Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Risk sentiment has finished the week very mixed again in Asia as overnight stock markets pulled back following hesitation across Wall Street as its earnings season gets underway.  USD is continuing its gains against the major currency pairs, while Bitcoin remains deflated as it drops below the $32K level after making a new three week low. Gold is slowly rolling over after a good mid week run above the $1800USD per ounce level as it tries to hold above the former overhead resistance $1810 level:

The Shanghai Composite has closed 0.7% lower at 3539 points while the Hang Seng Index has eked out a small gain, lifting 0.2% to remain above the 28000 point level. Japanese stocks however continue to sell off sharply with the Nikkei 225 closing 1% lower at 28003 points even as the USDJPY pair lifts back above the 110 handle as Yen safe haven buying abates:

Australian stocks have also put in some tiny gains to finish the week on a good note, lockdowns notwithstanding, with the ASX200 closing 0.2% higher at 7348 points. Meanwhile the Australian dollar remains quite depressed here just above the 74 cent level as it looks like finishing the week at a new weekly low:

Eurostoxx and S&P futures are bouncing back slightly with the four hourly chart of the S&P500 showing price wanting to get back above former ATR support and get back on trend but overhead resistance at the 4380 point level looks far too strong:

The economic calendar finishes the week with two big ones – Euro core inflation and US retail sales prints.

Have a good weekend, stay safe and let us all rejoice in the competence of our Federal and state governments in managing the COVID…pffft….

 

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Comments

  1. boomengineeringMEMBER

    Couldn’t wind myself up to work today. Got sidetracked into making more shelfspace.
    Quite on the roads today.
    Not on the beaches though .

    • The Travelling Phantom

      Have cold drink and relax, even God relaxed on the 7th (or was it the sixth) day
      Oh how’s lockdown with your daily life and with work, got much affected?

      • boomengineeringMEMBER

        No effect on work but the client has spent a motza on couriers. One little pneumatic fitting coupling back and forwards eight times due to the manager not listening to advice. He supplied one half being Nito but told him all his other fittings were not, although very similar looking. Won’t go into detail but gave him a free lengthy assessment. Couldn’t charge him for the many hrs of research and procurement from USA .

        • boomengineeringMEMBER

          At first he said the tube to the machine was 1/4″ sent him such but it actually was 12mm.

          • reusachtigeMEMBER

            Except relations. You should achieve as much success there as possible. It’s the only reason we exist.

    • C.M.BurnsMEMBER

      he wasn’t predicting anything, he was getting leaked information from evening briefings.

    • Mining BoganMEMBER

      The LNP has become so paranoid and secretive that any number in any situation is something to be hidden and/or manipulated.

      Information is not for the plebs.

        • Message from Xenophon Davis:

          BREAKING: $1million crowdfunded for Friendlyjordies legal defence against NSW Deputy Premier.
          “We believe these cases go to the heart of a citizen’s right to challenge, investigate and criticise politicians. We are inspired by this level of support.”

          The Sydney law-firm Xenophon Davis has confirmed $1,060,300 has been deposited into their trust account to support Friendlyjordies’ ongoing legal battle against the Deputy Premier John Barilaro.

          That’s a big war chest

          Davis said “We are highly conscious that the public has entrusted us with their hard-earned money. The average donation is less than $100.

          that’s a lot of people.

          Oh boy, Johnny, looks like friendly can drag this one out too.

          • Man, I hope that slimy coont cops a shellacking in court. You watch – the charges against Kristo won’t proceed. Immediately after, Bruz will reach out to try and settle the lawsuit, agree to cover costs plus an NDA.

            I hope Jordies will be ballsy enough to let this run. The icing on the cake would be for Google to join the fight and let it run as well.

            Bruz is cooked.

      • Well, you didn’t hear it from me, but I have it on very good authority they’re about to tax every family east of Kensington to provide additional financial support for the good people of Fairfield. It’ll be called Dollars for Mullahs and Bruz has volunteered to handle the funds himself.

  2. COVID deaths ramping up in the UK among the vaccinated.

    But this was all very predictable we have to learn to live with it.

    Without restrictions they’ll have a couple hundred COVID deaths per day in autumn, middle of winter the sky is the limit.

    I think they end up bringing back restrictions before winter hits.

    • reusachtigeMEMBER

      Yeah. May take years here but the fearfully weak will eventually realise they might die because of their problems and they have no there choice but to accept fate. I hope they do what they can to minimise their own risks once they realise they cannot control the free will of others.

    • The Traveling Wilbur

      But a papercut. There’s a $120/ton floor under it don’cha know. 😉

      Plus the EU using tarrifs to improve environmental outcomes is just, well, funny.

    • Mining BoganMEMBER

      Hmmm…so this has been widely predicted for a while yet our local pollies react like they’ve pulled on a shoe that a cat had shat in.

      And why wasn’t Joel Fitzgibbon quoted? He’s the go to man for coal related things, or is that only when Labor needs undermining?

    • The Travelling Phantom

      But but our prime minister took coal to the parliament and said its clean and beautiful!

    • “…I’m surprised mainstream media haven’t singled out Mr Shanks further…” Translation: I’ve been buttering up you MSM journalist fxckers with all kinds of connections and leaks and now’s the time to square the ledger you ungrateful cnvts.

      You should always play to your strengths Bruz, and in the even playing field that is the court of law you’re about to get publicly fxcked.

    • MountainGuinMEMBER

      Yep, it seems fine for Bruz to talk dirt on Shanks but its a journalistic failure to ask Bruz about his conduct…

  3. The Traveling Wilbur

    A whole bunch of English football players were scheduled to visit Melbourne next week and all of them pulled out – except for David Beckham.

    Why didn’t David?

    • Ugh it almost like nana pants Debbie Harry having a late go … not that I knew the original gang and parta’ed thingy … sager was a shite post shag boy garagewantabe …

    • chuckmuscleMEMBER

      Attending any of the concerts in October?
      Am quite looking forward to it, if they are allowed in

      • haroldusMEMBER

        While I am not a go-out kind of person, the lure of the panther might impel me.

        Have you seen the second Wacken concert in 2018? The crowd is huge and the playing so good.

        It is really not so easy to play solos like that live (or at all).

        Satchel is seriously a modern great. His understanding of theory, despite the pyrotechnics, is very deep.

        And, he pays out on the other guys a lot.

  4. ErmingtonPlumbingMEMBER

    Judge Jones said the younger man had wanted all of his sexual organs removed ever since he was a child because he “wanted to be a eunuch”.

    Well,…you know,… in todays woke world who is going to argue with that.
    But if it was my boy I would feel compelled to inform him that the job market for eunuchs never really recovered after the demise of the imperial courts of China and the Ottoman empire.
    https://www.abc.net.au/news/2021-07-16/qld-brisbane-man-sentenced-over-castration-surgeries/100298996

  5. The Travelling Phantom

    “S&P 500 Yield went to zero right before the 1928 crash, 89,01,08 crash.
    It just went negative for the first time in history.”
    From a comment i read in an earlier post, is that true and what are the ramifications?

    • reusachtigeMEMBER

      That sort of stuff don’t matter anymore. It’s the same as that weird bloke who comes on here saying the sun is causing inflation. LOLOLOL.

      • The Traveling Wilbur

        It can’t. Assume ‘falling’ was meant, but if so, probably specific timing as to when… e.g. just before earnings season declarations or something.

    • The Traveling Wilbur

      I had to google that. I hope you’re happy now. 😜

      About the S&P 500 Dividend Yield

      The dividend yield for the S&P 500 is calculated by finding the weighted average of each listed company’s most recently reported full-year dividend, then dividing by the current share price. Yields are published and calculated daily by Standard & Poor’s and other financial media.
      A History of the S&P 500 Dividend Yield – Investopedia
      http://www.investopedia.com › articles › markets

      • The Travelling Phantom

        Sorry to ruin your Friday night with a research! Have a drink…I should have asked the guy who posted that for links/reference

    • To be honest I’m sick of lockdowns now. I’m tempted to go Sydney style and treat it as optional. Why does any Government have the right to limit where I go and what I do with my life. It’s their constant feck ups not mine.

        • Yes, but suicides and mental health just don’t make the same sexy headline splash and generate the same clickbait as another statewide lockdown and daily infection stats. The headlines are now driven by what gets eyeballs, not any actual real news. Sad!

  6. New Zealand …

    … When can we expect land supply and infrastructure debt financing to be sorted out, so larger builders can refine their systems with growing economies of scale, allowing new house and land packages of $450,000 and less to be provided ? …

    … Are the risks and true costs of multi – level commercial and residential buildings in a seismically active environment adequately understood ? What lessons were learnt from the Christchurch earthquakes ? … and the performances of the dense former central city and low and light construction on the stronger ground of Rolleston / Selwyn County to the south in particular ? …

    … There is just oodles of land with a whisker over 0.70% of New Zealand’s land area urbanised – New Zealand Lifestyle Block Mythology … check out too the urban density of your metro – Demographia World Urban Areas

    … and from these, work out the infinitesimal amount of rural land required each year for normal urban expansion … bearing in mind the more affluent we become, the more land we require, particularly with the unstoppable technologically enables and covid accelerated hybrid working / working from home trends …

    More, not fewer, affordable homes are being built – Master Builders … Miriam Bell … Stuff New Zealand

    https://www.stuff.co.nz/life-style/homed/real-estate/125776873/more-not-fewer-affordable-homes-are-being-built–master-builders

    … extracts …

    … (Master Builders Association chief executive David Kelly said …) “This shows our builders have been building more homes in the lower value brackets in recent years. Over the last 11 years, 63 per cent of guarantees have been for projects under $400,000 in value and this continues to grow year-on-year.”

    It was the group home builders who tended to build the homes in the more affordable categories as they were able to achieve greater economies of scale, he said.

    “While we encourage group home builders to enter the competition, traditionally it has not been a key priority for them.”

    With consent issuance at levels unseen since the 1970s and a construction boom underway, more affordable homes were now being built, Kelly said.

    “The amount being built has gone up, but it is still not enough to meet demand. One reason for that is the regulatory system which is complex and out of sync with the situation.”

    Other reasons were the availability and cost of land, infrastructure issues, a lack of skilled people in the construction industry and, currently, a shortage of materials. … read more via hyperlink above …

    The housing affordability crisis is likely worse than you think … Charlie Mitchell … Stuff New Zealand

    https://www.stuff.co.nz/life-style/home-property/300339165/the-housing-affordability-crisis-is-likely-worse-than-you-think

    Could apartments be the answer for first home buyers? Market opens up for those prepared to go small … Joanna Davis … Stuff New Zealand

    https://www.stuff.co.nz/life-style/homed/housing-affordability/125670830/could-apartments-be-the-answer-for-first-home-buyers-market-opens-up-for-those-prepared-to-go-small

    A Living Hell: Apartment Disasters Documentary … Prime TV NZ

    https://www.primetv.co.nz/a-living-hell-apartment-disasters