Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stock markets are quickly slowing down in terms of risk taking after the previous bounce back as liquidity and trading volume continue to dry up faster than a Coalition promise. The Australia dollar and other risk currencies are dropping back even further, while Wall Street futures are steady and oil prices retracing slightly after a very solid session overnight. Meanwhile Bitcoin remains ready to punch higher, hovering just above the $49K level as price bunches up but gold is going down again, slowly deflating to short term support at the $1780USD per ounce level:

Mainland Chinese shares are flat going into the end of the session, with the Shanghai Composite losing a handful of points to be at 3621 points while the Hang Seng Index is up slightly, lifting 0.2% to 23019 points as Japanese markets also dance with a scratch session, the Nikkei 225 closing where it started at the 28490 point level. Meanwhile the USDJPY pair is staying highly elevated but not yet punching through the overnight high above the 114 handle, still unable to match last weeks high:

Australian stocks remain steady, with the ASX200 closing 0.2% higher at 7364 points while the Australian dollar has reversed this afternoon after slowly lifting up towards the mid 71 level, now down to 71.20 as it heads into the London open, looking to retrace once again to weekly support just below:

Eurostoxx futures and S&P futures are moderating their bounceback with the S&P500 four hourly chart showing price still below short term ATR resistance at the 4650 point level with momentum also still only at a neutral setting – dead cat bounce again?

The economic calendar includes two big releases this evening – UK and US 3Q GDP prints – plus some secondary inflation data that also could be sensitive to bond and currency markets.

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Comments

    • Wait… isn’t that what “everyone” wants? Less of us? We’re too many? Sooo… now what? Could we have less of us but actually more of us?

      • Yeah but … do you want an uncontrolled scenario or one that has some semblance of social good and a glide path to achieve it, I mean unless some want things to get frisky and use it further entrench their power over others ….

          • The Traveling Wilbur πŸ™‰πŸ™ˆπŸ™Š

            What are Mrs Gav’s thoughts on friskilations?

            [Yep. Looks like that’s a thing again.]

          • The Traveling Wilbur πŸ™‰πŸ™ˆπŸ™Š

            Fair play.

            But most days all you need is a handful of grain and a vibrating comb. Marsupials are easily manipulated.

          • Just observing the past gav, so the idea you set a trap is silly, better yet those that suggest they are doing the manipulation after consuming the libertarian free market prose is so cognitively absurd. Then again part of growing up is living with ones past mistakes, failure to do the results in stunted growth, sorta like Munger trying to finish his last book.

  1. RobotSenseiMEMBER

    Pretty classic press conference today. Say nothing, do nothing, leave the states to manage the mess.

    Someone should slip slop slap the sh!t out of this ball of hot gas.

  2. So all the articles about the covid locked to non subs – are they just as filled with nonsense as open ones?

    • Nup. Highly credentialed medical folk debate the merits of various treatments, whilst a panel of experienced political and media analysts hold a balanced discussion re the influence of the socio-political climate on each nation’s pandemic response. Join us!

        • We both know Davo specialises in gender politics and the economics of wealth disparity. Or as Davo puts it, “Geez R&T’s are getting expensive”.

        • Yeah he was conjecturing about Wittgenstein’s s3x life. He kept bringing up the fact that one scholar published a book alleging that Wittgenstein had compulsively cruised a park in Vienna, picking up h0mos3xual toughs, while he was training to be a teacher.

          • For some reason I can’t stop laughing at h0mos3xual toughs. The phrase, not an actual tough. Though I’m curious to know what would happen if I did…

          • Mining BoganMEMBER

            I think Davo was a boner until the abattoir shut down. I think.

            Only because he used to say boner a lot.

            Oh, and the one time he mentioned Wittgenstein was that time he had too much acid and ran about with a big sword, yelling something about f#cking Austrians.

          • Sadly, he was never on the tools, but as Davo the Boner he took it upon himself to grant each cow her last wish.

          • For some reason I can’t stop laughing at h0mos3xual toughs.

            Davo too. One of the members uttered a fierce ‘SHHHHH’ while staring over their glasses. Risque times!

  3. This is kind of funny:
    “For the year to June, net overseas migration (NOM) was minus 88,800 people.”
    From AFR article today: Australian capital and talent is leaving home
    There is something in that Feng shui.

      • There’s this really useful tool, on the internet. Called Google.

        It’s really cool. You put the words into the “search engine”, and then it comes out with suggested sites for you to check out.

        Give it a go!

        But just be careful. Never search “Google” in Google.

        You can actually break the internet that way, and that isn’t cool for the rest of us.

        • There’s multiple vids. which one?
          Or is there something else?
          I mean, I don’t know about you, but I don’t have time to trawl Twitter, TikTok, FB, YT, FriendFeed (lols). FB..I mean, I know you have fk all to do, but some of us work.

    • The Traveling Wilbur πŸ™‰πŸ™ˆπŸ™Š

      Still have … the free CD of the 12th Man… Courtesy of KFC thank you very much. Good stuff.

      The comedy, not the chicken.

    • 1

      Give it a listen every year or two.

      Sadly fewer and fewer people know the lines when I drop them.

      • Walked into the kitchen the other morning, and did the Fried World of Breakfast. Wife rolled eyes, 6yo son keeled over in laughter.

        I was doing some test documents as training data for a Machine Learning model being trained today, and used a bunch of the Pakistani names, then realised some might take umbrage.

        Sigh.

        Simpler times in the early 90s.

        • The Traveling Wilbur πŸ™‰πŸ™ˆπŸ™Š

          When I really needed cheering up in the UK while doing testing and setting up marketing demo configs I’d pull public name (full names mind you) data from the register of Directors *banned* from holding a directorship.

          Very fun times. But I am easily amused.

      • Mining BoganMEMBER

        The more rational unvaxxed types will understand it is pie in the sky BS, but the 5G sovereign citizen types will lose their rag.

        But I suppose if they run to the Palmer/Kelly wankfest it’s a vote for Scummo anyway,

        • The Traveling Wilbur πŸ™‰πŸ™ˆπŸ™Š

          And if they bothered to vote, well, then I’d be really, really, … surprised.

  4. Hugh PavletichMEMBER

    UPDATE … New Zealand’s omicron overprotective nanny state approach … continues …

    … latest important information from South Africa …

    Covid-19: South Africa’s case drop offers early hint Omicron peak may have passed … Andrew Meldrum … Associated Press / Stuff New Zealand

    https://www.stuff.co.nz/world/africa/300484590/covid19-south-africas-case-drop-offers-early-hint-omicron-peak-may-have-passed

    South Africa’s noticeable drop in new Covid-19 cases in recent days may signal that the country’s dramatic Omicron-driven surge has passed its peak, medical experts say.

    Daily virus case counts are notoriously unreliable, as they can be affected by uneven testing, reporting delays and other fluctuations. But they are offering one tantalizing hint – far from conclusive yet – that Omicron infections may recede quickly after a ferocious spike.

    South Africa has been at the forefront of the Omicron wave and the world is watching for any signs of how it may play out there to try to understand what may be in store.

    After hitting a high of nearly 27,000 new cases nationwide on Thursday, the numbers dropped to about 15,424 on Tuesday. In Gauteng province – South Africa’s most populous with 16 million people, including the largest city, Johannesburg, and the capital, Pretoria – the decrease started earlier and has continued. … read more via hyperlink above …

    … essential reading …

    … a former senior Labour Government Cabinet Minister, Richard Prebble’s ( https://en.wikipedia.org/wiki/Richard_Prebble ) seething attack on the abysmal performance of the current Ardern led Labour Government …

    Richard Prebble OPINION : My attempt at praising Labour … New Zealand Herald

    https://www.nzherald.co.nz/business/richard-prebble-my-attempt-at-praising-labour/5Q7FX3IJPYGMDKULWVKTOA7LXU/

    … concluding …

    … As she (Prime Minister Jacinda Ardern) drives New Zealand Inc over the cliff, the PM asks us to admire how smooth the ride is to the bottom.

    For Christmas, we can give Labour a bouquet for chutzpah.
    .
    .
    Access recent related MB post …

    https://www.macrobusiness.com.au/2021/12/macro-afternoon-1265/#comment-4218569

    New Zealand’s omicron overprotective nanny state approach … continues …