Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stocks are relatively mixed still with Chinese shares playing catchup as traders react to more Evergrande speculation while the ASX200 lost a lot of ground on more COVID concerns. The USD remains relatively firm against most of the risk currencies although the Australian dollar is coming back slightly, while gold remains under pressure as it slips back below the $1750USD per ounce level. The four hourly chart looks ominous here with short term momentum rolling over:

The Shanghai Composite is up nearly 0.7% going into the close, currently at 3607 points with the Hang Seng Index surging even faster, up 1.6% to 24617 points. Meanwhile Japanese markets are still pulling back despite a softer Yen, with the Nikkei 225 closing 0.2% lower at 30183 points as the rising USDJPY pair gets through the 111 handle with no signs of stopping:

Australian stocks are pulling back sharply, with the ASX200 falling 1.5% to 7275 points, not helped by a rising Australian dollar which just breached the 73 handle as it matches last week’s false breakout high:

Eurostoxx and S&P futures are barely up going into the London open, with European stocks likely to only lift 0.2% or so, while the four hourly chart of the S&P500 shows price hovering well below  the previous weekly resistance high at the 4470 point level:

The economic calendar includes the latest German consumer confidence print, US house prices and then the US consumer confidence print for September.

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Comments

  1. Came across this tidbit on whom the CDC considers to be fully vaccinated.

    https://www.cdc.gov/coronavirus/2019-ncov/vaccines/fully-vaccinated.html

    “In general, people are considered fully vaccinated: ±

    2 weeks after their second dose in a 2-dose series, such as the Pfizer or Moderna vaccines, or
    2 weeks after a single-dose vaccine, such as Johnson & Johnson’s Janssen vaccine

    If you don’t meet these requirements, regardless of your age, you are NOT fully vaccinated. Keep taking all precautions until you are fully vaccinated.”

    I wonder if the same definition applies to the way NSW/Vic are compiling the stats.

    • Nah. They offended the eyes of the lord, and the lord being just and merciful and a loving god worthy of eternal worship made their bodies misshapen and deformed and inflicted a lifetime of misery on them. Because that’s how god rolls.

      Not to mention plague, war, famine, Hitler, Stalin, Mao and the CCP, Polio, Scott Morrison, Pol Pot, Angus Taylor, drunk drivers, Great Thunberg and all the other miseries he’s inflicted on the planet since the dawn of time.

      God. He sure deserves worshipping.

      • I suppose you think that’s clever. Try reading some theology. Very smart people have grappled with the problem of evil over the centuries. It is addressed in the bible in the book of Job. IMO belief in God is a foundational belief, like “I think therefore I am”, not one contingent on the viscitudes of life. Also, while not a reason to believe, faith is protective of mental health: https://www.economist.com/science-and-technology/religious-belief-really-does-seem-to-draw-the-sting-of-poverty/21804961. Perhaps that gives something of a window on why people believe in spite of misfortune.

        • I don’t think its a particularly clever observation. It’s certainly far from original. I do think it outlines a criticism of the God thing that can’t be refuted. If God, Allah or whatever is so wise, all-knowing and all powerful why does he allow all the obscene things we see every day to happen when he could stop it all with a wave of his little finger? Any omnipotent god who is responsible for millions of covid deaths and could have prevented them while demanding to be worshipped is a disgrace. A psychopathic nutter, spoiled brat and monstrous ill conception. You’re welcome to worship and find comfort in such things if you wish. It’s not for me.

  2. Mining BoganMEMBER

    Gladys has granted 57000 permits to travel for the reason of inspecting real estate. 57000. In a pandemic.

    • The Travelling Phantom

      No petrol and no food master Skippy, what should we feed the multitudes?
      “Cake!” Answered master Skippy.
      ” Feed’em cake ” he repeated

    • Gees, Ermo , you could have given the kid some gloves.
      How many blisters did he get ?
      I speak from experience, as a14 y/o my old man fixed me up with some weekend work with his mates.
      First job drain digging for aapipelayer plumber, back when the pipes were made of fired clay.
      36 broken blisters that night. Old man made me go back next day.
      The bloke took one look at my hands and drove me home. Had a few harsh words with the old man.

      • ErmingtonPlumbingMEMBER

        blisters!,…Ha.
        He wasn’t digging long enough to get any of them.
        Not that I was expecting much from him at 11.
        The 13 year old daughter on the other hand could dig circles around him but she had a little mate over yesterday so I settled with the boy.

        All of us were watching the movie “Diary of a wimpy kid” on telly the other night. Its based on a Book series Ive been reading ith the boy and girl for years and years.
        There was a bit in it where Greg Hefley was reciting valuable advice given to him by his dimwitted older brother Rodrick. I noted a sly smile exchanged between my kids at the advice to never do a good job at something you dont want to do.
        This seed of laziness needs to be relentlessly crushed in my view

  3. Hugh PavletichMEMBER

    New Zealand new dwelling consent performance: Why is the Christchurch City Council still such a relatively poor performer ? …

    … What lessons did the Christchurch City Council learn from the earthquakes of a decade ago ? Nothing … it appears …

    Month-long delays to building consents frustrating builders, homeowners in Christchurch … Juliet Speedy … Newshub New Zealand

    https://www.newshub.co.nz/home/new-zealand/2021/09/month-long-delays-to-building-consents-frustrating-builders-homeowners-in-christchurch.html

    Builders and homeowners are tearing their hair out over month-long delays to building consents being issued in Christchurch. …

    … Empty building sites all over the city are gathering dust, rather than creating it.

    “The anguish for builders and homeowners is extreme,” says Peter de Gouw of Home Trade Building. …

    … “The buzzword at the moment is making houses more affordable for New Zealanders, everything they’re doing at the moment is the opposite,” de Gouw says. …

    … They say they can revoke the Christchurch City Council’s accreditation to issue consents if they’re not meeting requirements, just as they did in 2013. … read more via hyperlink above …
    .
    .
    Yet … the Christchurch City Council July yoy (on an area population basis) is provisionally producing a whisker less than the national average of 8.8 consents per 1000 population per annum … at 8.5 / 1000 pop pa … with adjoining Waimakariri to the north at 12.5 / 1000 pop pa (47% higher than the CCC) and Selwyn to the south at a whopping 26.6 / 1000 pop pa … some 313% high than the Christchurch City Council !

    Check out Section 8 ‘Number of new dwelling consents per 1000 residents by territorial authority …’ of the excel file below to learn more about the local authorities performers and non – performers …

    Building consents issued: July 2021 … Statistics New Zealand

    https://www.stats.govt.nz/information-releases/building-consents-issued-july-2021

    When does the media intend to start reporting this critically important ‘consents rate per 1000 population per annum’ information, produced monthly by Statistics New Zealand since June 2020 ? … check important historical graph below …

    Estimated number of new homes consented per 1,000 residents up in June year (note important historical graph) … June 2020 … Statistics New Zealand .

    https://www.stats.govt.nz/news/estimated-number-of-new-homes-consented-per-1000-residents-up-in-june-year