Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Quite a mixed session for Asian stock markets following the epic inflation print overnight in the US that is sure to stir risk markets everywhere as appreciating domestic currencies put a dampener on stock markets. The USD remains under pressure against everything although Bitcoin is still stalled at just over the $43K level but gold has held on to its overnight breakout, currently at last week’s intrasession high just below the $1830USD per ounce level, as buying support builds:

Mainland Chinese shares are pulling back sharply going into the close with the Shanghai Composite down 0.6% to 3572 points while the Hang Seng Index is having a pause after its recent surge, currently treading water at 24421 points. Japanese markets however are selling off in response to Yen appreciation following the US inflation print with the Nikkei 225 closing 0.8% lower at 28521 points as the USDJPY pair struggles to find a bottom here at the mid 114 level:

Australian stocks were the relative best performers in the region with the ASX200 closing 0.4% higher at 7472 points while the Australian dollar advanced even further on its big overnight surge, threatening the 73 handle as it turns this breakout into a new monthly high:

Eurostoxx and Wall Street futures are tracking sideways going into the London open, with the S&P500 four hourly chart showing price needing to stay above the previous weekly intrasession highs at the 4700 point level or support will evaporate for another dip:

The economic calendar is US centric again with the latest weekly initial jobless claims print with a series of speeches by Federal Reserve members.

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  1. Hugh PavletichMEMBER

    Omicron Update …

    International data agrees … Dr John Campbell … Youtube

    Unvaccinated and Omicron – Study from California (Preprint) … Drbeen Medical Lectures … Youtube

    Xian is not the exception – It is the norm … Digging for China

    China Finds Omicron in Another Port City, Further Threatening Supply Chains … Bloomberg

      • Categorical error to conflate the vax vax vax corporate strategy failures as indicative of the well worn established multilayered response to such events which are backed by historical facts. It was only after the aforementioned took control of public health policies that things started to go down hill, but in reconciling that feature one has to acknowledge the decades of neoliberalism that front ran the whole thing, which diminished both the state and private sector in dealing with an expected fat tail event.

        Hugh cant understand that bringing corporatism in to family formation RE by making it a ATM and financial asset is still befuddled, so the developer battle cry is make the land cheaper, not they don’t build in areas that cant support it or are a burden on infrastructure, land bank it, never the less the godfather of it all was Friedman/Stigler back in the day as bought and payed propagandists for the developer lobby and used their academic credentials to burnish it.

        M is that you Phil?

      • ErmingtonPlumbingMEMBER

        It’s good to see someone other than Skippy singing the same tune.
        But no I haven’t read it or his “never let a crisis go to waste” yet.
        But I’d like to.
        I have (Thanks to Skip) consumed every word uttered by Mirowski that I could find on YouTube though.
        I suppose that’ll earn me a sigh from Skip too.
        He reckons ya gotta read through all the hard stuff.
        Who’s got time for that!

          • But Libertarians love them some robber barons and oligarchs aka successful Entrepreneurs[tm] …

        • This trenchant study analyzes the rise and decline in the quality and format of science in America since World War II.

          During the Cold War, the U.S. government amply funded basic research in science and medicine. Starting in the 1980s, however, this support began to decline and for-profit corporations became the largest funders of research. Philip Mirowski argues that a powerful neoliberal ideology promoted a radically different view of knowledge and discovery: the fruits of scientific investigation are not a public good that should be freely available to all, but are commodities that could be monetized.

          Consequently, patent and intellectual property laws were greatly strengthened, universities demanded patents on the discoveries of their faculty, information sharing among researchers was impeded, and the line between universities and corporations began to blur. At the same time, corporations shed their in-house research laboratories, contracting with independent firms both in the States and abroad to supply new products. Among such firms were AT&T and IBM, whose outstanding research laboratories during much of the twentieth century produced Nobel Prize-winning work in chemistry and physics, ranging from the transistor to superconductivity.

          Science-Mart offers a provocative, learned, and timely critique, of interest to anyone concerned that American science–once the envy of the world–must be more than just another way to make money.

          OK EP so the first sentence is pivotal and lays the foundations to how – we – got to this place and how its so socially dis-functional – destroying capital. The critical issue is the role the state plays in both social formation and its function as a bargaining table for all parties of said social construct e.g. bargaining power in negotiations i.e. in the U.S. case see SCOTUS citizens united aka corporations and not voters means the political system does not respond to anyone else other than the money classes. Best part of all this is the libertarian aspect was funded by the same sorts, liberals joined the party with Bill Clinton, Blair, and in our own case Keating.

        • Who has the time to be informed before voting when that day suxasslong and one just wants escape the media offers … Bernays wins … you get told what to want to offset irrational fears instilled by advertising … after your told your not good enough for the market and the market is never wrong …

          • ErmingtonPlumbingMEMBER

            What difference does being a more fully informed voter really make when you don’t really live in a democracy.

          • Did you miss the class where various notions of democracy where discussed and there was not one form of it – ????

          • Muttafukaburrasaurus.MEMBER

            Ideally the AEC (impartial entity) would have a website that could show how a ballot cast with candidates in order; would play out in the preferential voting system.
            Anyone good at coding ?

    • TailorTrashMEMBER

      Further down on that ……a good line

      “ I’m confused. Do we report when we test positive to a rapid test, or do we report when we find one?”

    • RobotSenseiMEMBER

      Meanwhile the front page of the Tele has a exclusive with ex NRL footballer Craig Field getting out of jail.
      Well that’s the Sydney readership locked down, the rest of the country are going “who’s that?”

      • TheRedEconomistMEMBER

        The moral of the story is RoboSensai. we

        The country is in disarray with supply chain issues and the hospitals falling apart and then the Daily Tele release a story of footie player who has been picking up soap for the last 10 years.

        The editors of the Tele deserve a good old rogering with one of Ermo’s pipes and some barb wire.

  2. Arthur Schopenhauer

    Went for a Kayak from St Kilda up to Middle Park and back.

    No traffic at peak hour. Like the Melbourne of old.

    (Don’t call it a Lockdown)

    Edit: Taking Boomer’s advice.

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