Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Its not quite fully risk back on yet, although Asian share markets are in the main rebounding in response to a big buy the dip rally on Wall Street overnight, while risk currencies remain stalled in the wake of still strong USD. The VIX is pulling back from its rapid rise while gold and silver remain flat lined. Bitcoin is also struggling after its near 10% drop overnight, now below the $33K level again:

The Shanghai Composite finally found some life with a 0.7% surge higher to 3553 points, while the Hang Seng Index stood out by pulling back a little, currently 0.2% lower at 28430 points. Japanese stocks volatiltiy continues to be epic with the Nikkei 225 closing over 3% higher to 28884 points as the USDJPY pair lifts throughout the day to remain well above the 110 handle:

Australian stocks rebounded in kind with the ASX200 able to take back most, but not all of the previous losses, closing 1.5% higher at 7342 points while the Australian dollar was unable to hold on to its meagre overnight gains, falling back towards the 75 handle as momentum remains in a negative funk:

Eurostoxx and S&P futures are still trying to recover lost ground going in the London open with the four hourly chart of the S&P500 showing last night’s big bounce still having a modicum of momentum after being extremely oversold. The question is can it clear previous resistance at the 4230 point level that failed on Friday night:

The economic calendar ramps up with the latest Redbook figures and May existing home sales in the US.

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Comments

  1. boomengineeringMEMBER

    work work work, someone needs a rest.
    Reaming out for 1927 Austin king pins.
    Trades are busy atm, make hay.

    • The Traveling Wilbur

      Careful, you’ll get Reusa all excited (he doesn’t understand worker lingo and can get easily misled).

      I mean, unless you are offering, in which case, do carry on.

      • The Traveling Wilbur

        Have you ever considered pursuing a career outsourcing yourself to concert venues Shania Twain or Mariah Carey are to play at? You’d make a motza.

          • The Traveling Wilbur

            I’ve heard venues will pay a small fortune to someone, anyone, who can consistently lower the tone prior to those two going on-stage. 😜

  2. The Traveling Wilbur

    So, in a vain attempt to avoid being the last bear standing (that doesn’t run an investment fund) riddle me this, in case there is another answer: Surely, the only possible reason for the basket case of conflicting public statements coming out of the Fed for the last few days is to provide cover for all the mark to market activity that has to take place in stocks between now and the end of the financial year?

    Surely? No organsation could be that inept accidentally?

    • The Travelling Phantom

      It doesn’t matter, as long as house prices are rising and up, up they go!

      • And that precarious and struggling stay so. We can’t have a world without poor people for then we’d be without people to kick down onto?

        • The Travelling Phantom

          As a poor person and kinda had the look down
          from people at me, unfortunately what you said is true .
          One day I’ll grow up and become rich! And help people rather look down at them.

          • ErmingtonPlumbingMEMBER

            You’ll change if you become “Rich” and turn into a boomer cnt like the rest of them.
            (Head nod to Mig)

          • Sorry to hear that. It’s b*llshit and I’d like to think that one day it won’t be so common. I’m sure it’s possible. If they can put a computer chip in a vaccine then surely we can be better to each other.

            I spent last week listening to people with rich people problems. Boring stuff, but it’s what is giving them grief and everybody needs to whine every now and then. At the same time I found out a friend was sleeping on a couch after escaping an abusive relationship and was also in a VCAT battle with a landlord. That’s a problem.

            Having to spend more than you want on a holiday to a place you don’t really want to go to because it isn’t Europe is not a problem. Your kids not excelling at all their extra-curricula activates at the absurdly expensive private school is not a problem. A lack of security with fears about the future – short, medium and long, is a problem.

          • Yep as Ermo says look at me now! All that equity mate. The poor should get better jobs! Lol

          • migtronixMEMBER

            Yeah it’s only point to having more than you consume imo, paying it forward and trusting karma to have your back.

  3. The Traveling Wilbur

    Someone asked what beer to have with their in-laws at a Japanese dinner. I replied Yebisu.

    I was wrong. I apologise.

    The correct answer was Yebisu Premium Black, with meat and Yebsiu with seafood.

    Sorry for any inconvenience caused.
    (guess which one you have if you just want a beer… halfway through my first, ever and NEVER buying any other beer again).

  4. The Travelling Phantom

    Hey Mr Reusa, what your advice, I would like to ask a girl out and you know do stuff, how should I approach her?

  5. Mining BoganMEMBER

    On average it only rains eight or nine days in Southampton during June. So far in 2021’s June we’ve had nine days, including today.

    Does the final get decent enough weather to finish?

  6. migtronixMEMBER

    In the modern world there is no profession which implications as pervasive as engineers.

    There’s also no other profession as invisible.

    No-one is introduced as an engineer the way lawyers and doctors are. No doctor or lawyer would be able to do squat w/o several engineers like ghosts in the machine.

    I hate Christian Porter. I hate IT in this country

    • Engineer movies and TV shows are the ticket. Have engineers save the day and drive fancy cars and do all that junk that the tv doctors and lawyers do. An engineering Rake or House. Less Zukerberg and Musk. That’s the ticket.

      Get engineering Benedict Cumberbatch to woo a beautiful lady away from a coked QC, or an a55h0le surgeon. Give it a snappy title.

      At the same time have a BBC drama where a grumpy, yet likeable engineer does things in a small town. Have it run for at least 20 years.

      Scooby Doo remake where Scooby and Shaggy and the crew are all engineering undergrads, well obviously not Scooby, and the monsters are always greedy lawyers and unethical doctors. A great episode would be the town with poor teeth. The reservoir has been haunted for years. It turns out it was the dentist and they had used the fake haunting to prevent fluoride from being added to the water supply.

        • Arthur Schopenhauer

          😂😅😀 Even Architects get a run, usually as urbane nice guys, played by someone like Steve Martin.

          Dr Who is sort of an engineer.

          • haroldusMEMBER

            “Civvy”: A sitcom. The story of Severus Morales, a mild mannered civil engineer who every week is confronted by unconscionable developments proposed by QCs, surgeons and Demographers, and he has to save the last surviving house filled with elderly migrant veterans and their grandkids, finding a way to incorporate the living history of the house at the last moment before the bulldozers move in. Even though the developers want him whacked, he’s so dam’ likeable he lives to fight another day. “Civvy! One of these days….” (all laugh, QC, surgeon and demographer rack ’em up.)

        • Scooby is at the back end of his fourth unfinished degree. He is hoping to go on and write a thesis on the undercurrents of anarchism in the comic works of Stanislaw Lem. He wishes to do this in Poland. He’s been studying for so long that he can not not attempt to over justify every basic propositional statement that comes to mind. Even he is so baffled at the tendrils of metaphor and logos that attempt to coalesce into meaning that he is made mute by the genius that he can’t quite touch and we shall never hear. He kicks it with the engineers because their simple take on everything is calming, like the babbling coos of an infant, or too much time on imgur.

    • Bloke!

      Imma always introducing myself as an engineer (with an actual Eng degree )

      Girls pants, they fall off

      It’s mad times!

    • okradovicMEMBER

      Have to agree with you there, bloke. Especially when you have corporates engaging in wholesale destruction of Australian middle class through offshoring and mass exploitation of visa workers from 3rd world countries (with a double benefit of diminishing working conditions and salaries for local workers). This is especially rife in the IT industry, aided and abetted by the mass body shops like lnf0$y$ and its ilk.

    • Goldstandard1MEMBER

      Bruz will want to really watch his deffamation case. FJ have a lot of proof about his level of corruption and this might just put it in the view of who he doesn’t want to see it…..

  7. TailorTrashMEMBER

    What is automatism?

    Automatism is not a medical condition or state. It is a legal term used to describe a situation where acts or behaviour have occurred without the volition or will of the accused. The determining factor is the lack of exercise of the accused’s will and not a lack of consciousness or knowledge on the accused’s part.

    For example, where a person is aware of what is happening, of what they are doing, but is unable to control their actions, and is essentially disassociated from the act, they may be acting involuntarily and as an ‘automaton’. Automatism is not related to whether the person knew what they were doing. Rather, it relies on whether there was no deliberation in the behaviour, and whether the accused acted automatically.

    Wonder how many Bogans can claim this or is it reserved for the children of well known surgeons

  8. Goldstandard1MEMBER

    I said I’d buy some BTC crypto if it goes under 30K US. I thought I might have to stump up at least next week but could be tonight! 608 (make that 494) to go……. Some big players and mainstreet are bleeding the last 3 months……

  9. Working from home update …

    The World’s Financial Centers Struggle Back to the Office … Bloomberg

    https://www.bloomberg.com/graphics/2021-return-to-office/?srnd=premium-asia

    The journey back to your desk is shaping up to be slow and indirect.

    Roughly 15 months after locking down to ward off Covid-19, several of the globe’s key financial centers are struggling to get employees back to their offices.

    Workplace activity in London, New York and San Francisco is still 50% below its normal level, according to mobility data from Google, which tracks the locations of its users. Other evidence from Frankfurt, Singapore and Hong Kong reveals how virus-related restrictions have changed habits and caused new problems.

    Ghost Towns

    Workplace activity in some cities is still about 50% below pre-pandemic levels … read more via hyperlink above …

    Employees Are Quitting Instead of Giving Up Working From Home … Bloomberg

    https://www.bloomberg.com/news/articles/2021-06-01/return-to-office-employees-are-quitting-instead-of-giving-up-work-from-home?srnd=premium-asia

    Quitting Your Job? Finding a New Career Path Can Be a Challenge … Bloomberg

    https://www.bloomberg.com/news/articles/2021-06-08/quitting-your-job-finding-a-new-career-path-can-be-a-challenge?srnd=premium-asia

    Bloomberg Covid Tracker

    https://www.bloomberg.com/graphics/covid-vaccine-tracker-global-distribution/

    More Than 2.66 Billion Shots Given: Covid-19 Tracker

    In the U.S., 319 million doses have been administered

  10. United States & Europe … Housing …

    Record-high U.S. house prices, tight supply weigh on sales … Reuters

    https://www.reuters.com/business/us-existing-home-sales-decline-prices-surge-record-high-2021-06-22/

    House prices climb to record levels in US and Europe … Financial Times

    https://www.ft.com/content/3082fe00-cdb7-4eb9-ab2d-2309b9848114

    Swedish Prime Minister Stefan Lofven loses confidence vote over housing crisis … ABC Australia

    https://www.abc.net.au/news/2021-06-22/sweden-prime-minister-stefan-lofven-no-confidence-housing-crisis/100232756