Macro Afternoon

Asian share markets are doing well despite the lack of a lead from Wall Street as it has a long weekend and despite the big mixed messages from economic data on Friday night. The defensive USD is joining in with a stronger Yen to keep other undollars depressed as the Australian dollar remains poised here at the 68 cent level. Oil prices are trying to stabilise with Brent crude just above the $112USD per barrel level. Meanwhile gold is holding on to its very late Friday session bounce to be just above the $1800USD per ounce level:

Mainland Chinese share markets are lifting very slightly going into the close with the Shanghai Composite up nearly 0.3% to 3398 points while the Hang Seng Index is dead flat, currently at 21847points. Japanese stock markets however are not minding the stronger Yen, with the Nikkei 225 index up nearly 0.7% at 26140 points while the USDJPY pair has remained stready just above the 135 handle, bouncing off support just below from Friday night:

Australian stocks had a very solid start to the week with the ASX200 looking set to finish 1% higher, closing somewhere near 6616 points. The Australian dollar was able to gap slightly higher this morning after its Friday night smackdown below the 68 handle as traders weigh up their options for another big rate rise from the RBA tomorrow:

Eurostoxx and Wall Street futures are very flat as we head into the European open, mainly due to the lack of a lead from Wall Street, with the S&P500 four hourly futures chart showing price action steadying at the 3800 point level with momentum remaining negative at Friday’s closing point:

The economic calendar is very quiet tonight due to the long weekend on Wall Street.

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Comments

      • They are definitely the types of guys who try reading Nietzsche because that’s what smart peeps apparently do, completely miss the point, and walk away thinking they and whatever kind they imagine themselves to be are special. Mild cleverness coupled with an over abundance of confidence and a complete lack of compassion or contextualisation. It doesn’t help that cosplay intellectuals like Jordan Peterson get the cult following and the cheer squad of dunderheads like Joe Rogan pretend to be free thinkers as a way to do their damnedest to avoid any real thinking. And what really annoys me about it all is that they are all so very, very dull. At least William F. Buckley was so pompous and shamelessly proud of his little thought bubbles that you can’t help but get a giggle out of the act.

    • EP,

      You’re a Labor Party member, what sort of influence do the branches have or is it all window dressing with all the decisions made by the party executive?

    • Arthur Schopenhauer

      NZ Banks are Australian Banks in sheep’s clothing. An ANZAC alliance.

      So ‘Straya is really Number One ☝️ after all.

      Edit: Split Enz are a band from Melbourne! 🤩😆😂

      • Oh, THAT Diana Choyleva. The one ‘from’ Enodo Economics, the one whose bio and profile is blocked from that site, along with every other director and executive.
        Nothing to see here, it’s an opinion piece after all, just a shoe-shine girl really.

      • MathiasMEMBER

        Oh, its not a Blog opinion piece. Chinas been accused of Steel Dumping over the past couple of years. EU accused them. US accused them. They engage in covert practices to try and destroy your manufacturing industry.

        China, Russia Steel Hit With 5-Year EU Anti-Dumping Tariffs
        EU sets levies as high as 36.1% on cold-rolled products
        Definitive duties set after provisional measure in February
        https://www.bloomberg.com/news/articles/2016-08-04/china-russia-hit-with-5-year-eu-anti-dumping-tariffs-on-steel

        Australias complained about it as well.
        https://www.abc.net.au/news/2021-06-26/china-wto-anti-dumping-explainer/100245046

        The way it works is they dump huge amounts of steel into your market at really cheap prices. They do this for a while until eventually, all your local steel business’s go broke. When they all go broke, they hike prices and because you have no local steel industry anymore the only people you can go to is them. I think Steel is important for some reason. If they can destroy your steel industry then it wrecks all your other manufacturing, if I understand that right.

        • If you’re going to gaslight at least get some of it right.
          – It is an opinion piece.
          – I said nothing about China.

          • MathiasMEMBER

            I dont care about ‘Diana Choyleva’.

            > ‘If you’re going to gaslight’ ?
            dafuq? Super sensitive lady. I never said anything about ‘gaslight’ either so from my perspective, your just a bully.

        • I get it, you’re hurting. Good, that’s the first step to admitting there is a problem and only you can fix it. Now, get over the idea that asking for help is a sign of weakness or failure. Then, seek help. In the interim call Respect BeyondBlue or others and ask for an appointment. Better, though, in person. Take with you copies of all your posts to this blog, that’s more than enough, but to be sure, also list the other sites that you frequent. Stick with it.

          • MathiasMEMBER

            > I get it, you’re hurting.

            “Pride is holding your head up when everyone around you has theirs bowed. Courage is what makes you do it.”

            “The power of one is above all things the power to believe in yourself, often well beyond any latent ability you may have previously demonstrated. The mind is the athlete, the body is simply the means it uses to run faster or longer, jump higher, shoot straighter, kick better, swim harder, hit further, or box better. ”

            ” I remember my nanny would tell me, that if I listened to the wind, I would hear the voices of my life. I listened, and heard Doc talk about justice. I heard Geel Piet talk about hope. I heard Daboola Manzi, the odd medicine man, talk about courage. I heard Maria. These are the voices of my life, the voices of Africa. These are the voices I carry with me, as Duma and I set out together to help bring our country closer to a good tomorrow. ”

            I am humbled at your compassion for me, Ginger. Im alright. Im pretty sure you wouldnt understand someone like me. I can understand why that might be confusing and possibly even, confronting for you ;p Just know, that as people ( and men ), we get to choose how we wish to live in this life. You can be a friend if you wish but its not for you to tell others how there lives should be lived.

            You’d be surprised how happy I really am ;p

          • Arrogance is not an argument and shows a diminished personalty, or perhaps, even a physical flaw. For the record, the Australian anti dumping commission has more disputes with China, many over steel, than any other country. It is a deliberate policy by China directed at Australia. Such empirical data is no doubt beyond someone so conceited.

          • @ Jake Gittes, is that comment directed to me? You’ve completely misread my comments in this thread – this really boggles the mind because it’s so obvious. Clearly you know nothing of the back story in the exchanges either, which shouldn’t excuse the misread anyway. Good grief.