Macro Afternoon

See the latest Australian dollar analysis here:

Macro Morning

Not a lot of action across risk markets here in Asia with mainland Chinese and Japanese markets closed for at least the first half of the week. The latest round of manufacturing PMIs saw the USD gain against all the majors and apart from the usual weekend gap volatility, this has continued. In crypto land, Bitcoin has doubled down on its Friday night surge, getting above the $58K level this afternoon for a new two week high as it wants to get back to its previous highs above $60K quicksmart:

With the Shanghai Composite closed it was all eyes on the Hang Seng Index today which continued its Friday afternoon breakdown, losing nearly 1.5% to be at 28289 points and wiping out the last two months of very modest gains. This puts momentum well into the oversold zone and we could see a retest of the March low at the mid 27000s:

The ASX200 shot out of the gates at the open unexpectedly before putting the brakes on to finish with a scratch session, just above the 7000 point level while the Australian dollar did the same on the weekend gap, zooming higher to ameliorate its Friday slashing, but has comeback to the 77 handle and almost back to the weekly lows:

Eurostoxx and S&P futures are pulling back with London closed for a bank holiday with the four hourly chart of the S&P500 showing price continuing its Friday night hesitation below the 4200 point level, wanting to get back to its previous record high, but momentum readings point to sideways action at best:

The economic calendar starts the week with one major release to watch out for, the latest US ISM Manufacturing PMI, plus some Treasury auctions and a speech by Fed Chair Powell.

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Comments

      • So far based on numerous friends in the UK and US who have managed to catch this virus, that is the case. No one has died and generally it is not as bad as the flu. Ages between 45 and 55, all reasonably fit and a minor inconvenience. Some have also now been vaccinated and the side affects were of a similar nature.

        • desmodromicMEMBER

          It is no advantage to the virus if it kills everyone it infects. Hence, SARS-1 and MERS disappeared quickly. SARS-2 (or COVID-19) has been much more effective because for some it is ‘just a bad flu’.

    • GramusMEMBER

      The ‘system’ is angry about the India flight ban and fighting back through all channels atm. How will they open the borders to the students and is workers when Australians cannot return because their govt has locked them out? It is a big problem for them. I interpret Bolts comments in that light.

      PS I agree with the flight ban but think Scummo has way over egged it with the threats of jail time after being embarrassed when the cricketers flew back via Dubai making him look incompetent. Another one of Scummo’s adventures explodes due to his poor judgement.

      Empathy anyone?

  1. Bluescope has just announced their 6th price rise for this year. After our next price rise we will have seen increases ranging from 17%-32% across all their products.
    But until an underfunded government agency tells me there is inflation, there is no inflation.

    • happy valleyMEMBER

      Spoiler alert – there is no inflation and UFN, there will be none, as the underfunded agencies do not have the funds to run any numbers.

    • at start of 2020 I wrapped up building a substantial car port using HDG 250UB26 steel… got it fabricated and erected (in Perth) for under 10K…. same thing now would be north of 20K and I’d be looking to other materials. how times change!
      Now is pretty much not the time to attempt to build anything…be it a house, a fence, an extension or a cubby house for the kids…. better off sitting tight waiting a year or two for all the grants to disappear.

  2. The Travelling Albatross

    Dose anyone know the recent beef of haroldus against MB? Like he came out last weekend and the one before making fun of the little comments number.
    Seems odd of haroldus that I’ve read his comments for years

  3. The Travelling Albatross

    Oh and thanks boom for your comment about sneaky albatross, you made me laugh. 🍻🍻
    Ps. This was first comment, got deleted by super powerz, so their comment is first 😐

  4. Anecdata from the northern frontiers.
    I was in town in Darwin in Friday night and it was packed. Most of the accents were British and Irish. Last night I went out to grab a meal in Cairns and every restaurant was packed. A broader range of accents. And when flying into Cairns in Saturday I’d never seen the domestic arrivals terminal so busy. I don’t think I’ve seen Cairns so busy since the Japanese were at their peak numbers.

    • Christian AnalystTherapist

      yep, military alliances and intelligence sharing agreements will win out soon enough…no room for fence sitters in the new world disorder

    • The Travelling Albatross

      I never bought from him and will never do, always found a better deal..he’s hardly normal that guy, mostly I deal with the good guys, they like cash too

      • TailorTrashMEMBER

        Worded that badly ……meant I will never buy another fridge …or anything else from Gerry …..he has trousered my tax money …..hope he enjoys it …..

    • LSWCHPMEMBER

      The only reason I ever go to HN is to see what the highest price for a product is. Haven’t bought anything there since 1995.

      Gerry is an alien wearing a human skin suit, and it’s wearing out rapidly to reveal the lizard creature underneath.

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