Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stock markets are having very mixed starts to the trading week with local and Japanese shares going nowhere in the wake of a wobbly night on Wall Street following the US unemployment print on Friday night. Despite some initial USD weakness, not all risk currencies are bouncing back with the Australian dollar still under pressure with Bitcoin under the $42K level and gold trying to get back above the $1800USD per ounce level:

Mainland Chinese shares are relatively strong with the Shanghai Composite up 0.3% to 3588 points while the Hang Seng Index is continuing its bounceback, up nearly 0.8% to remain well above the 23000 point level, currently at 23663 points. Japanese markets however are almost unchanged putting in scratch sessions with the Nikkei 225 closing 0.1% lower at 28478 points while the USDJPY pair is putting in a mild bounce off of four hourly ATR support at the mid 115 hanlde after deflating on Friday night, but still unable to get above the 116 level after trying to return to its former highs all last week:

Australian stocks wavered throughout the session, with the ASX200 eventually closing a few points lower going nowhere at the 7447 point level while the Australian dollar held on to its Friday night post-NFP print gains but its barely making headway at just below the 72 handle:

Eurostoxx and Wall Street futures are hesitant going into the London open, with the S&P500 four hourly chart showing price still under a lot of pressure here below the 4700 point level after breaking below the 4750 point support level last week on the hawkish Fed minutes with no signs of higher session highs:

The economic calendar is always quiet after the US unemployment print with a few Treasury auctions and not much else going on.

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Comments

  1. reusachtigeMEMBER

    So so good that the injustice against Djokovic has been rectified and he is free to get on with it! I’m feeling so much joy sensing the pain being felt right now by the chicken sh1ts! Woo hoo!!!! ๐Ÿ’ƒ๐Ÿ•บ๐Ÿ˜†๐Ÿ‘Š

  2. The Travelling PhantomMEMBER

    Novax visa cancellation overturned, so much for ScoMo’s show the other day

    • After a series of news reports on her “business”, an already-burgeoning venture that Matto was running gained in popularity, to the point where the former โ€œ90 Day Fiancรฉโ€ star (we’ve never heard of it, either) was forcing herself to eat eggs and beans in order to keep up with demand for her flatulence.

      Should have just maintained the previous production levels and charged more.

      Then diversify into a “Premium” line of her own farts, with an “officially approved” line from the bowels of others.

      What a time to be alive !

      • She has learned nothing. She could’ve syndicated the whole operation. I mean, the dog is just an uh… untapped gold mine!

    • ErmingtonPlumbingMEMBER

      Makes me wonder if there might be a market for the used tampons that sometimes get caught on the end of me jetter hose.
      A product with far greater variety of uses than a fart in a jar.

      • Apparently he was perfectly well earlier in the night and performed a stand up show before a live audience. Police reported no evidence of foul play or drugs. Sudden illnesses have become an epidemic since January 2020, like the rate of coincidences.

        • The Traveling Wilbur ๐Ÿ™‰๐Ÿ™ˆ๐Ÿ™Š

          Yes. Local law enforcement was very prompt to confirm thst there were absolutely no suspicious circumstances.

          Pesky coroners.

    • reusachtigeMEMBER

      Have you noticed all the new faces in the lounges!? (No, they don’t all look the same). Good times are back, that is for sure.

    • The Traveling Wilbur ๐Ÿ™‰๐Ÿ™ˆ๐Ÿ™Š

      Well, that’s depressing โ€ฆ so, here ya’ go:

      – Does the missus know you’re out again?
      – Maybe a better class of lounge will improve the talent pool?
      – Cheap bรกstards get what they pay for.
      – Whatever floats your boat harry, no one’s judging.

    • Ignoring his restriction of the Top 15 by votes:

      Assuming Marshall and Wasim are locks. there are at least 10 pace bowlers who you could interchange without weakening the side – Lillee, McGrath, Hadlee, Steyn, Ambrose, Holding, Garner, Cummins, Trueman, Barnes, Donald etc. Personally I’d take McGrath who is the most effective all conditions bowler I’ve ever seen.

      Similarly, assuming Bradman is a lock at 3 and Sobers at 6, there are a dozen batsmen who you could interchange at 4 and 5 without weakening get team: Lara, Tendulkar, Smith, Sanga, Hammond, Ponting, Viv, Chappell etc. I’d prefer a lefty and a righty in there so Lara goes in (ahead of Sanga) and then otherwise take your pick (depending on where the game is being played I guess).

      Hutton to open instead of Gavaskar – non-negotiable.

      Warne over Murali anywhere in the world except India, in which case you’d have to consider Ashwin.

      Gilchrist is fine as keeper although personally I’d take Alan Knott.

      • You’ll get no argument from me. The keeper in the post Gilchrist world is a funny one. Andy Flower doesn’t get as much kudos as he deserves.

        It did get me start thinking of an On Their Day XV. This would have players that could seemingly do the impossible on one day and then are impossible to watch the next.

        The first three that come to mind are Devon Malcolm, Carl Hooper and Nathan Astle.

        The famous almost greats like Gower and M. Waugh had too many good days to make the cut.

        • Good choices. Going back further Bob Massie and Narendra Hirwani would get a look in! Peter Taylor, Fraoud Bacchus and Vinod Kambli too.

          That Bangladesh bowler – Ebadot – who took 6/46 against NZ last week is also a chance.

      • MerkwรผrdigliebeMEMBER

        I varied the theme a bit – to pick 15 I have actually seen play

        I came up with the below

        1. Desmond Haynes
        2. Gordon Greenidge
        3. Viv Richards
        4. Ricky Ponting
        5. Sachin Tendulkar
        6. Adam Gilchrist
        7. Imran Khan
        8. Richard Hadlee
        9. Shane Warne
        10. Dennis Lillee
        11. Michael Holding

        12. Curtley Ambrose
        13. Glenn McGrath
        14. Wasim Akram
        15. Sunil Gavaskar

        My reasoning being the below

        1. Desmond Haynes
        2. Gordon Greenidge

        I reckon opening batsmen come in pairs. For mine Des and Gordon always had a ‘if things dont go right we might be looking at 0 for 150’ feel about them. I’ve got Gavaskar in the squad simply because in an era when India didnt often put a great side together his ability to go out and weather the start of the innings and push on (usually alone)

        3. Viv Richards
        Viv simply was the Master Blaster. From an ability to play a cross bat drive to wearing bouncers on the head without flinching he was a guy who simply went out to do what he was going to do. What he was going to do was sometimes terrifying.

        4. Ricky Ponting
        5. Sachin Tendulkar

        I’ve gone this side long on talent. Two legends in at 4 and 5 would mean either one gets going and the opposition is in trouble. They both take games away from oppositions

        6. Adam Gilchrist
        Gilly would be the keeper and as terrifying a prospect at 6 as has ever strolled to the crease.

        7. Imran Khan
        8. Richard Hadlee

        Two legend all rounders. Wasim is in the squad and depending on the pitch I wouldnt hesitate to play him. Any 2 of the 3 coming in at 7 and 8 could be fairly demoralising if they got going. Hadlee’s strength was an unbelievable line and Imran had a strength in being able to bowl long periods at top speed. Both could move the ball either way.

        9. Shane Warne

        Warney would be my sole spinner. If there was a guy to bowl an over for my life then he is the man I would pick. How many times did he bowl a side into contention on sheer will power and ability to intimidate – the theatrics the self confidence and the cockiness. That ability to make the occasional ball turn square could shatter the morale of sides who were just starting to sense they were past the worst.

        10. Dennis Lillee
        11. Michael Holding

        DK and Whispering death to lead with the new ball. Holding simply because he made fast bowling look so poetic. DK simply because he was the Greatest, another who would impose himself on matches through sheer will power. Curtley and Glen McGrath would be getting plenty of games, and both had – as Holding and Lillee – a great capacity to scalpel into the top order of oppositions within the space of an over or two.

        I like the odd cogitation on cricket. I was once a cricket tragic but the sport left me behind somewhere with all the big bash and 20/20 bull

        • The Traveling Wilbur ๐Ÿ™‰๐Ÿ™ˆ๐Ÿ™Š

          Stop picking Hadlee. Is this some fckn underarm penance I wasn’t a previously aware of? It seems to be tonight’s theme. He wasn’t that good. Five Windies bowlers were better (sadly).

    • Mining BoganMEMBER

      I’m not considering any team that doesn’t have Keith Miller in the mix.

      Or in the minx. Quite a lad our Keith.

  3. Arthur Schopenhauer

    Is it correct that the Government settled with Djokovic, and Taxpayers are paying his costs.

    How many RAT tests did it cost to cover this idiocy?

    • From a quick search it’s from a “thinktank” that started in 2021 and is funded by a guy with some pretty right wing views.
      Not saying the science is right or wrong but it doesn’t help the credibility.

      I’m a bit on the fence but am immediately cynical with strong claims of both sides – which there seems to be more and more of lately so just using this link as an example.

      • You may be suspicious about the platform, but the author’s bio gives him some credibility in my view. If you read the article he’s also quite an enthusiastic proponent of the vaccines where their use is appropriate.

        “Vinay Prasad MD MPH is a hematologist-oncologist and Associate Professor in the Department of Epidemiology and Biostatistics at the University of California San Francisco. He runs the VKPrasad lab at UCSF, which studies cancer drugs, health policy, clinical trials and better decision making. He is author of over 300 academic articles, and the books Ending Medical Reversal (2015), and Malignant (2020).”

    • desmodromicMEMBER

      He’s probably right but his arguments are context free. The outcomes will depend on your starting point, as Scomo has recently discovered. The argument about not being able to kerb the pandemic with vaccines alone has already been made by the Doherty Institute and others. Hence the recommendation for additional measures to avoid a rapid increase in case loads. That horse has now bolted and the current focus on vaccination of kids seems misplaced as they are a cohort at low risk of severe disease and vaccinating kids likely does little to halt the pandemic once we have 100,000s cases per day. Any epidemiologists here? As always the LNP are late to the party.

  4. https://youtu.be/ntaidEKs_Ks
    Brian Cox on Don’t Look Up.
    I was pretty angry after watching the film, but I also thought it was clever and funny. But it just made me despair at the state of humanity and false information and anti science types.

    • It was OK. I had to explain to my kids that it was a parody on Trump’s America and the battle for serious climate change action and which point they agreed it was quite clever.

      Jonah Hill was funny though.

      • The movie started that way and along came covid and they decided it needed to be even more absurd considering how its been handled.

      • It reminded me of Idiocracy but that film flies a bit under people’s radars sadly. Mike Judge is awesome and Office Space is still relevant 25 years on.

    • I agree with him : if he got COVID once and survived it, then he is safer not getting vaccinated. He has ‘won’ the COVID genetic lottery. With the original alpha strain there is an argument about getting vaccinated to stop catching it, but with Delta and Omicron being vaccinated just makes you less sick.

  5. The Australian Open risks descending into a riot zone, regardless of whether Djokovic plays or not:

    Police use pepper spray on Djokovic fans
    By Ashleigh McMillan and Paul Sakkal

    Victoria Police have pepper sprayed fervent Novak Djokovic supporters who mobbed a car that was exiting the building, home to his legal team, in Melbourneโ€™s CBD.

    The black Mercedes emerged from the CBD buildingโ€™s carpark about 8.45pm. Fans, many in Serbian coloured clothing, mobbed the car as it moved at a snailโ€™s pace down King Street.

    The chanting and dancing around the car became more intense and eventually people were dancing on top of the car and banging on its windows.

    Around this time, police began moving people away from the front of the car.

    Some fans then reacted by shoving officers and verbally abusing them.

    Police used O.C spray (capsicum/pepper spray) to move them along.

    After the crowd dispersed, a large group of fans confronted police and hurled bottles and verbal abuse at them, causing the police line to fall back.

    The commotion was over by 9pm, but many fans and police officers were seen clearing their eyes from the pepper spray.

    Itโ€™s not clear if the car was actually carrying Djokovic.

    He was not in the front seat or the back left seat. The back right window had a shade blocking the view from outside.

    • In the light of the times, that’s entirely normal and reasonable behaviour. I’m surprised they bothered reporting on it.

    • The Traveling Wilbur ๐Ÿ™‰๐Ÿ™ˆ๐Ÿ™Š

      So, clearly it was carrying an oversized child in a baby seat thay was incapable of checking the entry requirements for the country it was voluntarily travelling to in the hopes of msking a million plus dollars.

  6. In non-Covid news…

    https://legalinsurrection.com/2022/01/penns-transgender-swimmer-loses-to-yales-transgender-swimmer-in-womens-100-meter-race/

    The twist in the story is that the loser from Penn State is a giant dude who’s been smashing all the women in recent comps. The winner from Yale is a woman who is transitioning to a man, but is still allowed to compete as a woman for some reason.

    I haven’t laughed so much for months. And the South Park clip at the end just added to the Lols.

  7. WOW …

    Iโ€™ll just briefly summarize the main point, and then I want to get your response, because I think this is obviously part of the discussion around the inflation crisis.

    โ€œThe Federal Reserve released the names of the banks that had received $4.5 trillionโ€ โ€“ that is trillion with a T โ€“ โ€œin cumulative loans in the last quarter of 2019 under its emergency repo loan operations for a liquidity crisis that has yet to be credibly explained.โ€

    So Professor Hudson, Iโ€™ll ask you in a second to explain what that liquidity crisis was. And they point out that, among the borrowers that received $4.5 trillion in loans from the Fed were JPMorgan Chase, Goldman Sachs, and Citigroup, โ€œthree of the Wall Street banks that were at the center of the subprime and derivatives crisis in 2008 that brought down the U.S. economy.โ€

    โ€œThatโ€™s blockbuster news. But as of 7 a.m. this morning (January 3), not one major business media outlet has reported the details of the Fedโ€™s big reveal.โ€ And they suspect there are some journalists under gag orders.

    And then the other point to add here is that this borrowing was happening in September 2019, and it was actually before the first case of Covid was identified in the United States. They point out that the first Covid case was reported in the U.S. in January, and then the World Health Organization declared a pandemic in March 2020. This massive borrowing spree of $4.5 trillion was happening in September.

    So there are a few things you can respond to Professor Hudson. Maybe we can start with, why was the Fed giving trillions of dollars to these large Wall Street banks. And why was there a liquidity crisis? Thatโ€™s unexplained.

    Why did the Fed refuse to release the names of these banks? And was there a financial crisis before Covid that the U.S. government later was able to blame on Covid, but it was actually a financial crisis in the making? – snip

    https://www.nakedcapitalism.com/2022/01/michael-hudson-what-is-causing-so-much-inflation.html

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