Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Following last night’s risk retracement, Asian stock markets have responded in kind with mild selloffs across the region, not helped by more property debt and iron ore price problems in China. The USD is now firming sharply against the major currencies, particularly the Aussie dollar while Yen safe haven buying has abated only slightly. Gold remains strong above the $1800USD per ounce level while Bitcoin’s new historic high breakout has pulled back again to the previous high just above the $66K level as it awaits more suckerbuyers:

Chinese shares are falling fast going into the afternoon session with the Shanghai Composite down 1%, currently at 3465 points while the Hang Seng Index is following along, down 1.1% as it collapses below the 25000 point level, now at 24532 points. Japanese markets are off about half these levels, with the Nikkei 225 closing 0.5% lower at 29130 points as the USDJPY pair hovers just below the 113 level not yet exceeding its current new weekly low:

Australian stocks are the relative best with swings and roundabouts sending the ASX200 down only 0.1% to close at 7423 points while the Australian dollar is moving from depressed to full selloff here to retrace fully below the 74 level against USD, now properly putting in a new weekly low:

Eurostoxx and S&P futures continue to look weak as we head into the London session with the four hourly chart of the S&P500 showing price retracing back towards short term ATR support that has held throughout this buying frenzy as all the short covering seems to have petered out:

The economic calendar will include the latest German inflation print, followed by the US version and initial weekly jobless claims.

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Comments

    • RobotSenseiMEMBER

      People are fickle with their beers. It’s like a cafe; some idiot buys the hipster cafe, then the hipsters go and start a new one.

      (pretty good beer tho)

    • I’ve had a few beer snobs explain the buying out to me a few times. The big win for the indie that’s doing the selling, apart from the cash, is access to the distribution network. Often a pub or bar will be tied to a distributor. Almost all of the big volume places are. Same with bottle shops. So the indie generally his an upper limit for growth, which may shrink ad more indies enter the market and thus compete at the small amount of bottle shops and pubs and bars.

      The funny thing is that a lot of the indies act like silicon valley start ups whenever something like this happens. They wonder why it wasn’t them and talk about next time. People are people.

  1. Scott Morrison flies into a remote country town for a photo op. He asks locals if he can do anything for them.

    “Well yes,” says the mayor. “We have two problems. First, we have a hospital but no
    doctor right now.”

    “Right,” says the PM, who whips out his phone, talks for a couple of minutes, then says: “Fixed it. A new doctor will be here on Monday. What’s your second problem?”

    “We have no mobile phone coverage.”

    #LiarFromTheShire

    • reusachtigeMEMBER

      Yeah farkn idiots everywhere else but Aus that won’t get vaxxed! They must have a death wish. I’m ok with that though. Freedom of choice and all. I wish the chicken sh1ts here would catch it and expire too for trying to force people to comply with their fears. One thing this virus has done to everyone is taught them to hate the enemy!

  2. Mods there is overt and consistent abuse on this page.

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  3. Hugh PavletichMEMBER

    New Zealand … latest REINZ report … October 2021 …

    Residential property sales volumes down 22% in October year-on-year, but prices were through the roof … Greg Ninness … Interest Co NZ

    https://www.interest.co.nz/property/113157/residential-property-sales-volumes-down-22-october-year-year-prices-were-through

    REINZ Report … October 2021 …

    https://reinz.co.nz/residential-property-data-gallery

    Building consents issued: September 2021 … Statistics NZ

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

    … note what independent economist Tony Alexander said recently …

    NZ home loan rates going to continue to grow – economist … TVOne / TVNZ

    https://www.1news.co.nz/2021/11/02/nz-home-loan-rates-going-to-continue-to-grow-economist/