Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

A much better start to the trading week here in Asia as Chinese tech stocks rebounded after last week’s bloodbath. The weekend gap has seen currencies basically unchanged, although Bitcoin is finding some life later in today’s session, oscillating around the $40K level. Meanwhile gold is continuing to deflate from its Friday high nearer the $1830USD per ounce level as momentum reverts back to a neutral session:

The Shanghai Composite is shooting out of the gates with a big surge to start the week, up more than 1.9% to 3462 points while the Hang Seng Index is up about half that, 0.8% so far to take back half of Friday’s losses, currently at 26192 points. Meanwhile Japanese stocks are also loving the start of the trading week/month, with the Nikkei 225 closing 1.8% higher at 27783 points. The USDJPY pair has continued to stabilise below the 110 handle after last week’s mid-session breakdown as momentum on the four hourly chart remains in the negative zone:

Australian stocks did really well starting the trading week in a boisterous mood, with the ASX200 lifting over 1.3% to surge well above the 7400 points level, almost closing at 7500 points. Meanwhile the Australian dollar is almost unchanged after the the weekend gap, still remaining depressed at the mid 73 handle after Friday’s smackdown:

Eurostoxx futures are up 0.5% alongside S&P futures with the four hourly chart of the S&P500 showing price ready to head back to the recent highs above the 4400 point level after last week’s sideways dance:

The economic calendar starts the week with a bang, namely the latest US manufacturing ISM print tonight.

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Comments

    • Tony Not Albanese

      Of course cutting immigration doesn’t boost wages!!
      and I will be the best prime minister in Australia, time will show you

    • One person who won’t be invited back is Allan Fels. His comments were …

      Measures that would best deliver higher wages growth:

      Restraining growth in labour supply by cutting temporary migration (including international students)
      Restraining growth in labour supply by cutting permanent migration
      Maintaining high government spending in order to boost aggregate demand

  1. The Traveling Wilbur

    Well, that’s a first. LOL. No, not that kind: The home page showed three comments on this article before I opened it. And once opened, then there were two.

        • The Travelling Phantom

          It was a night to remember, but can’t talk about that, it’s not a gentleman behaviour. 😄
          But thanks Boom, we had great time and talked about so many things, I even mentioned to her your advice about being secure and content. I didn’t disclose about this website though as I thought I need bloke’s space!

        • The Traveling Wilbur

          @boom

          Please don’t ask harry about his. He’s worried about sun exposure (or lack thereof).

        • boomengineeringMEMBER

          TTP,
          Great news, keep it up. Oops, carry on.
          The older you get, the more important companionship becomes.

  2. I watch Sky News all the time – this is censorship, plain and simple… YouTube has suspended Sky News Australia from uploading content onto its website. The Alphabet-owned video platform said the News Corp-controlled media company had breached its COVID-19 misinformation standards. “We apply our policies equally for everyone regardless of uploader, and in accordance with these policies and our long-standing strikes system, removed videos from and issued a strike to Sky News Australia’s channel,” a spokesperson said.

    • The Travelling Phantom

      No other way to watch them? What’s wrong with their own delivery method?

      • Thing is, you can use any excuse to ban news. Its a blanket ban on Sky. Just because they want shut down discussions.

        Just to say, I am fully vaccinated, with AZ. I am just pointing out, this is a very, very dangerous precedent. Any nation that gives up freedoms so easily, has “Order” eventually foisted upon them. Normally under some socialist guise

        • The government did not ban them … it was a private company … are you suggesting the market is wrong – ????

        • The Traveling Wilbur

          Yeah, nah.

          YouTube is a for profit private (publicly traded) company. Its management have the right to exclude or include anyone or anything they want. Legally. And subject to those same laws (i.e. no discrimination etc.).

          I’ll vigorously support their right to do that.
          As well as our right as consumers to ignore them.
          But if the GOVT starts shutting down SKY’s channels, or muzzling journalists or influencing news proprietors then I’m right behind you in the queue for one of EP’s proprietary lampposts.

          Oh, wait. They’ve already done that. But it was the ABC. So no one other than me seemed to really care. How sad.

          • Pretty bad take

            What if web hosting companies refused to carry sky websites

            What if ISPs blocked their IP or content

            YouTube is on a similar level

          • The Traveling Wilbur

            You mean like exactly what we have now, but in the non tech space, so you just don’t think it’s relevant (or more likely just don’t have a clue?)?

            Private buyers only.
            Trades not included.
            Advertising from other networks not accepted.
            Maximum of 4 purchases per customer per product.

            Wake up.
            Or try Trolling harder.

          • I have no idea what this means mate

            AWS and YouTube are infrastructure at this point

            It’s pretty clear why they shouldn’t be able to pick and choose

            Or else they have to be broken up into more competitive and non-monopolistic sub units

          • One private company decided to not trade with another private company for a week and some think totalitarianism Hayek style is here ….

          • Bit of a surprise coming from a socialist like you skip

            Youtube and AWS either needs to be nationalised, regulated, or broken up into smaller components for reasons that are obvious to anyone who is alert to the dangers of unfettered capitalism

            Its irrelevant that they’re doing it to sky news (I don’t really care), but they do it to smaller companies and individuals as well – where are you going to draw the line? It seems like it is wherever its something you disagree with

          • Socialist – ???? – are your biases that bad. I’ve always maintained a reformer perspective with a pluralist policy advocacy where basics are managed for the benefit of both the public and the private sector in the near and far term. When did PKE advance some dog whistle Socialist agenda rather than oppose AET and neoclassical dogma.

          • Well the libertarian free market [bastardized term] economic agenda pushed against anti trust and anti monopoly regulation for decades based on the deductive idea that they ***earned it***. So now some are concerned when they get a dose of it in their backyard, but cheered as with TTW notes the ABC got the treatment.

            Where is the internal logic[tm] with that … eh …

    • ErmingtonPlumbingMEMBER

      I love watching Sky #FakeNews.
      I find those Fken cuts enormously entertaining to watch and I also like to keep up with what all the boomer ignoramuses are talking about.
      Even though I find them utterly woeful I don’t support they or anyone else being censored.
      https://youtu.be/Q0Y4r2BKVAg

    • Arthur Schopenhauer

      Yes, one corporation censoring another. Corse at the moment, but imagine an AI vendor being applied to everything you typed on Android, with no oversight or legal redress.

      Everything limited to ‘Terms of Service’ agreements.

    • FUDINTHENUDMEMBER

      Been happening a bit elsewhere apparently. Episode of the Osterholm Update* (US epedimiologist) got banned for misinformation on YouTube last week because an algorithm picked up that they’d briefly mentioned drinking bleach (sardonically) .

    • Lord DudleyMEMBER

      YouTube not carrying Sky News is both legally and morally the same as a newspaper not printing a letter to the editor.

      YouTube is a private company. Nobody can compel them to carry speech they don’t want to carry.

      Don’t like it? Go start your own website and offer to host Sky News on it. No one is stopping you. I’m sure you’ll be a huge hit with the “freeze peach” crowd and will soon be a billionaire. Ha ha ha!

  3. Tony Not Albanese

    I propose to change the labor’s party name to the profits party, that will attract more people and workers to join and might win the election that way

  4. The Traveling Wilbur

    How many vegetarians does it take to make a hearty slow cook caserole for four?

      • The Traveling Wilbur

        What part of ‘being vaccinated does not stop you catching COVID’ is so fknging hard to understand?

        • A person takes 2 experimental jabs, can still catch and spread COVID and (in some cases) die from COVID – we describe them as “fully vaccinated”.

          That is hard for me to understand and it gives rise to a question:
          If, say in a years time, a person is able to take a tested, safe and approved medicine that prevents that person catching COVID and prevents that person spreading COVID and prevents that person from dying from COVID, then…

          HOW CAN WE DESCRIBE THIS PERSON to differentiate them from the “fully vaccinated” chump?

      • Its not sterilizing immunity like Polio vaccination and if you really want to cook your noodle just think about replicating at a logarithmic rate eg. how you are much more likely to have viruses develop mutations that will allow them to be more transmissible, more toxic, and more vaccine evasive.

        Have a nice day

        • The Travelling Phantom

          Very interesting development in your character Skip to say ” have a nice day ” instead of belittling others…
          I have kept a close eye on you.. and you proved me wrong that you can say nice things, well done!

  5. New Zealand: The Human Rights Commission belatedly wakes up to the housing crisis …

    … After all these years the problems and solutions are well understood …

    … Action on the bleeding obvious is desperately required … land supply and infrastructure debt financing … to simply JUST ALLOW affordable new housing to be built …

    … The Human Rights Commission could assist by proposing meaningful accountabilities and severe penalties for individuals within the broad (elected and staff) public service who obstruct the provision of affordable new housing …

    … They jail child abusers. Housing abusers need to be jailed as well …

    Human Rights Commission to launch national inquiry into housing crisis … Human Rights Commissioer Hunt with Duncan Garner VIDEO … Mark Quinlivan … Newshub

    https://www.newshub.co.nz/home/politics/2021/08/human-rights-commission-to-launch-national-inquiry-into-housing-crisis.html

    Human Rights Commission launches inquiry into housing crisis … TVNZ

    https://www.tvnz.co.nz/one-news/new-zealand/human-rights-commission-launches-inquiry-into-housing-crisis

    Housing a human rights calamity, commissioner says … Daniel Smith … Stuff NZ

    https://www.stuff.co.nz/business/125931015/housing-a-human-rights-calamity-commissioner-says

    Successive Governments have breached New Zealanders’ human right to housing, the Human Rights Commission says.

    Chief Commissioner Paul Hunt said the current housing crisis was an institutional failure.

    “Frankly it is a failure of our democracy. There is insufficient appreciation in New Zealand to the rights of a decent home, which is binding in international law.” Hunt said.

    The law that Hunt refers to is the International Bill of Rights, which includes a human right to adequate housing.

    Hunt said the Government was failing on this commitment.

    “We are currently facing a human rights calamity, from Bluff to Cape Reinga,” Hunt said.

    “Housing is absolutely fundamental to the country’s health. Poor housing impoverishes people and it impoverishes our country. We have got to get this right.” … read more via hyperlink above …
    .
    .
    … access related MB posts …

    https://www.macrobusiness.com.au/2021/07/macro-afternoon-1165/#comment-4152999

  6. ErmingtonPlumbingMEMBER

    I got stuck into Lord Dudley recently on MB for speaking in a manner, about those Sydney lockdown protesters, that I found offensive.
    So in apology for My harsh words, I would like to extend this olive branch to him,
    https://youtu.be/boGdPL1EHlY

    • The Travelling Phantom

      That’s very civilised of you bloke! Good on you.
      don’t whip his butt with the branch though!!

    • Fairly noticeable kiwi accent there. About as genuine ocker as Barry the Telstra worker who wants to know all your passwords. (either that or it was made in NQ where that’s how all the locals sound now).

    • Lord DudleyMEMBER

      Excellent documentary on the plague-riots! Oh, and be as nasty to me as you want. I’m kind of like Bender… I’m a jerk, you’re a jerk, we’re all jerks!

  7. Working from home …

    Two days in the office ‘will be the new normal’: Working from home for three days a week will replace traditional set-up after Covid lockdowns … UK Daily Mail

    https://www.dailymail.co.uk/news/article-9850627/Two-days-office-new-normal.html

    • Having three days at home and two in the office is set to become the new normal

    • YouGov found just one in five bosses will require all staff to come in five days

    • Big firms have already agreed changes along with two thirds of business leaders

    • The Travelling Phantom

      I can’t believe they only locking him up him for 19 years…and since when people pay the family money to marry their daughter in Australia???????

      • The Traveling Wilbur

        Obviously, you’ve not visited a suburban shopping mall in the last 25-years. No end of fraught Fathers who would willingly pay for the wedding, bucks night, visa, air fare (one way) and employment agency ‘fees’ for the pleasure of getting ‘little’ Susan or Quinoarram off their hands.

        • The Travelling Phantom

          I meant the guy paid the girl’s family money to marry her…that’s like buying her off them

      • Not too many decades ago it was standard in Australia that on marriage any assets of the sheila gets transferred into the husband’s name (also that she losses her job and becomes entirely financially dependent on the bloke). It is true “we” are more socially advanced than some cultures but often only by a couple of so decades.

    • darklydrawlMEMBER

      Yeah, been following this story. It’s awful. Hard to imagine it can happen here, but clearly it does.

      • The Travelling Phantom

        To solve that, anyone wants to become Australian should serve in the army for a year…don’t want to serve the country..find somewhere else

        • Arthur Schopenhauer

          If the country had compulsory conscription, for everyone after high school, there would be far fewer politicians volunteering the youth of the country for war.

        • Just out of interest TTP, are you a grunt? and why just army? nothing wrong with Seamen?

          • The Travelling Phantom

            The ADF can decide where to post them, land sea or air! As long as they serve. Even if the job was digging a channel from east to west coast with 50m width and 50m deep

    • working class hamMEMBER

      A lot of camping enthusiasts fix these little guys in the cabins of their vehicles, also underneath beds in caravans/campers.

  8. The Traveling Wilbur

    How tired do you think the Swiss track athletes are of people walking round behind them to see if there’s a [ – ] on the back of their shirts?

  9. The Traveling Wilbur

    Maybe if someone from the physio team could half-bury an elephant tusk or tape out a body-outline on the pitch it’ll distract them sufficiently for long enough for the Matildas to score one.