the four hourly chart of the S&P500 showing price wanting to expand on its recent record highs above the 4180 point level as momentum remains almost overbought in slight hesitation, but who’s going to stop this?

The economic calendar will focus squarely on one event overnight and that’s the FOMC – the Federal Reserve Open Market Committee – where a bunch of economists work out which way to push the tiny little rudder on the back of the behemoth called the US economy.

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  1. So where is the inflation?
    All year there has been this inflation panic. Doesn’t exist.

    • SnappedUpSavvyMEMBER

      lunch shop bacon and egg toasted sandwich hit 5 bucks recently, i’m panicking bruv

    • bolstroodMEMBER

      The inflation is all around , except in the basket of goods that get measured.
      House prices , rents , food, crops, minerals, govt charges, building materials.

    • It’s everywhere in the bottom 80% of Australian households economy. If your in the top 20% you probably are asking ‘where is the inflation’.

    • Rent prices up 16% in Darwin over the last year. Consumer affairs up here is getting a lot if phone calls from people who were struggling prior to their rent price being raised. It looks like it could get ugly pretty fast.

    • pfh007.comMEMBER

      If you want inflation …..why is a mystery to those who are not bankers……it would help if spending power was in the hands of the general public rather than a bunch of asset price speculators.

      But then bankers prefer asset price speculators so I guess you will be disappointed.

      • Concur on the post wages and productivity diverging looting spree during a period where productivity went up like 400% thingy until the bank plank in the eye – obscures the fact – that institutional banks are a small fraction of the market asset allocation vectors E.g. shadow sector, PE, sundry wealth funds, and even Government i.e. MIC, PIC, HIC, FFIC, et al.

        Sigh …. too make a salient point and then diminish it so it fits the empty warehouse narrative and thus the commodity money mindset …. why … oh why ….

    • Surely covid infected, multiliginual, cook, and uber driver. Will fill our skill shortage

  2. Arthur Schopenhauer

    Ah yes. Apartment Blocks funded by off-shore interests, must be filled by off-shore interests.

    Neoliberalism uber alles. Richtig?

    • thanks for that foots. Das is definitely one of the more intelligent pundits out there, even if he’s still a bit fetishist on growf, and I still have a soft spot for Phil in Black, even though he’s a bit senile these days…

    • ” The one thing Scott Morrison may be learning is that Australia is really 8 different countrys. While being a Federal Prime Minister might be an important job, he is beginning to realise that he may have far less power then he ever thought he did “.

      ” I think we have a political culture that really is poor. We have professional politicians that progress from debating society, to think tanks, to party politics, to party ministers, to ministers. Its a revolving door. They go to work for a law firm then come back in. So they arent public servants in any sense. They serve nobody. ”

      ” I now consider our Politicians as just care takers. They just keep things ticking over a little longer. “.

      ” We need 6 earths to keep things going at the present rate we are going. We dont have 6 earths. ”

      ” Paleolithic Emotions, Medieval Institutions, God-Like Technology ”

      ” Extend and Pretend ” lol.

      Great guy. I love his work.

      • Same here fwiw. They ventured too far into the woke, I find it too hipster. The unrelenting praise of adern and woke virtue signalling became too much…

  3. MB states 10k aussies stranded overseas, whilst reports are coming through that 9k aussies are stuck in India, it would be fair to assume that the majority of Aussies stuck overseas are Indian, true?
    Those coming into the country not a citizen are mostly Indian.
    I wonder how many more years of strong Indian migration will change the landscape of both sydney and melbourne, to the point where Anglos will be awarded jobs to fit cultural diversity quotas lol
    Furthermore, most transactional and IT jobs outsourced to India

        • And here rises the spectrum of racism. Are they really Aussie? Or would have Dutton of saved ‘em? Lets be fair, jf they’re Like the people with back packs clogging the trains then fvckem. Im sick losing my of life.

  4. An energy expert has hit out at a new proposal to charge solar panel users for exporting their excess electricity, labelling it a “sun tax”.

    A ” Sun Tax ” lol.

    That will just force people off the grid and onto batterys. It’ll be the death of the power grid.

    The governments broke. They’ll be Weaponising Laws anywhere they can make a quick buck. It’ll get more aggressive and ferocious. They are going after the low hanging fruit. If people dont get enraged or fight back, they’ll keep pushing and testing peoples boundarys over the next 20 years.

    Fun times coming.

    • Until enough people have nothing to lose, it is best to just opt out of the system as much as possible. Divest yourself of as many services as possible.

      • But I hate the Government? Not having Solar means I’d end up paying electricity taxes.

        I want the Government to die. Why would I even pay them a single cent?

        I dont mind paying extra if it means I never have to deal with the Government ever again.

        The past 20 years of Australian Government History speaks volumes.

        Is there a Law in Australia where I can Sue the Australian Government for 20 years of Lost Earnings as a result of there mismanagement and bullsh*t? If there is, then you let me know.

        Until then, I detest them.

        I make it a point to pay them as little taxes as is humanly possible… because… I hate them.

        The more taxes you pay, the more it supports them… and I just want them to die.

        Yes. Chinas a Threat to Australia as well… but who brought the Chinese here in the first place? The Australian Government.

        None of this would have happened if the Australian Government hadnt made it all happen. Now we have to pay to fix a problem that the Australian Government made for itself. As far as Im concerned, the Australian Government is just as bad as China.

      • The Traveling Wilbur

        All rich b’statds wanting something for nothing. Hang the lot of ’em I say.

        Should be concentrating on adding to inventory, not improving it, anyway. Tenants pay for electricity; why subsidise them? They can install solar for the owners if they feel that strongly about renewables.

  5. Solar Flow Batterys… Batterys made from buckets of liquid which you just replace every now again… so brilliant.

    Who needs Lithium. Let Australias Government die.

    The more you can force the Australian Government out of your life over the next 20 years, the better. This mess they created for themselves. I have no sympathy.

    Kid on youtube talks about how to setup your own Solar System –

    Its almost like its everywhere now ;p

  6. Martin North has been Pro-China ( he’s never going to live this one down ) ha ha…

    So many people who have sold themselves out for Cheap money and now its all coming back to haunt them. Its been months and the evidence is still there for everyone to see lol.

    Its amazing how many people in Australia have sold themselves out.

    As long as someone profits, right Martin?

    Martin the Traitor. Has a nice ring to it. He has a big Boomer following due to his Real Estate interests. Are they Traiters too?

    Boy oh Boy… how times have changed since then…

    Scott Morrison unveils $747 million defence facilities upgrade as China brands Australia ‘sick’ –

    Guess he backed the wrong team.

    How quickly we forget 🙂 I have a great memory. I remember everything.

  7. Greed is a very strong driving force. People will sell there soul in the name of money ( as evidenced ).

    I think its hard to live in a Country when 40% of the people in it, cant be trusted ( including your own leadership ).

    It makes you question how bad things are going to get and how untrustworthy this country is about to become.