See the latest Australian dollar analysis here:
Asian share markets are rebounding somewhat outside of Japan with risk sentiment improving slightly on overnight volatility. The RBNZ surprised today with a 50bps rate rise, which sent AUDNZD to a three week low as expectations firm for the RBA to play catchup. Other currency markets are seeing some firming in USD with Euro pulling back from its overnight surge while oil prices are slowly climbing again, with Brent crude now hovering just above the $114USD per barrel level. Meanwhile gold is treading water here just below the $1860USD per ounce level as its swing trade runs out of steam:

Mainland Chinese share markets have rebounded with the Shanghai Composite up 0.9% to 3098 points while the Hang Seng Index has treaded water, up only 0.1% to keep above the 20000 point level. Japanese stock markets remain on the downside however as the Nikkei 225 index lost nearly 0.4% to close at 26677 points while the USDJPY pair has tried to pare back its overnight losses, dicing with the 127 level as Yen defensive buying has not yet abated:

Australian stocks ended slightly higher with the ASX200 finishing up 0.3% at 7155 points, taking back the previous losses and keeping the key 7100 point support level intact for now. Meanwhile the Australian dollar has pulled back slightly below the 71 handle against USD after the RBNZ rate rise, still finding significant resistance at that level overnight, but four hourly momentum remains positive for now:

Eurostoxx and Wall Street futures are slowly rising as we head into the European open with the S&P500 four hourly chart showing price wanting to get back towards the key 4000 point level as intrasession volatility remains quite high:

The economic calendar includes the latest German GDP print and US durable goods orders.
PS. Thank God we don’t send our kids to American schools.
- Macro Afternoon - July 6, 2022
- Australian dollar collapses under commodity crash - July 6, 2022
- Macro Morning - July 6, 2022
They got a majority yet?
They never made a movie called Majority Report, did they?
What about “Minority Recall”? Or “Total Report”?
The Fungibles?
74, 75 likely, 76 will be a hard slog.
I think they get McNamara and that will be 76. The Brisbane seat could go anywhere. The others still left go liberal in my opinion.
McNamara makes 75. Lyon’s margin is shrinking, and Green is ahead in Brisbane. Looks like a minority government. @[email protected]
It would be 76 with Fowler, so KK and her backer have once again screwed the ALP. . Going after Dai Me with Section 44 will only makes the seat when harder to win back. What happened to Tasmania? The entire state flipped blue.
Everyone who matters bought an IP in Queenstown?
The state liberal govt took a very hard border stance, not unlike McGowan in WA, and the local punters valued the protection and the ensuing freedom during the worst of COVID.
But since it was liberals doing the protecting, SFM and his band of merry conservatives were strangely silent on the issue.
And just like in WA, that COVID experience probably generated a party after glow
Wilkie
Debt
https://en.wikipedia.org/wiki/Australian_government_debt
It is surreal. After the school shooting, the GOP solution is.. more guns.
https://www.texastribune.org/2022/05/24/texas-republicans-uvalde-gun-control/
The sales of bullet proof schoolbag to go through the roof, even though it’ll be useless.
https://www.today.com/parents/what-you-need-know-about-bulletproof-backpacks-t160220
China’s Foreign Minister’s upcoming visits to the Pacific islands. Penny Wong better pull her finger out.
https://www.globaltimes.cn/Portals/0/attachment/2022/2022-05-25/25b1e249-ec70-4e11-9ae6-e71ec755c777.jpg
Well, there’s a vivid image.
Dykes need plugging after all.
Wong way, go back!
I’d like to take this opportunity to point out that in many situations, I can show restraint, nay, delicacy.
At least Wong is pulling her finger out whereas Payne (and her predecessors) had hers stuck in for so long that it was irremovable.
In that spirit of restraint, let’s open negotiations.
https://www.dailymail.co.uk/news/article-10852313/New-government-sex-ads-demonstrate-young-Aussies-ask-receive-consent.html
No? OK how about….
https://www.youtube.com/watch?v=ouTE1pkxbtQ
Are you awake, Harry?
No.
Has Elon threatened to buy MB and asked for a bot audit?
Turns out Totes be Woke was 100 different bots with different aliases. With an AI program that would insert all Labor’s fault on every 20th sentence.
Totes is working on more important things now…
“It’s all the Teals fault”
Feels like adults again phew
https://www.smh.com.au/politics/federal/nothing-dreadful-to-report-from-a-pm-s-trip-abroad-what-a-relief-20220525-p5aocf.html
https://www.afr.com/politics/federal/inside-labor-s-no-dickheads-campaign-for-victory-20220523-p5anof
https://www.afr.com/politics/federal/labor-won-t-cancel-big-four-consulting-contracts-20220525-p5aoe0
The International Container Port Performance Index 2021 … World Bank & IHS Markit / S&P Global …
Biggest US Ports Rank as World’s Least Efficient for Containers … Bloomberg
https://www.bloomberg.com/news/articles/2022-05-25/biggest-us-ports-rank-as-world-s-least-efficient-for-containers
• Los Angeles, Long Beach are last in gauge of 370 maritime hubs
• Asian ports perform well; Chinese operations dominate top 10
The supply-chain crisis that has clogged the US logistics network has made the country’s two largest ports of Los Angeles and Long Beach the least efficient trade hubs for handling containers worldwide, a new report showed.
Responsible for about 42% of all US containerized trade with East Asia, the southern Californian twin hubs ranked in the final two positions of the World Bank and S&P Global Market Intelligence’s 370-member Container Port Performance Index for 2021, the companies said in a report released Wednesday. A majority of the busiest US sea gateways — including Georgia’s Savannah, New York and New Jersey and California’s Oakland — ranked in the bottom half of the list.
Maritime transport moves more than 80% of global merchandise by volume; even before the Covid-19 outbreak, ports were already handling more cargo, which pushed those with weaker infrastructure to “the limits of their capacity,” said S&P Global Market Intelligence Associate Director Turloch Mooney, one of the authors of the report. … read more via hyperlink above …
Middle East container ports are the most efficient in the world … S&P Global
https://press.spglobal.com/2022-05-25-Middle-East-container-ports-are-the-most-efficient-in-the-world
The Container Port Performance Index 2021 … IHS Markit / S&P Global
https://ihsmarkit.com/Info/0522/cppi2021report.html
United States …
Rabobank: Michael Burry Warns That The Economy Looks Like A House Of Cards… And He Is Right … Zerohedge
https://www.zerohedge.com/markets/rabobank-michael-burry-warns-economy-looks-house-cards-and-he-right