Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Stocks continue to surge across Asia – except locally – with the lower USD and flat US stock futures still not hindering safe haven buying either. Risk currencies continue to pull back slightly with today’s RBA meeting and non-decisions keeping the Aussie dollar under control, while gold has slipped back to the $1817USD per ounce level. All the volatility remains in Bitcoin, where following its weekend gap has now broken through the $52K level and ready to surge every onwards back to its previous historic high above $60K:

The Shanghai Composite continues its great start to the week, up over 1.5% to climb well above the 3600 point level to be at 3678 points while the Hang Seng Index is up more than 1% to extend its own gains above the 26000 point level.  All the positivity remains in Japanese stocks however with the TOPIX putting in multi decade highs while the Nikkei 225 finished 0.9% higher to almost break above 30000 points:

Australian stocks remain the odd ones out with the ASX200 again closing dead flat at 7530 points while the Australian dollar at first reacted positively to the RBA meeting but then pulled back slightly to almost break the 74 handle, now setting up a double top bearish pattern on the four hourly chart, having been extremely overextended:

Eurostoxx and S&P futures are down between 0.1 and 0.2% going into the London open, with the four hourly chart of the S&P500 showing price wanting to re-engage back above the 4540 point level after a scratch session on Friday night, but momentum is just not there yet:

The economic calendar includes Euro-wide 3rd quarter GDP estimate and the very closely watched German ZEW sentiment survey, followed by a slew of Treasury auctions.

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Comments

  1. Hugh PavletichMEMBER

    New Zealand’s housing hell … letting the world know …

    Home affairs: New Zealanders forced to turn to dating sites to find a mortgage mate … Tess McClure … The Guardian
    … h/t PH …

    https://www.theguardian.com/world/2021/sep/07/home-affairs-new-zealanders-forced-to-turn-to-dating-sites-to-find-a-mortgage-mate

    Tinder profiles reveal desperate reality of trying to buy a home as survey shows housing is the number one concern for Kiwis, ranked above Covid … read more via hyperlink above …

    Tinder users trying to find partner to help ‘buy a house’ more than double … Geraden Cann … Stuff

    https://www.stuff.co.nz/life-style/homed/housing-affordability/300395883/tinder-users-trying-to-find-partner-to-help-buy-a-house-more-than-double

    Three in five homeowners couldn’t afford to buy their home at current value … VIDEO … TVNZ

    https://www.tvnz.co.nz/one-news/new-zealand/three-in-five-homeowners-couldnt-afford-buy-their-home-current-value

    A “remarkable” new figure released on Tuesday from Consumer NZ’s sentiment tracker has found that three out of five homeowners would not be able to afford their home at its current value. … view and read more via hyperlink above …

    How house prices are dividing the country … Justin Giovannetti … The Spinoff

    https://thespinoff.co.nz/the-bulletin/07-09-2021/how-house-prices-are-dividing-the-country/

  2. Contact tracing about to get a LOT harder in Victoria …

    “Victoria’s pandemic response has been put under additional strain and the health of hundreds of frontline workers has been put in jeopardy after a company conducting contact tracing calls allegedly breached COVID-safe protocols. More than 700 frontline workers responsible for notifying Victorians when they have visited an exposure site have been forced into 14 days’ isolation after an outbreak in their building.”

    The scandal is they were apparently hot-desking. That’s why the Vic’s will never be GOLD STANDARD!!

    https://thenewdaily.com.au/news/2021/09/06/contact-tracing-outbreak/

    • Why do we even try to trace each case? What other country does this? What a complete waste of time when a significant proportion of ‘cases’ are asymptomatic. It’s a complete farce. They cant see the forest for the trees. Yes, manage the risk, but step back and take the macro view rather than the public service micro management model.

      • FUDINTHENUDMEMBER

        Cos you need to keep cases/virus low as possible or you get proportionally large shi1tstorms each wave. Folks seem to think we “just need to get it over with” ie. “let it rip”. But it’s not a disease that will just hit us up for a one-time hit and the more bad you have now, doesn’t mean you magically have less bad later..

  3. C'est de la folieMEMBER

    ……….And in other news today the Victorian State Liberal Party has changed its Official Mascot from the Type 3 to the Type 5 variant of the Bristol Stool Chart

    New Leader Matthew Guy says the change reflects the recommitment of the party to the people of Victoria and is part of the positioning for the coming State Election.

    ‘There is no doubt that the Liberal State Branch, although as pungent as ever, was confusing some voters with the sausage shape with cracks as a Mascot and a key part of our marketing.  By reverting to soft blobs with clear edges we will be able to really reaffirm with the electorate just who we are and what we stand for.  The Victorian people know precisely what we are and have a long experience in knowing that when it comes to their situation we are the last word in faecal representation. The Liberal touch, the Liberal bouquet, and the all round Liberal feel – once the electorate has that experience they never forget it.  But we are more than just that.  It isnt just who we are, but what we do, and it is at the core of each and every one of us, as a value, an ideology, and a measure of ourselves, and the new look is just the part of an ongoing hands-on evolution of ourselves as the voter experience.  We look forward to taking this to the people in the upcoming State election with a key theme that no matter how faecal things may be, they could always be made more so by the Liberal party in Victoria.’  

    • The Travelling Phantom

      I know few wo¥s (as they identify themselves) looking to vote for him as a polish guy who loves to lobster with mobsters :/
      Seems 2021 hasn’t reached them yet

    • Mining BoganMEMBER

      He’s started well at the new old job, attracting many folk to the party.

      He’s blocking everyone on twitter loling at his latest rise to power, even lurkers just passing by wondering what the hubbub is.

  4. Should we be trying to get Sinovac because China has been the most successful country in the world at managing the virus despite hundreds of millions of people living in high density cities.

    While Israel in the middle of summer lost control of the virus despite highest vaccination rates in the world, resorting to triple jabbing, UK performing very poorly as well they’ll have 1000 deaths per day in winter.

    The two ugly stepsisters Gladys and Chunt should be looking to emulate the Chinese model rather than the unfolding disaster that is the UK with hospitals at crisis point even despite still being in the tail end of summer.

  5. As someone who imports components and manufactures stuff I am really loving the Aussie Dollar holding up at the moment, (it seems to be going against the grain).

    The only problem is I have 7 containers of stuff that is stuck in Singapore. It’s s clusterfark of ships up there at the moment. Delays going into Christmas… ever increasing shipping costs. Here comes fun!

      • Mining BoganMEMBER

        Massage shops are preferable to the shops selling clothes made by little darkie slave labour at exorbitant prices. Can also do without dodging the air kisses of the pretentious while they ignore their chai latte in their painfully trendy cafes.

        Knock shops and subway franchises is the future.

        Edit: oh, and the beard trimmers. Why is that even a thing? Reckon there’s got to be four of them along there last time I rode through.

          • Mining BoganMEMBER

            In their defence I think only one called itself a beard shop. The others called themselves barbers that specialised in all things beardy.

            I can remember when beards were due to sheer laziness or for keeping warm on a motorbike.

  6. Religion hmm…

    Its interesting how many of these Right Wing nobs are religious… and everyone else who seems to like bullying and starting conflict with everyone. Im not religious myself but there is a lot of it in Australia.

    Religion vs Education ???

    Is that fight really a thing?
    I wonder how many people despise Education in the name of Religion?
    Keep em stupid and keep em believing.

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