See the latest Australian dollar analysis here:
Asian markets are trying to bounceback with only Chinese bourses doing the heavy lifting as local stocks were put off by the slump in consumer sentiment. Currency markets remain spooked by a strong USD although the Australian dollar is trying to bounce off the 69 handle while commodity markets including oil are slowly lifting higher, as Brent crude heads back above the $105 level. Gold is also trying to stabilise but looks weak on all the charts, currently at $1843USD per ounce while Bitcoin is oscillating just above the $30K level and on track for a new yearly low:
Mainland Chinese share markets jumped out of the gate with the Shanghai Composite currently up 1.3% at 3076 points while the Hang Seng Index has advanced further, now up 1.7% to almost get back above the 20000 point level, currently at 19971 points. Japanese stock markets are still treading water with the Nikkei closing 0.2% higher at 26213 points while the USDJPY pair has pulled back to a neutral state, unable to advance but respecting support at the 130 level:
Australian stocks started off poorly but have recovered to finally put in a new daily high with the ASX200 finishing up just 0.2% to 7064 points. Meanwhile the Australian dollar is trying to find a bottom here after making a new monthly low, still below the 70 handle but bouncing off the 69 level for now as momentum inverts:
Eurostoxx and Wall Street futures are seeing a bounce ahead of the European open with the S&P500 four hourly chart showing price wanting to stay above the 4000 point level and stave off what looks like a formal bear market with a failed breakout overnight keeping traders on edge:
The economic calendar will be dominated by both German and US inflation prints tonight.
- Macro Morning - May 17, 2022
- Macro Afternoon - May 16, 2022
- Macro Morning - May 16, 2022
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Asian share markets have had a tepid response to
So 40 base points coming intrest rate hike as I heard
5 mins, I read, but 13 mins is OK.
Where did you hear that 0.4 ?
A guy knows a guy in the banking industry 😁 I can’t reveal more..but that’s what they are expecting or they’ll increase their mortgage rates regardless of the rba
Get a callout did ya.
I did! Bloody drunken idiot smashed the alarm bell in the lift.. lucky the building wasn’t too far
You’re not just a pretty face.
Variable or fixed?
Geez the ABC has paraded one grub after another on Telly this arvo touting the LNP line that wage growth is bad and it’s inflationary effects will destroy the country through raising interests rates.
Not one grubby cnt mentioned that the inflation is happening anyway wage growth or not.
They are telling our lowest paid workers they need to take a pay cut!
If you agree with this sentiment your a grubby cnt too.
https://twitter.com/TheMurfDawg/status/1523886133507399680
I believe that that is what the kids call a dank meme. Hurrah for the interwebs and it’s snappy methods of information transference.
Huzzah!
https://twitter.com/KimLivLuvLafs/status/1524483141494198273
Did that young man fall off a boat, hes wearing a lifejacket and sending distressed hand signals?
Workers should do what LNP voters have done for a generation: vote in their own economic interest.
The ABC is becoming unwatchable as it is so blatantly LNP biased – presumably you were referring to Jenett or Fran Kelly on Afternoon Briefing. Apart from them, the LNP-biased journos on the ABC include Speers, Sales, Karvelas, Probyn, Stan Grant, Trioli and the majority of panellists on Insiders (Hewitt, Coorey, Crowe, Campbell etc).,
Scummo’s government has neutered the ABC by stacking it with Murdoch people.
Such Language! But yeah. Vile cnts, the entire LNP, most of the ABC and all the MSM. I wouldn’t p1ss in their ears if their brains were on fire.
Fark that is a low act and position to take. Sounds like something the Pharaohs would have said to slaves in Egypt as their pyramids were being built via whips and starvation……..
Now you have got me thinking. How did the Egyptians get over their collective guilt of being part of a culture that leveraged from slavery? Maybe the West could learn from this experience for it seems the transition was able to be achieved without tearing down the Pyramids.
They never really recovered from an invasion of boat people.
https://en.wikipedia.org/wiki/Sea_Peoples
The Egyptian slave story is a biblical myth that does not square with anthropological facts.
Pyramid labourers we’re on good coin?
Wages are way too high in this country and it makes us uncompetitive. I envy America with its illegal Hispanic workforce, and even more so, Hong Kong and Singapore with their guest working house maids!
It’s pretty good – on a basic level it’s do you want higher wages or not. ALP wants higher wages and LNP doesn’t. Should hopefully cut through with people on wages.
This is a missed opportunity for Albanese
“Wages will always be lower under a coalition government”
Jesus the ABC has lost me. Coorey Speers Kelly Karvelas
All just spuds
The ABC has totally lost me too.
Watching the ABC you know what yer gettin, just like MAFS or other vapid FTA garbage…but you keep goin back for more, just like that loose filling grating a nerve….owww oooww I cant leave it alone, wheres the clove oil….owww ooow
Marathon Man.
Barnaby was talking at press club, made himself look very stupid, several times, he went off on a rant about his business mate and wage rises then had to cut himself off at one point when he realised he was about to say the opposite to what he he was complaining about ie you can’t allow Albo’s 5% pay rises! 😂 what a nobjock
He also said as he’s an accountant he knows all about balance sheets & balanced budgets. Maybe if he has an economist he’d realise the government isn’t running a business or a household & you don’t have to balance the budget!
I can’t help but notice the absence of one particular issue……..
https://www.news.com.au/national/federal-election/state-of-the-nation-survey-reveals-68-per-cent-of-aussies-unhappy-with-the-direction-country-is-heading-in/news-story/7500cf52287c9b8d869e92b78a3aabe4
“Immigration was also a concern but some worried Australia was becoming more racist.”
Once the last of the Boomers is gone, the place will be totally unrecognisable.
If only that would happen. What this place needs is a lot more racism.
🤣unfortunately you arent far wrong
If this country isn’t racist enough for you, why not head back to Alabama.
Nah….There’s nowhere near enough racism in Alabama for my liking.
harry is a naughty boy, cheering on the house price collapse … from his yacht.
What was dinner? I had pork belly with cabbage and rice. Which reminds me – I need to offload a dangerous good. I bought an incendiary Jamaican chilli sauce; it’s only had the tip of a clean stainless spoon dipped in the bottle. Interested? I gotta get rid of it, it’s fkn dangerous.
Anyone know if this feat is actually any good?
https://www.dailymail.co.uk/money/cars/article-10801457/New-Range-Rover-Sport-unveiled-driven-dam-Iceland.html
Tbh if it wasn’t capable of that no-one would even think about buying one.
My SIL wants a RRS just to show off at the school run. The closest it may ever get to driving up a dam might be if Audley Weir is a foot deep.
I kinda took the wind out of her sails when I told her that if she can’t afford a real Range Rover, she’d needn’t bother with the RRS as it’s not a real Range Rover.
I think they thought twice about using “equity” to buy one.
They are quite capable offroaders.
Unfortunately the most dirty they’ll get is parking on the grass at the polo. Such a waste.
Edit: I think Iceland will be my 60th birthday treat to myself. It’s always fascinated me.
Same for me on Iceland
If you’ve ever hooked up with an Icelandic princess you’ve done well. Ah, Iceland
I got a massage few times by Icelandic princess backpacker, dose that count?
Stop showing off.
Björk?
And there you’ll manage to see the northern aurora in a volcanic hot spring!
Have you seen The Northman? It’s got nice Icelandic scenery on it.
No, but I watch this race every year.
https://www.youtube.com/watch?v=eUQHOTQwPAw&t
I think it may have become a victim of the WuFlu though.
That is madness. Adam Hansen levels of stubborn endurance.
I remember my grandfather scolding me for yet another trip to Canadia chasing powder (not to be confused with powder-chasing trips to Colombia).
“Why do you want to waste your money on that for? You can watch it on TV.”
TBF, he died very wealthy, and I probably won’t, so he had a point. Then again, he probably never went BC at WH20 so there is that.
That’s not a Landrover ………
.THIS is a landrover …..
https://youtu.be/YhRwTnJNQLY
( behind the scenes )
https://youtu.be/7TZTa2tgJTs
This bloke done good
https://www.youtube.com/watch?v=10wpwcBvnIY
Alternate 4WD universe
https://youtu.be/BQyQnvbZ250
@Ginger wouldn’t approve of the approach/depature angles on those vehicles.
That was good, harmless fun. I love the laughing at the impending rollover in the two stroke with tractor tyres.
@JohnR, I love their miniaturised minimalism and can’t help but be impressed with the approach, departure, breakover and rollover angles.
YT comments are always mint.
Our rope can pull a goddamn Rover up a goddamn dam, goddamn it!
Oh fck off chicken sh1ts with your Covid panic. No one cares anymore about your rubbish fear.
https://www.news.com.au/national/western-australia/western-australia-records-highest-number-of-new-covid19-cases-in-the-nation/news-story/d381bd3c48582a5197c8e2d781b904df
Oops…
https://twitter.com/CSWherrett/status/1524237590295355392
So what’s her MB handle?
Wow Check out the body language and facial expressions on that Lib Sheila waiting to pounce.
Her Husband must be terrified of ever coming first,
https://twitter.com/cswherrett/status/1524273591369740288?s=21&t=JFHEnjI9wqz1990Yj4H9Eg
LNP scraping the candidate barrel. It’s so cringey.
Looks like skiptord done not understand justice and what happens when 1 encroaches on natives land if you girly boy where put in the same position would you fight or kowvl towl I would rather be dead and fighting the good fight
DLS with major bear call on the economy.
Notice how’s he’s dancing around asset prices at the end ( cant evensay house prices will go down in news.com. article?)
https://www.news.com.au/finance/economy/world-economy/falling-stock-market-could-signal-start-of-global-recession/news-story/38a37c832132ad0d26211ba079c83542
It’s not what you say, it’s how you say it. He could have referred to it like this…
– And we are also likely to see some negative sideways movement in the housing sector.
– I’ve more faith in a touring English team lasting four days than housing maintaining its current level.
– The French subs will be delivered before we again see gains in the housing market.
– Sell your house and invest in crypto. That market has stronger fundamentals and is more transparent.
– The MB fund has just invested in a camping supplies outfit as we expect tent cities to be popping up around Australia by the end of the year.
– I have consulted with bnich and he has told me that the end is nigh. None shall be saved. We have angered the gods with our housing hubris. We can no longer sacrifice the youth. That no longer appeased them. They want our housing and share portfolios. They want them to burn. It shall be a seas of red. Redrum. Redrum.
The secret is to be subtle about it.
Super disappointed that the boys never squeezed “negative sideways movement” into a news.com.au article.
Or mention The Mortgage Monster.
Or “lower teh rates will fix the thing! ™”
Very clever, they really should give you their articles for a read proof before they hit “publish” button
*proofread
How can house prices go down explained this in plane English the only industry in australia is construction or mining and there ant many places free as 0zz houses will hold evenen go up in most liveable areas this is fact not fiction
Alt view to MB
https://www.macrovoices.com/1074-macrovoices-321-ole-hansen-the-commodity-supercycle-has-begun
How to make sense of the commodity market under the current backdrop
Inflation and central bank’s reaction
Monetary policy vs. commodity supply demand
What drives a commodity super cycle?
Will crisis emerge due to surge of global food prices?
Energy – how high will oil prices go?
Outlook on precious metals
It astounds me how much faith people have in the almost lowest form of human life aka bankers ( above lawyers and real estate agents of course).
I havent seen one significant conversation on the integrity of the banks and how much they all loaned to eachother during the boom times to ensure their bottom line looks well and rosey. This was the case with P.I.G.S. in 2008 GFC with a regulator asleep at the wheeland in cahoots with the political classes and property magnates…. but Straya is different of course…yes the RBA gets rightly trashed, they blame APRA n vicaversa, but they dont hold the money hose mate…how much exactly do the big and small banks loan and borrow to n from eachother? Therein lies the Property Ponzi House of Cards foundations
https://m.youtube.com/watch?v=WDbOK_fDu9Y
Australian banks are really just building societies backed by a govt guarantee on deposits. They wouldn’t have much in the way of loans to each at all.
You would be surprised, thats how they extend their loan books n extend the rules from the CB…look we are making this much profit from these chumps cause we have this much in cash for a 1:10(0) ( which we borrowed from our mates down the road “temporarily”) so we have your minimum requirement covered by X date(and transfered,loaned and returned before the due trigger date) …whos done a deep dive on that? RBA …APRA… confidence evaporating?…
Europe looking very green, did China’s national team stop the rot? Well except for Terra, it’s now down 92%! Must have been MB sticking tar boot in this morning. And the Aussie now recovering ground like Ukrainians in NE, over 70c.
Terra thread https://twitter.com/izakaminska/status/1524267500761976832
Whoa 1yr TD in Macquarie bank for 2.75%
Might actually be interested
What! The world has gone mad.
What’s their 1 year fixed rate mortgage?
Just checked – 3.6%
Are British Tories and Boris owned by the Russians?
https://twitter.com/bydonkeys/status/1509414334828589059?s=21&t=eI2xEQQO_yBVUmfOWIGzNA
Stablecoin..er…stableish coin….wait….profoundly unstable coin Terra suffers full depegening.
Dying in real time…
https://www.binance.com/en/trade/UST_USDT?theme=dark&type=spot
Bear Stearns moment.
United States …
U.S Bureau of Labor Statistics … Consumer Price Index
https://www.bls.gov/cpi/
LIVE … Inflation, While Still High, Cools Slightly in April: Live Updates … New York Times
https://www.nytimes.com/live/2022/05/11/business/inflation-cpi-report-april
Inflation data shows a modest deceleration, but prices are still climbing at a brisk pace, suggesting that underlying inflation pressures remain strong. … read more via hyperlink above …
Stocks, Bonds, & Bitcoin Battered As ‘Hot’ CPI Sparks Surge In Rate-Hike Odds … Zerohedge
https://www.zerohedge.com/markets/stocks-bonds-bitcoin-battered-hot-cpi-sparks-surge-rate-hike-odds
Today’s CPI Report Includes A Methodology Change To New Vehicle Prices: Here’s Why It Matters … Zerohedge
https://www.zerohedge.com/markets/todays-cpi-report-includes-methodology-change-new-vehicle-prices-heres-why-it-matters
Sri Lanka …
Sri Lanka crisis: Ex-PM flees to naval base as arson attacks spread … BBC
https://www.bbc.com/news/world-asia-61403510
Security forces are out in force across Sri Lanka with orders to shoot looters on sight amid continuing protests at the government’s handling of a devastating economic crisis.
Despite a nationwide curfew, there was a second night of arson attacks.
Shops near Colombo were torched, as well as a resort owned by former Prime Minister Mahinda Rajapaksa’s son.
The ex-PM is holed up in a naval base after resigning on Monday when fury erupted over fuel and food shortages. … read more via hyperlink above …
Sri Lanka protesters burn politicians’ homes as country plunges further into chaos … CNN
https://edition.cnn.com/2022/05/10/asia/sri-lanka-protests-police-shoot-intl-hnk/index.html
Sri Lanka unrest: shoot on sight order issued as troops deployed in Colombo … The Guardian
https://www.theguardian.com/world/2022/may/11/sri-lanka-unrest-shoot-on-sight-order-issued-troops-deployed-colombo
How Sri Lanka spiralled into crisis and what happens next … Aljazeera
https://www.aljazeera.com/news/2022/5/11/how-sri-lanka-spiralled-into-crisis-and-what-happens-next
… the long sorry history …
The Economic Crisis in Sri Lanka … Asianometry … Youtube
https://www.youtube.com/watch?v=g70ncHcaBiE
… access earlier MB post …
https://www.macrobusiness.com.au/2022/04/macro-afternoon-1341/#comment-4265706
Sri Lanka …
… Why is politics so often the poverty creation business … food … housing … whatever ? …
‘It will be hard to find a farmer left’: Sri Lanka reels from rash fertiliser ban … Hannah Ellis-Petersen … The Guardian
“Sri Lanka protesters burn politicians’ homes as country plunges further into chaos“
Ya gotta respect Sri Lankans participation in the political process.