Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Steady as she goes for risk markets here in Asia, with stocks largely unchanged except locally with the ASX200 continuing its pre-holiday selloff. All eyes are on overnight stock markets to see if momentum can be refound with the Bank of England meeting later tonight alongside the latest initial jobless claims from the US. Currency markets are seeing some weakness returning to the USD while gold has been unable to translate that into any gains as we go into the London session, with Bitcoin also on the downer and now below the $33K level:

The Shanghai Composite is dead flat at 3566 points, while the Hang Seng Index is lifting slightly going into the close, up 0.2% to 28881 points. Japanese stocks volatility has now completely disappeared with yet another scratch session today on the Nikkei 225, closing at 28874 points as the USDJPY pair stalls out just as it reaches the 111 handle but is still past the previous weekly high:

Australian stocks continue to pullback due to further COVID restrictions with the ASX200 falling back another 0.3% to 7275 points as the Australian dollar remained quiet but elevated, trying to get past the 76 handle and heading up to overhead resistance on the four hourly chart:

Eurostoxx and S&P futures are retracing slightly as risk expectations taper off slightly with the four hourly chart of the S&P500 showing price wanting to get back to the previous correction high nearer the 4250 point level. Having cleared previous resistance at the 4230 point level from last week this is the obvious target above but momentum is not yet there:

The economic calendar ramps up significantly tonight with the latest BOE meeting, the German IFO survey and then US durable goods orders for May along with the latest initial jobless claims.

Latest posts by Chris Becker (see all)

Comments

  1. The Travelling Phantom

    have they locked Sydney yet?
    Lol that minister saying no need to do anything went to isolation

    • Would be good to get some figures as to how many of the 50 people who have caught Covid in this recent spike have been vaccinated.

  2. haroldusMEMBER

    @LSWCHP I’ve been locked down so can’t get out of Sydney – Inner West LGA

    • You needed to leave before 4pm yesterday!
      I am just holed up (outside of greater Sydney) waiting for my test results. Am fully vaccinated but want to make sure I am all good to go.

    • FUDINTHENUDMEMBER

      Shhhhhhhh! If we don’t call it a lockdown (despite the fact you can’t go anywhere), then it’s not a lockdown!

      • Mining BoganMEMBER

        It’s just transmission protection advice.

        Let’s also not mention the gold standard tracing that let another f#cking case into Vic.

        • boomengineeringMEMBER

          You asked about asking a girl out the other day.
          Just be yourself.
          Keep it platonic,
          Don’t push it.
          Something simple like a cafe or coffee or walk to desk or car.
          Any knock backs, taken with a grain of salt, the next one is always better.
          She’s going to get sick of waiting for you to make the first move so bite the bullet hold your breath and talk to her.

          • The Travelling Phantom

            I did ask her out 🙂 , we went for a coffee and a walk in the park, went alright.
            a dinner next time maybe?
            Thanks Boom!

          • boomengineeringMEMBER

            Always remember that trying to be someone else you’ll always be second rate but you are the best one in the world at being you. Don’t worry about your flaws, you are what you are take it or leave it. Everyone has them. The good outweighs the bad so be yourself.

          • If it lasts long enough you’ll have your flaws pointed out to you anyway :’-)
            I miss old Flawesy

        • reusachtigeMEMBER

          You went for a walk in the park? Oh boy, you’ll always just be friend material. If you didn’t score relations first go she won’t ever really be into you. Hey, she might marry you because you are nice and all but it’s that other blokes c0ck that treats her ike a woman that she longs for. Just sayn.

          • The Travelling Phantom

            I asked you the other night and you said ,
            “dunno ask Mathias”
            😅😅

        • haroldusMEMBER

          I feel we need a reusa vs booma advice page, where MB members (and non-members) send in relationship questions, and both dolly doctors answer it.

          I never thought I’d be writing into MB doctor. My girlfriend has asked me to talk MMT to her. I don’t know what to do!

          Signed M. Osler.

      • Shh, don’t tell all those people I saw on the way home from work just now at the local pub and in the restaurants that they can’t go anywhere.
        That’s how they do a lockdown in Melbourne isn’t it?

    • reusachtigeMEMBER

      Thankfully I have a few country estates in fine dining regional areas like Orange so that’s where I took off to today to escape the virus laden Eastern Suburbs and get on with essential maintenance at my Orange retreat like feeding the chooks.

      It’s lovely out here and the cafes and tonight’s hatted restaurant are ace as! There’s some massage lounges too so will hit those up in the morning and afternoon.

      Just gotta shake this cold that’s coming on.

    • FUDINTHENUDMEMBER

      You mean the cabinet taskforce for the raping of women. I fixed it! I’m a fixer!

  3. One of the funniest Thursday arvo threads ever
    Chapeau

    Boom remind me to tell you about the time I rode up Ventoux thrice in one day from each approach

  4. That woman from the liberals on qanda right now was insane. I cannot believe what she was saying. Grinning at laughing the whole way through. What a turd of a person

  5. MathiasMEMBER

    The rule of 3s. In a survival situation, you have 3 hours for shelter, 3 days for water, 3 weeks for food before you die ( presumably ). So why on earth do people buy out toilet paper? They think there a$$ is going to catch fire? It must be woman. These actions sound rather vain. https://www.news.com.au/lifestyle/real-life/news-life/reports-of-panic-buying-of-toilet-paper-as-sydney-faces-growing-coronavirus-outbreak/news-story/773d4ceb97bb370f50219576030c26bc

    • Ronin8317MEMBER

      No different from the Chinese buying salt and soy sauce to protect themselves from radiation after Fukushima. People are doing it because everyone else is doing it.

    • reusachtigeMEMBER

      I’ve had relations with birds that have gone through a whole roll in a session wiping! Your sick incel hate of chicks has caught onto something here.

    • reusachtigeMEMBER

      Hey, show some respect to a great IT nerd!

      I think this IT freak is that guy on here Mig’s idol, for sure.

  6. Major Global Financial Hubs Still Aren’t Seeing Employees Returning To The Office … Bloomberg / Zerohedge

    https://www.zerohedge.com/markets/major-global-financial-hubs-still-arent-seeing-employees-returning-office

    Some of the world’s most well known financial centers are still slow to get back to the office, despite the fact that many Covid restrictions globally have been lifted.

    Workplace activity in major cities like New York, London and San Francisco is still about 50% below pre-pandemic levels, according to a new report by Bloomberg. Other cities like Frankfurt and Hong Kong also remain less active than prior to the pandemic, as measured by office space use and use of local transit. … read more via hyperlink above …

  7. … and when the container rate bubble pops … likely sooner than you think …

    More container ships score ‘astronomical’ $100,000/day rates … Greg Miller … Freightwaves

    https://www.freightwaves.com/news/more-container-ships-score-astronomical-100000day-rates

    Multi-month container-ship charters continue to be signed at jaw-dropping rates above $100,000 per day. The market is getting even tighter, pushing charter rates and durations higher still. Even so, there’s something to be said for shipowners taking a few chips off the table — and some are. To quote American financier Bernard Baruch: “I made my money by selling too soon.”

    Shipowner executives participating in the Marine Money Week virtual conference on Wednesday discussed the historic strength of today’s container-ship chartering market and how this unprecedented boom could end.

    There was zero talk of a slowdown in 2021. But there was talk of uncertainty further out, particularly in 2023. For shipping stock traders, what happens two years from now doesn’t matter. For shipowners who are in the family business for life, it does.

    Bonanza for short-term charters … read more via hyperlink above …
    .
    .
    More Than 2.71 Billion Shots Given: Bloomberg Covid-19 Vaccine Tracker

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