Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian share markets are quite mixed as we start another trading week, absorbing the very unsettling finish on Wall Street on Friday night. Currency markets are also clawing back more ground against USD as the Australian dollar firms above the 71 level to make a new weekly high. Oil prices are stabilising with Brent crude now hovering just above the $113USD per barrel level while gold is trying to build on its recent gains, currently lifting at the $1853USD per ounce level:

Mainland Chinese share markets were doing well at the start of the session but the Shanghai Composite has pulled back to close dead flat at 3146 points while the Hang Seng Index has pulled back most of its previous gains, down 1.3% at 20435 points. Japanese stock markets are the only non losers it seems, with the Nikkei 225 index gaining just below 1% to close at 27001 points while the USDJPY pair has failed to breakout following the weekend gap, currently just below the 128 level as Yen defensive buying has not yet abated:

Australian stocks shot out of the gate at the open but have pulled back to close with a scratch sesison with the ASX200 finishing only 3 points higher at 7148 points, keeping the key 7000 point support level intact for now. Meanwhile the Australian dollar has kept shooting out the gate with a breach of the 71 handle to make a new weekly high as traders react kindly to an Albo-Greenwave:

Eurostoxx and Wall Street futures are up slightly as we head into the European open with the S&P500 four hourly chart showing price still anchored well below the 4000 point level although a swing trade is possibly brewing here as momentum inverts:

The economic calendar starts the week with the German IFO survey and not much else on the agenda.

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Comments

  1. The Travelling PhantomMEMBER

    So good to get rid of the bulldozer.
    Well done for dismantling it fellow citizens

    • It is a good feeling. Whatever Labor does that I don’t agree with (and there will be lots) it will all pale compared to the devisating distopian destruction that a returned Scummo government would have brought.

      • We all have short term memories and will be bitching about Labour in short order.

    • Ah, c’mon, he was simply trying to spare the public the details. Like every good Public LNP Servant should.

    • There is a lot of filth that should be removed. The last 9 years of the Libs have stacked a lot of the government with their stooges.
      The Administrative Appeals Tribunal, Fair Work Australia, ABC board all come to mind….

  2. I also grew up in inner Sydney in the 70s and lived in council housing (including Camperdown like our new PM). Today I finally feel like I can breathe again.
    The air has been so toxic since 1997, a suffocating atmosphere of greed and smugness….god I actually feel lighter and genuinely more positive about Australia and my fellow Australians today.

    • DingwallMEMBER

      Its going to take a while to break that suffocating atmosphere of greed and smugness down. It is inherent with the real estate economy …………. and don’t forget Labor support that sh!t too

  3. Grand Funk RailroadMEMBER

    Aussie vote to ease Effigy market on sated female hatred

    23 May 2022, Sydney, 1345 AEST

    Global analysts are paring earnings outlooks and ratings on Australian effigy market plays in the wake of the humiliating collapse of Australia’s conservative ScoMo government with a bleak short term sales growth outlook. But industry insiders say they are well placed to weather a slowdown, with a range of new products, and buoyant reserves to fund marketing campaigns, while waiting for the incoming Albanese government to take up where ScoMo’s Liberals left off.

    Throughout 1H 2022 global effigy sales have hit an all time high, with Australia, the worlds largest effigy market at the centre of the boom. Wally Blake of Geelong based Blake’s Effigies and Vitriol Aids says it has been once in a lifetime conditions propelled by a unique combination of factors.

    ‘It isn’t often you have the conditions we have lived through for three years now. A population locked at home, watching a government handing out their tax payments to the generally well off, fronted by a bare faced liar and a cabinet full of misanthropic or misogynist psychopaths, who could be relied upon to say something to get up almost everyone’s nose almost every day. It could take a while for those conditions to return, but this is Australia and you never know your luck.’

    Staggering sales figures have driven what only 10 years ago was a niche market into a multi trillion dollar investor favourite. In the last 18 months analysts have estimated there was a ScoMo effigy strolling out the doors of retailers every 8 seconds. Big ScoMos, little ScoMos, rubber ScoMos, stone ScoMo’s, flammable ScoMos, Pet ScoMos, fertilizing ScoMos, and knife proof ScoMos. That was before considering the range of Effigy worthy luminaries in his cabinet – including a rapist, a wife deserter, and a Minister cheating on his wife to abuse a member of his staff while having an affair with her. It was one of the great Effigy sales generating governments of Australia’s or anywhere elses history. It can with a range of Australian state government figures who stepped up during the Covid outbreak – with Gladys Berejiklian and Dan Andrews lightning rods for public contempt depending on the politics of the day. As football, the entertainment world and the business world became more bland, interacting with the public through vanilla media statements and choreographed media conferences, it was Australian’s political luminaries and particularly the government which stepped into the breach to drive public hatred and Effigy sales.

    Heironymous Boke of Corangamite Otway Catharsis says the mood when he went to vote on Saturday was upbeat, but tinged with sadness such public hatred of politicians will take time to rebuild. He said the ladies were at the forefront of recent sales, and when it came to straight out gender based contempt the departing government was a global benchmark.

    ‘What we were finding was there was real enthusiasm amongst the ladies for some catharsis aids. The Nuns at the Immaculate Conception Convent all got together and ordered a wonderful larger than life arrangement of a schlong on a desk with an array of Cabinet Minister busts placed around the outside. I understand they went at it like billyo with a set of battle maces they kept at the convent for recreational purposes, and really improved the bien etre of the joint. Beyond them you had women from all walks of life who could find that little something to hate in a Liberal Government which just kept giving them a little something extra.’

    That subsiding of mood is anticipated to come with a heavy cost for the Effigies and Cathartic Aids industry with the incoming ALP government expected to have as many women as men, limiting scope for staff rapes or erotic games involving biscuits on Ministerial desks, as well as dimming the prospects for past rapists to appear in cabinet or for MHRs to become fixtures in the Philippines bar circuit. CS First Boston equities analyst, Random Bilharzia, says the people like Alan Tudge who bullied a woman he was having an affair with behind his wife’s back are less likely to feature in an ALP government.

    ‘History tells us that politicians away from home will invariably get fresh with people they maybe shouldn’t. But the fraudulent gems of total outrage of the type which gave us ‘Sugar daddy’ politicians catching up with people they have met on the internet on the public purse while breaking matrimonial vows, and then trying to back out of paying for the deal with a woman from the Slavic world – you probably wont get that kind of stuff. That takes a particular kind of studied misogyny wrapped around the kind of bastardy and tin eared idiocy you really get with the Liberals and Nationals. I’d say for sure we will get people sleeping with one another in an ALP government but it just won’t generate the outrage the last government baked in. We are expecting sales to subside for a while at least, and that’s going to hit the bottom line of Australian effigy sales unless they kind find a substitute driver.’

    Credit Lyonnais Effigies and Catharsis analyst Henri de Rochefoucauld added that he had a mid term target of $16.00 (down8%) a share for Blakes and $42.50 (down9%) for COC, but added that both were solid market performers who would expand and had earned the respect of investors with their preparedness to be at the forefront of outrage with a quality product to really facilitate expressing outrage.

    ‘Fundamentally both companies are in a very strong position and have obviously buttressed themselves against a downturn in Australia with a view to international opportunities. We were very impressed with COC’s was quick into Putin sales in Ukraine and Poland, and Blake’s has always had a strong presence in the British market and they are doing very well with the Backyard BoJo Belting Ball in a market where the British PM is nearly at ScoMo levels of utter revulsion. We expect both will continue to post strong sales in Europe and the recent takeover by COC of Ottawa Pain and Hatred really firms up their presence in the North American market. Blakes have been a long term presence in North East Asia and the Middle East. If there is a global food price spike later this year we anticipate a real show of an upgraded target price.’

    That will continue to firm the market for the Australian effigy behemoths, while they wait for real public hatred to come home where Wally Blake says memories of the recent past will continue to drive good sales for a while yet.

    ‘We will be out with a new range in the spring, including the Barnaby Bastard and Christian the Debater. Both are larger than life foam and rubber ensembles featuring very lifelike moans when hit firmly anywhere, but particularly in the nether regions. We’ve matched those up with a range of rounders bats for face slapping enjoyment too, and not long after is when we think the new government will be starting to irritate afresh, so we think we are well positioned for growth.’

  4. Ronin8317MEMBER

    Looks like Deakin is going to the LNP, so the ALP have 76 at best. If Lyon flips to the LNP then ALP will only have 75.Baseball bats at Sussex Street head quarter?

      • The Travelling PhantomMEMBER

        😬😵‍💫 he’s like unflushable poo
        Still there’s hope to flush the füčķ out
        And Tudge kept his seat in Bayswater:/

    • Yep, off to a great start.
      Frankly, I think this is the best case scenario. The ALP have not been given a mandate to govern, but merely a license.
      If they lose even one percent of their primary vote, they’ll spend another decade in wilderness.
      So, yeah, I dare them to fcuk around with public patience.

      • I’m making an early call here that both ALP and LNP will have first preferences with a 2 handle at the next election. I think The People are starting to realise that there are other options beside the two big parties, and those options can look pretty good. This is A Glorious Thing indeed.

        Selecting Dutto as the new leader will only result in the remaining LNP fruitloops convincing themselves that the secret to future electoral success is for them to go more hard-line right and more misogynistic.

        Scomo, Angus, Dutton et all have so thoroughly fcked up the LNP that unless huge changes are made its possible they may not be considered a major party after the 2025 election.

    • It’s weird but I am now hoping the LNP win the close ones. Shame Sukkar is the beneficiary.

    • Holiday In ScomodiaMEMBER

      Albo should go hard ball, try to get the fed ICAC up in next few weeks, have any Libs in a marginal seat with some dirt referred quick sticks, convicted/premeptively booted out with by-elections held to bump up Labor numbers while the mood was still favourable.

        • ErmingtonPlumbingMEMBER

          I really want us to get Bennelong,…not just because it’s my federal electorate but also because it’ll really p!ss off the 2/3rds of my drinking buddies who vote liberal and think Bennelong belongs in Liberal hands because it’s the rodents old seat.

          • If Bennelong falls, that would be 4 seats of former PMs to fall at this election.

          • Geez Ermo, the Liberal World is really tanking. Members who below to a bowls club; the Libs really are scraping the bottom, whatever happened to yacht clubs, are you too far from the water (isn’t there a sewer nearby)?

    • Oh please let them have a minority.

      The decision to parachute KK into a hot LZ will haunt those arrogant dogs for years to come.

  5. TailorTrashMEMBER

    Can this be pinned on labor ?

    Never mastered an Alvey ……egg beater man myself……but another little bit old straya dies

    Dear Alvey Supporters,

    After announcing in 2019 that Alvey Reels was going into its centenary year of 2020 with a bright outlook and emerging global markets, Alvey Reels has seen significant export market growth, product innovation and expansion. The ability to source raw materials together with drastic cost increases, significant and increasing domestic and global supply chain logistics issues, and coupled with Covid 19 disruptive staff shortages, Alvey Reels has made the difficult decision that production at the Carole Park facility is no longer sustainable, and to cease manufacturing effective 30th June 2022.

    We are currently sitting on significant supplies across our whole range of Alvey products, and as such, there will be structured sell down of ALL our stock. We anticipate running with Warehouse/Dispatch and Administration staff with current stock on hand, which will carry us through to January/February 2023, but we will not be able to remain open after this time. Effective immediately to assist our administration team, the Alvey phones will be diverted to an answering service and all calls will be monitored and returned during each day.

    Any Alvey products including spare parts, can be ordered online at http://www.alvey.com.au and any queries can be emailed to [email protected]. All Alvey authorised retailers can while stocks last, order Alvey products, but Alvey spare parts can only be purchased from Alvey online or preferably from Tackleland Sandgate or Charlton’s Fishing.

    We at Alvey Reels deeply regret this difficult decision, and whilst we commit to supplying as many of our products as we can for as long as we can, our immediate priorities are our loyal staff, our dedicated retailers and passionate supporters and customers.

    On behalf of the Alvey Team, we thank you all for your 102 years of support.

    Kind Regards,
    Con Athans and the Alvey Team

    • Spewin. Only just got around to buying my first Alvey last year and have been eyeing of a surf combo, better get onto it before they sell out and disappear, again.

    • haroldusMEMBER

      Editorial from the Daily Piscean 23/5/22 headline: Fish across Australia rejoice – Another manufacturer of barbaric tools of murder falls in the ongoing battle for salt and fresh-water freedom.

    • Wow… That is a “canary in a coal mine” style indicator about the economy…. It’s really sad to think about the skills that are going to waste and the domestic and mental health issues that will follow.

    • The Travelling PhantomMEMBER

      I don’t think they’ll run a plebiscite on same sex marriage soon

      • Mining BoganMEMBER

        They run ’em off the top of buildings like in some other peaceful nations?

          • ErmingtonPlumbingMEMBER

            It’s not proper for a Privileged wh!te male Colonialist oppressor to ask such questions Phantom.
            It was very Patriarchal, islamophobic and Wh!te Supremacist of you.
            Please stop and get Woke bro.

          • The Travelling PhantomMEMBER

            ^^ Not sure how to overcome all what you described i’m suffering as I’m not big fan of woke food , not big fan of stirr fried veggies or meat

    • bubbah buddhaMEMBER

      Keep the alphabetti spagetti flag and ditch the Empire of Evil Union Jack. Keep the ladyboys n send the Huns home like they did the Blandat!

  6. The Travelling PhantomMEMBER

    So what’s the chance a war with China happening and people rush to vote in the tough hawk strong potatoe head?

    • Mining BoganMEMBER

      Conservatives get us into wars, Labor gets us through them and out the other side.

      Timing is all wrong.

    • Mining BoganMEMBER

      Never gonna happen. On their own they’re both powerless.

      Hey, there used to be the Anti-Socialist Party here in Ye Olde Times. Maybe Barnyard could rejig that like Clive gave a rebirth to the UAP.

      • The Travelling PhantomMEMBER

        You might be right, but the election opened the door for a big shift in the political topography, things are definitely changing

      • I wonder about that. If the Libs ran candidates in Nationals seats they would pick up quite a few of them because they would generally get ALP preferences. Plus the voters in those candidates who love pork would realises that the Nats can’t get that for them any more.

    • happy valleyMEMBER

      Nah – Team Dutton, Ruston and Barnaby – a marriage made somewhere. Sky after Dark will love it.

    • He’s about right. What he doesn’t mention is the role of the corrupt corporate media in making these outcome happen in the face of actual community sentiment and views.

      • No more $600k bribes/payments for some texted in field reports 🙁 – to cover the expenses of setting up house with new girl friend. And to make up for loss of party leader top-ups.

    • He might have to contact the food bank with all those mouths to feed. Haha. Couldn’t happen to a nicer grub.

    • Not enough by all accounts from last time when he ended up as just a plain backbencher.

    • Frank DrebinMEMBER

      Why do they keep dragging this pompous fat fck up again and again ?.

      Just let the fcker die for pity’s sake. He is a relic from last millennium

  7. Hugh PavletichMEMBER

    United States …

    More Evidence That Young Americans Are Not Attracted to Dense Cities … Samuel J. Abrams … AEI / New Geography

    https://www.newgeography.com/content/007455-more-evidence-that-young-americans-are-not-attracted-dense-cities

    As COVID-19 restrictions lift and cities attempt to stem the population and commercial losses they have sustained over the past two years, many urbanists are still banking that the historic, well-documented trend of young adults flocking to big cities—for careers, social lives, and cultural amenities—will continue and be instrumental in renewing and reviving urban centers. While city leaders, pundits, and various urban stakeholders alike want younger cohorts of Americans to return to cities, survey research has repeatedly documented that these critically important younger Americans actually show greater interest in suburban life than dense city living, though this fact is not being treated as seriously as it should.

    Thanks to YouGov, we have more data on attitudes about cities from younger cohorts and now know that despite oft-cited virtues of public transit and lower congestion rates, positive environmental impacts, and purportedly lower crime levels, younger Americans are not sold on high-density city living. Specifically, YouGov asked a national sample of adults whether they believe it is better for the environment if houses are built closer together or farther apart. Three-quarters (75 percent) of all Americans agreed with the statement that building homes farther apart is better for the environment. While the rationales for this conclusion were not asked, they could be everything from seeing the importance of more trees and green spaces to perceptions of high energy costs for big city buildings. … read more via hyperlink above …

    Surge in remote working a big deal for college towns like Knoxville and Athens … Opinion | Conor Sen … Bloomberg / The Real Deal

    https://therealdeal.com/2022/05/22/surge-in-remote-working-a-big-deal-for-college-towns-like-knoxville-and-athens/

    Americans Leaving Older Cities for Greener Pastures … Gary Hoover … American Business History Center

    https://americanbusinesshistory.org/americans-leaving-older-cities-for-greener-pastures/
    … via Tory Gattis’s Houston Strategies blog … http://houstonstrategies.blogspot.com/