Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

While Wall Street made a new record high on Friday night that embiggened Asian stocks today, Chinese stock markets are selling off on their own as US-listed issues bear the brunt of Beijing’s self-induced tech breakdown. Commodities and currencies are more stable although Bitcoin gapped sharply this morning, lifting more than 12% to almost break through the $40K level although it has pulled back slightly to just over the $38K level after yet more Dogecoin/Musk shenanigans:

The Shanghai Composite is still selling off quickly, down 2.6% to 3456 points so far while the Hang Seng Index is off by nearly 1000 points, down 3.3% to 26415 points. Japanese stocks are doing much better after a very long break, with the Nikkei 225 up by nearly 1% to 27805 points. The USDJPY pair has pulled back from its Friday night highs but is remaining just above the 110 handle here, although momentum on the four hourly reading has also moved away from its overbought levels:

Australian stocks are again basically unchanged – probably scratching their heads after the rat-licking going on in Sydney over the weekend – with the ASX200 pipping just over 7400 points. Meanwhile the Australian dollar continues to deflect overhead ATR resistance on the four hourly chart as it deflates down to the mid 73 level going into the London open:

Eurostoxx and S&P futures are pulling back slightly going into the European open with the four hourly chart of the S&P500 showing price possibly wanting to revisit the former highs at the 4380 level as momentum reverts from its nicely overbought phase. Continued upside depends on more outperforming on corporate earnings this week:

The economic calendar starts the week with the latest German IFO business survey followed by a slew of Treasury auctions and US new home sales data.

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Comments

    • I always pay attention to Mark, he’s 1 of the reasons I capitulated and bought a house. He said Governments won’t want asset prices to fall by much in 1 of his speeches. He also talked about letting the currency get it in the neck instead. I took heed of that warning. He’s been right so far.. of course he could be wrong about the strong rebound, but I think he will be right again.

  1. The Traveling Wilbur

    This is a tad harsh. Blame google though, ’cause it’s what gave this as a search result for: “definition of embiggen”.

    embiggen
    /ɛmˈbɪɡən,ɪmˈbɪɡən/
    verb
    enlarge.
    ‘you need to embiggen your vocabulary’

    • The Travelling Phantom

      Embiggened prostate is a common male disease

      Have You Checked Your Prostate Yet?

      Benning embiggened prostate, is treatable, just ask Ermo how easy to fix a leaky tab

      This comment was brought to you as a public service, Sponsored by TTW and REUSA for faucets and taps PtY LTd

    • I Demand a Lockdown

      They let protests go ahead across the country this time last year (authorised them in fact). They were adamant that those protests caused no spread of COVID, so I don’t see why this would be any different.

        • I Demand a Lockdown

          Studies over many decades prove they don’t stop airborne viruses. Those surgical and cloth masks are far too porous to stop the virus from penetrating.

          • boomengineeringMEMBER

            Industrial masks are far better, they seal around the nose as well. Some have valves to let breath out at higher volume. Surgical masks let unfiltered air in especially between nose and cheek.

          • That’s not the point. Masks reduce transmission, lessen the possibility of viral load etc etc.

      • The Traveling Wilbur

        You will need to be more specific. Between gun control, capital punishment, Guantanamo, states’ rights and COVID there are too many usual suspects to hang that number on accurately.

          • The Traveling Wilbur

            You’re delusional. Or trolling. Or both. My mistake for asking a question in the first place. Thanks for the answer though – means I can thoroughly ignore everything you post from now on.

            Brain hurt less. Comment read strange hurt brain. No comment read good. Brain feel better.

            Though of course you’ll be changing the display name for the 90th time in five minutes time… hey, finally a valid reason for making comments available to members only. Which I’d be happy to pay for btw. Or to pay to comment (per comment).

            Bugg3r me. You’ve finally contributed something useful to this site after all these months. Well done! Good job you.

          • The Travelling Phantom

            ^^ seems you figured who’s he/she/ them…well done on your answer, I bow down

          • C.M.BurnsMEMBER

            Picking Stagcell’s latest “anonymous” persona takes all of a quick perusal of the comments section on any given day

  2. ErmingtonPlumbingMEMBER

    Alright, I have it on good authority that my mate Mig has been,…banned!
    Whats going on Dave and Leith!
    Im putting it to a vote!
    All those in favour of his return post below,

    • The Travelling Phantom

      I remember last time he was on , don’t remember him saying anything over the line…I’m talking as an observer here as a non member can’t really cast a vote

    • MountainGuinMEMBER

      He had well argued points. I recall alot of his last posts were those strange bulk posts so hope he’s OK.

      • The Travelling Phantom

        1 he’s a good kid, hopefully his mental and physical health
        are well

        • Stag’s quite young (boomy?) but from a couple of things he said I suspect migsie would be in his thirties (EP?). The thing about migsie I reckon is that he’s looking for the consequences: if he sh!ts the bed he’s not expecting clean sheets.

          • ErmingtonPlumbingMEMBER

            Now you have me doubting my campaign to have his ban lifted.
            Maybe Mig WANTS to be banned!
            I hadn’t thought of that.

            As for his age, don’t let that skate board of his fool ya.
            He’s a 65 year old man only a few years away from retirement.
            Still a lot younger than most of the MB commentariat but not that much younger.

      • ErmingtonPlumbingMEMBER

        So Im going to count Mountain Guin’s vote as a yes/return.
        That makes you a 7th after Phantoms and Willies 5th and 6th.

        • ErmingtonPlumbingMEMBER

          Thats 10!

          Now,..Im looking to, at the very least, doubling that number before I submit my petition to Dave and Leith.

          Come on comrades!

      • PalimpsestMEMBER

        Me. I’ll do ninth. Whu’s on first? (very old joke). I must have missed the part where Mig did something bannable.

        • ErmingtonPlumbingMEMBER

          With 3ris, C3P0 and Pal I think we are up to 13.
          Mostly paid up members too.
          Dave and Leith are going to have to accept the will of the people.

        • ErmingtonPlumbingMEMBER

          Im gunna read Harry’s prisoner exchange offer as a yes.
          So along with Trailer guys nod that takes us to 15 votes!

          So Come on Guys (unisex meaning of the word “Guys”) only 5 votes to go before election victory!

    • He rabbits on a bit doesn’t he? Isn’t that why he got sin binned? Word salad? I thought it was par for the course? He gets a holiday, comes back, rants a lot, gets a holiday. I assume he does something naughty to warrant the bans?

      He likes the odd sly remark, but I can take the criticism. If you guys really miss him lol…I’ll add a vote.

      • ErmingtonPlumbingMEMBER

        18!

        We only need 2 more votes for a win!

        Or 51 to get to get Wilburs more ambitious target.

      • The Travelling Phantom

        I think people rant at others who they don’t understand or have phobias of. Not your fault, and my suggestion to mig would be to engage in a conversation rather a rant

        • Yes. At some point last year I described the many years of difficulties I had with huge post-divorce child support payments that were exploited by my ex wife. Mig’s take on this was that I was a money grubber who didn’t care for his children. That particular insult, from a bloke who knows nothing about me or my relationship with my three children, was the final straw.

          • The Travelling Phantom

            My money on him having a personal history around this very same topic … the main reason I support Ermo’s motion is I against gagging people and I don’t mind contrarian view. And I’m with you of not accepting a personal attack on anyone

  3. The Traveling Wilbur

    Ahem. Cough…

    Hang Seng
    26,065.0
    04:30:06 | Futures
    -1140.0 -4.19%

    Couldn’t possibly have known, eh?

        • U.S. Sanctioned the company’s building it so Russia just sent its own gang to finish it off …. I mean who does not want that over priced Gas from the states … the one that was going to be a net exporter for yonks …. to bad about that fracking industry fail …. oh and won’t cost much to fix either …

          • when it comes to oil and gas Russia is the price setter. Without cheap energy Germany becomes nothing so it was a matter of time but that time could have go for few more years hence why I did not buy. Once the deal was announced and I read what it contained I was just waiting for a dip in the market.
            I did not buy too many but will be adding during every dip. Gold, copper and energy companies only. Some food companies too when conditions/prices allow.

    • The cause to make beach handball less attractive. What’s next? Gymnastics in sweat pants?

    • Hmmmm. Ugly no-mo Islamic beard and ISIS monotheistic raised finger.

      They probably make bombs at his spa.

  4. FUDINTHENUDMEMBER

    I commented (half-jokingly) somewhere today that anti-vaxxers should also not have hospital/healthcare accress if they get sick.

    Well, it really turns out they actually don’t want healthcare at all..

    https://www.theguardian.com/world/2021/jul/26/met-police-investigate-anti-vaxxer-as-speech-sparks-fears-for-safety-of-medics?CMP=Share_AndroidApp_Other

    “Fears have been expressed for the safety of doctors, nurses and other healthcare staff after they were targeted by anti-vaccine activists.

    Police are investigating comments made by Kate Shemirani, a former nurse who has been struck off for using her position to spread Covid misinformation, during the latest anti-lockdown rally at Trafalgar Square in central London on Saturday.

    In a widely circulated public speech, she compared medical staff to Nazi war criminals, referred explicitly to their executions and demanded that people gather the names of doctors and nurses in the UK.”

    Who’d wanna work in healthcare eh?