Macro Afternoon

See the latest Australian dollar analysis here:

“Stay away from the Australian dollar”

The selloff continues here in Asia as the fallout from the Evergrande collapse spreads throughout the region, with even Japanese stocks taking a tumble. The USD is firming once more against the risk currencies although gold is just holding above the $1800USD level, while Bitcoin has peaked again at just below the $47K level as it comes up against short term resistance that has held since last week’s dump and pump:

The Shanghai Composite has oscillating around the 3650 point level all session, eventually finishing 0.1% lower while the Hang Seng Index has continued its very sharp retracement, closing 1.5% lower at 25075 points. Japanese stocks finally succumbed to the selloff with the Nikkei 225 down 0.5% to 30511 points, not helped by a much stronger Yen as the USDJPY pair breaks below the 110 handle for a new weekly low:

Australian stocks had the smallest falls, with the ASX200 only falling 0.3% to 7417 points while the Australian dollar is struggling to hold fast above the 73 handle going into tomorrow’s all important numberwang print as it follows the risk off mood in stocks:

Eurostoxx and S&P futures are once again flat and tenuous heading into the London open, with the four hourly chart of the S&P500 showing price wanting to plunge to new depths as it barrels in on the 4400 point level. Momentum remains oversold with only minor support building here – watch the trendline tonight to possibly come under threat:

The economic calendar calms down a little tonight with US industrial production figures for August and then the EIA private oil data print.

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Comments

  1. We might as well build a wall and moat around NSW until Scomo and Gladys leave office.

    There’s no way Sydneys going anywhere and there’s no way Queensland is going to allow itself to be invaded.

  2. Bob Is Your Uncle

    Something going on in Canberra, I can’t link the age article something in the title triggering the spam pot, ministers called back to attend urgent meeting and given exemption travel

  3. Bob Is Your Uncle

    chinas-embattled-evergrande-tries-to-pay-bills-with-parking-spots/news-story. ,,, lol good approach!

    Seems every time I’m trying to link an article it’s considered spam are they targeting Hugh and osiris???
    (So I just copied the title of the story )

  4. Mining BoganMEMBER

    I’m just going to leave this here and suggest it’s all a big distraction. From five days ago.

    https://www.news.com.au/finance/work/leaders/scott-morrison-returns-to-sydney-following-fathers-day-weekend-criticism/news-story/b07c2a03623d0992b123b4ac553189ba

    “It is expected the Prime Minister will need to travel to Canberra mid next week for security-related briefings that are required to be undertaken in person.”

    It was planned.

  5. Prime Minister seeks urgent advice on Christian Porter blind trust amid news he may leave frontbench
    https://www.news.com.au/national/politics/prime-minister-seeks-urgent-advice-on-christian-porter-blind-trust/news-story/1eeb247cfb258974a64ecd52ef3dec03

    Money could be from ‘criminals’

    Labor’s Attorney-General spokesman Mark Dreyfus said, “If Mr Porter genuinely doesn’t know who his donors are, he shouldn’t accept their money. Did the money come from criminals? A foreign power? Apparently Mr Porter doesn’t care.

    Thats the problem with power. They always go too far. Thats why NSW is buggered.

  6. Instead of Ivermectin, the Chinese have Qingfei paidu tang(清肺排毒汤).

    The herbal remedy suppose to works by suppressing the Cykotine storm caused by COVID-19. Is it better than a placebo? I have no idea. However if you’re down with COVID pretty the only drug you’ll get from the Australian doctors is Panadol, so a placebo is better than nothing.

  7. The high-level meeting comes after investors were unnerved by a regulatory onslaught from Beijing targeting its biggest technology companies and other industries as well as a pledge by President Xi Jinping to create “common prosperity.” Billions of dollars in potential profits are at stake for Wall Street, which has been expanding in China as the nation opens its financial markets to investment banks, wealth and money managers.

    https://www.bloomberg.com/news/articles/2021-09-14/wall-street-leaders-to-meet-with-top-china-regulators-this-week

  8. Hugh PavletichMEMBER

    China …

    China Tells Banks Evergrande Won’t Pay Interest Next Week … Bloomberg

    https://www.bloomberg.com/news/articles/2021-09-15/china-tells-banks-evergrande-won-t-pay-interest-due-next-week?srnd=premium-asia

    China’s “Lehman Moment” Arrives On 13th Anniversary Of Lehman Bankruptcy: Beijing Tells Banks Evergrande Won’t Pay Interest … Zerohedge

    https://www.zerohedge.com/markets/chinas-lehman-moment-arrives-13th-anniversary-lehman-bankruptcy-beijing-tells-banks

    Macau Casinos See $18 Billion Wipeout as China Tightens Grip … Bloomberg

    https://www.bloomberg.com/news/articles/2021-09-14/macau-casinos-downgraded-by-jpmorgan-as-relicensing-begins?srnd=premium-asia

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