Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stock markets are quite mixed with only local shares putting on any meaningful gains with Japanese shares losing ground in the face of a stronger Yen. Meanwhile the USD remains strong following Fed Chair Powell’s “time to taper” comments on Friday night with the Aussie weakening although gold is inching its way back above the $1800USD per ounce level. Meanwhile Bitcoin is teetering just on  the $62K level after the weekend gap trade saw it remain well below the previous and recent new record high:

Chinese shares are struggling to gain traction with the Shanghai Composite wanting to push through the 3600 point level, currently up 0.3% after the long lunch break to 3595 points while the Hang Seng Index is dead flat at 26150 points. Japanese markets are pulling back strongly on the back of a much stronger Yen and softer economic news with the Nikkei 225 closing 0.8% lower at 28558 points as the USDJPY pair remains weak here after deflating from the mid week point, gaining a handful of pips but still near the Friday low at the 113.70 level:

Australian stocks have performed the best in the region with the ASX200 closing well above the 7400 point level, up 0.3% to 7441 points while the Australian dollar is consolidating just below the 75 handle here after a small dip down on Friday night which hasn’t followed through below four hourly support at the mid 74 level:

Eurostoxx and S&P futures are very slowly drifting nowhere as we head into the London session, with the four hourly chart of the S&P500 showing price still well supported but stuck at the 4540 level after the pause on Friday night. Short and medium term support remains strong here for now:

The economic calendar starts the week off quietly with the Germany IFO survey and a few Treasury auctions.

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Comments

  1. The Travelling PhantomMEMBER

    Macro Afternoon
    Where the lovers meet
    and the arguments are red heat!
    It’s where you find ideas good and sweet..
    And you can always relax back and have a whisky neat!
    But what ever you do, don’t suck on a [email protected]!

    • I love how the Tweeter sphere reads so much into every interaction. Losers with nothing better to do. Honestly sometimes I think I’m gonna turn into Reusa and just tell losers to stop being losers.

    • The Traveling Wilbur 🙉🙈🙊

      Saw that broadcast. All I could think of after it ended was “surely the ABC isn’t running that now just because ICAC is on and that plant looks like Gladys’s office after a grant approval?”. Surely?

  2. The Traveling Wilbur 🙉🙈🙊

    Apart from that though I haven’t checked in with either Channel 7 news or the ABC today. So can anyone tell me please what I’m supposed to be thinking today?

  3. Why isn’t changing your mind and now publicly agreeing with a government policy, in exchange for being promoted to cabinet, a case of corruption?

  4. The Travelling PhantomMEMBER

    What do you guys think of that accidental shooting in the movie set?
    Should Baldwin be charged with manslaughter , what about the guy responsible for probes? Should he get life sentence?

  5. What quality comments from the ever so loyal yes men. I gotta sign up so I can be part of this tribe for the ever so fair price of $20 a month.

    • Normally we discuss 18th-century Russian literature, French philosophy and various methods for baking…but you know, it’s been a long day and I s’pose everyone just needs to chill.

    • Are you lost?

      If your looking for Martin Norths Scumbags, you can find them here… https://www.youtube.com/c/WalkTheWorldDFA

      Him and his Pro-Real Estate Lobby must be getting old now. If it wasnt for MB then I would have thought he was dead.

      A lovely little piece last week on the ‘Ethical Martin’. When your friends are real estate lobby groups and real estate agents, you dont get to hold the chalice of morality pretending to be ‘Morale for a day’. My guess is he’s just looking for viewers to pay his pension in his old age.

      Martin should stick to what he’s good at. Appealing to Boomers and the Real Estate Lobby instead of pretending what he’s not.

      It gives him something to do in his old age. He does sweet FA for Australia.

      Martins not part of the solution. He’s another Boomers who’s part of the problem.

      The man loves money, no matter where it comes from. No integrity.

      I dont understand why MB has anything to do with him.

  6. Sci-fi update: The Foundation series on Apple TV is disappointing and dull. The latest version of Dune is a good spectacle.

    • Thought Dune was put off till Dec 2nd here in Oz, hear apple flubbed Foundation like they were trying ….

      • Booty on the high seas. I’ll definitely rewatch on the big screen. It was made made for it. Even in a small screen it had awesome moments.

        • Yeah I’m holding out for the cinematic and eldest son is sporting gold class lounge drinks for my belated Bday back in Aug. Read it in HS, all 5, saw that 80s try and anything would be better that it.

          Hands in the air for THX intro ….

          • The design of Lynch’s is better, IMHO. He also ensured that he always had the final say on the edit after that. He doesn’t like it either.

            There are fan edits of it out there that make sense of Lynch’s film. They go for three hours so you need to put some time aside.

            https://youtu.be/YirGc7DRJi0

      • woah skip! I thought you would def be a “jodorowsky’s dune” guy….
        you love Ogi on the Holy Mountain over there huh?
        u read Mammonart yet?

    • I don’t mind Foundation, but I’m easily pleased and it’s been 30 years since I read the books so I’m pretty hazy past the highest of high level points.

      I quite enjoying binging For All Mankind a couple of weeks back.

  7. Just seen Dan new bill which he wants passed on Thursday……I don’t think even Adolf moved this fast

    • Vic high country going to be very very busy this weekend! Campsites will be packed playing Aussie rock.

  8. Hugh PavletichMEMBER

    Update … New Zealand’s housing debacle: Why are Labour’s Woods and National’s Willis failing to explain …

    ACT Proposes Improvements To Housing Legislation … ACT Party New Zealand / Scoop NZ

    https://www.scoop.co.nz/stories/PA2110/S00249/act-proposes-improvements-to-housing-legislation.htm

    ACT Leader David Seymour has written to Labour and National outlining three policies that would significantly improve their joint-housing policy.

    “ACT agrees that there is a major problem with housing affordability, we are pleased to see a supply side solution proposed. However, Labour and National are in danger of failing to deliver on their promise, while creating division and resentment in the community. They need to focus on infrastructure and pull the zoning changes back to a level supported by their own modelling,” says ACT Leader David Seymour.

    “Labour and National have promised the public that they will deliver homes, and that they’ll work together to achieve it. Unfortunately their solution ignores the real problem of infrastructure funding, and the price of working secretly together is that they couldn’t work with anyone else. … read more via hyperlink above …

    Seymour of ACT letter to Labours Woods and National’s Collins

    https://d3n8a8pro7vhmx.cloudfront.net/actnz/mailings/3702/attachments/original/21-10-24WoodsCollinsLetter.pdf?1635149270

    … and now … once more affordable Greater Christchurch land price hyperinflation …

    OPINION Mike Blackburn is watching a startling rise in section prices for new-builds in Christchurch and sees a complete disconnect between the current rate of land development and demand for new housing … Interest Co NZ

    https://www.interest.co.nz/property/112889/mike-blackburn-watching-startling-rise-section-prices-new-builds-christchurch-and

  9. Hugh PavletichMEMBER

    … Just another case of political impediments to progress ! …

    America’s Supply Chain Collides With California’s Nimbyism … OPINION Virginia Postrel … Bloomberg

    https://www.bloomberg.com/opinion/articles/2021-10-25/america-s-supply-chain-collides-with-california-s-nimbyism?srnd=premium-asia

    A regulation at the Port of Long Beach has clogged national deliveries. It is emblematic of the state’s impasse on housing and other development.

    It could be the tweetstorm that saves Christmas.

    Last Thursday, Ryan Petersen, the chief executive of logistics company Flexport, rented a boat to get a close look at what was happening at the port of Long Beach, California. Friday, he took to Twitter to report what he’d learned about why two of the nation’s largest ports — Long Beach and Los Angeles — have come to a virtual standstill.

    “In a full 3 hour loop through the port complex, passing every single terminal, we saw less than a dozen containers get unloaded,” he wrote. There were plenty of cranes, he observed, but nearly every spot holding containers was filled. With empties clogging the available space, new containers carrying goods from sea or land had nowhere to go.

    The result was a supply-chain logjam on an epic scale. “The ports shutting down is worse than Lehman Brothers failing,” Petersen warned in a follow-up tweet. “Both can lead to catastrophic failures of all counter parties depending on them.”

    It turned out that the main problem wasn’t an absolute space constraint but a local zoning regulation. Long Beach prohibits companies from stacking off-loaded containers more than two high. The law is not a safety regulation but an aesthetic one. City officials decided that stacks of containers more than eight feet high were too ugly to tolerate. … read more via hyperlink above …