Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian share markets continue to do well with risk sentiment firming despite pullbacks on Wall Street overnight. The USD is weakening a little against most of the undollars, with the Australian dollar trying to push a little higher above the 69 mid level. Oil prices are trying to stabilise after their falls on Friday night with Brent crude now pushing above the $112USD per barrel level while gold is still really struggling to make headway here, still quite depressed at the $1820USD per ounce level:

Mainland Chinese share markets are again pusher higher into the close with the Shanghai Composite up more than 0.5% to 3397 points while the Hang Seng Index is steadying with a 0.4% gain, , currently at 22317 points. Japanese stock markets are also doing well, with the Nikkei 225 index closing 0.6% higher at 27049 points while the USDJPY pair is remaining fairly depressed, hovering at its Friday session lows just above the 135 handle:

Australian stocks put in some outsized gains with the ASX200 finishing more than 0.8% higher, closing at 6763 points. The Australian dollar is still trying to find a bottom here, having been depressed below the 70 cent level against USD all last week, with a strong session this afternoon pushing it above the 69.50 cent level, possibly making another run at the 70 handle tonight:

Eurostoxx and Wall Street futures are holding steady going into the European open, with the S&P500 four hourly futures chart showing price action wanting to launch from this holding position above the 3900 point level with a bullish inverse head and shoulders pattern now complete:

The economic calendar includes a slew of speeches from ECB and BOE bankers, followed by German consumer confidence and US house prices.

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Comments

    • Ronin8317MEMBER

      Betting against the BoJ is called the “widow maker” trade for a very good reason. Japan is a culture which sees excruciating pain as a virtue.

    • AnnualizeTHIS

      I guess the largest country in the world trying to start WW3 has that effect on people.

    • Vivian DarkbloomMEMBER

      Fear of conflict – whether instigated or imposed – has been imprinted on the German national psyche for the better part of a century. The memory of the end of the Weimar Republic still lingers as well, so this is no surprise at all.

  1. When does Macrobusiness update ANZ’ banks potential complete failure of the Australian housing market

    • Jumping jack flash

      I certainly don’t trust ANZ. I was working for a company during the GFC that had a very large loan (40m) with ANZ and at the first sniff of trouble they liquidated. Just like that.

      • Arthur Schopenhauer

        Same. Dodgy as hell.

        Edit: The top floor of the Docklands building appears to have more fancy stone than the Taj Mahal! 😆

      • The Traveling Wilbur

        Snap. Except in UK. And dotcom crash. So Sterling.

        Edit: And yeah, despite all that, ANZ.

  2. haroldusMEMBER

    @ Phanny more International Binking (and tax avoidance) going on at the other place.

    • Can’t get over watching the G7 in Munich sitting around like they have an ace card up their sleeve. The world is splitting down the middle in a political economy way and they seem to have no appreciation of the risks and costs this entails.

      I can’t see any way out of a huge dislocation to lives…….the shelves in Coles today were worse than during the Covid lockdowns………interesting to see that Sri Lanka got locked down to control consumption of stuff that don’t have enough of and to spread the pain evenly. This might happen in more places as the shortages develop.

  3. reusachtigeMEMBER

    Lock. Us. Down! now. So apparently babies and toddlers are ending up in ICU and dead because of normal illnesses hitting them all at once that they should have caught gradually earlier except we locked them down to save some sick and old dieing carnts. We need a stadium purge of the chicken sh1ts now!!

      • reusachtigeMEMBER

        Actually no. Haven’t been there for a while since it became a satire site and then kind of shut down or something. Hadn’t realised it was still going. I did like that they understood boom times much better than here and they weren’t chicken sh1ts. And also hated chinamen and stuff.

          • reusachtigeMEMBER

            It was just humorous stories wasn’t it? A bit beetoota. Nothing actual real. Like reading penthouse letters.

        • The Travelling PhantomMEMBER

          Stop mucking around DLS, I mean Reusa,
          You like the shadow site more than your site?

          • haroldusMEMBER

            Well you fvcking bitch I hope you two are happy together. Maybe you will start to see the value of a needle in a reacharound situation.

          • The Travelling PhantomMEMBER

            @ Ermo, peachy went off and started her own blog with commentators used to be around this blog
            I’m sure you’ve heard of it’s name..
            Which reminds me why dls used to call peachy astrosurfer..she indeed took audience from here to her own show

          • ErmingtonPlumbingMEMBER

            Don’t be jealous Harry. We can still be friends.
            A lot of people trade in their old worn out Shyte box for a newer model.

          • The Travelling PhantomMEMBER

            @ Harry @ Ermo
            I don’t get what just happened, you both been example of mateship…hope all of this is just keyboards dramas 🤔

          • haroldusMEMBER

            @phanny TBH it’s a bit of a relief. It was getting a bit difficult to reacharound over the gut.

            Anyway, over to you.

  4. Holiday In ScomodiaMEMBER

    More opaque than the sh!ttingcube (and probably just as a bad to be trapped in)… I present some more Aussie IN.GIN.fkn.UITY. … this just skidded down my inbox:

    Hi XXXXXX

    Do you have $30,000 saved and are looking to purchase your home?

    Bricklet for Homeowners gives you the opportunity to buy a home without the need for a large deposit.

    By slashing the deposit requirement it’s possible for anyone to get started.

    How it works:
    You own most of your home using your deposit together with a shared equity home loan.
    You rent the rest.
    You have the same rights just like a normal homeowner.

    Be amongst the first to buy with our exclusive offer:

    Bricklet are looking for people who are currently looking to buy a brand-new home of their own but don’t have the full deposit needed. Do you have at least $30,000 saved?

    What to do next:
    If you would like to take part or find out more information, click below or call Bricklet on 1300 733 253 and quote “Credit Savvy”.

    Tell Me More
    What are the next steps:
    Bricklet will discuss what you are looking for, your deposit position and help you start the process.
    You will then be connected with their mortgage partner who will help with your loan application and approval.
    After you are approved the contract is finalised, followed by a fast settlement and then the property will be yours!

    … cool diagrams didn’t copy paste across unfortunately but you can use your imagination- you can bet CBA, Bricklet, Credit Savvy and every other property hanger on are using theirs!

    • TailorTrashMEMBER

      I have a pile of old bricks in my backyard . How can I monetise these into a super cool financial instrument that can be accessed via a jazzy app and involve huge amounts of leverage that I can cream off big time ?

      There has to be a way to realise the great potential of these bricks and mortar solid assets ( bricks are second hand so they come with mortar attached )

  5. ErmingtonPlumbingMEMBER

    How do we supposed to “trust the Science” when neoliberalisms keeps finding new ways to corrupt it and fk it up.
    An interesting and newish Philip Mirowski Clip
    “Platform capitalism re-organises the science of the future”
    https://youtu.be/VSmY0CSzEdE

  6. Hugh PavletichMEMBER

    Sri Lanka … Inflation now about 133% according to Johns Hopkins University as residents life savings wiped out … DW News reports …

    Sri Lanka hit by worst economic crisis since its independence | DW News … Youtube

    https://www.youtube.com/watch?v=DX9cLlB96ec

    Sri Lanka suspends fuel sales for two weeks as economic crisis worsens … Agence France-Presse / The Guardian

    https://www.theguardian.com/world/2022/jun/28/sri-lanka-suspends-fuel-sales-for-two-weeks-as-economic-crisis-worsens

    Why Sri Lanka’s Economy is Collapsing : The First of Many … Casual Scholar … Youtube

    https://www.youtube.com/watch?v=ZYV3XCbk5PQ&t=1s

    … and its history since independence 1948 …

    The Economic Crisis in Sri Lanka … Asianometry … Youtube

    https://www.youtube.com/watch?v=g70ncHcaBiE&t=2s