Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian share markets are somewhat mixed with peripheral bourses lifting as risk sentiment cotnineus to firm on Wall Street but Chinese shares are the laggards in terms of risk taking. The USD is in a holding pattern against the major undollars as traders await tonight’s ECB meeting while the Australian dollar gets back above the 69 level. Oil prices are moderating again with Brent crude sliding back to the $106USD per barrel level, while gold making new lows with price solidly below the $1700USD per ounce level:

Mainland Chinese share markets are trying to clawback their early morning losses going into the close with the Shanghai Composite down 0.3% to 3293 points while the Hang Seng Index has retreated further to be lose 0.6%, currently at 20759 points. Japanese stock markets are continuing their surge, with the Nikkei 225 up 0.4% to 27803 points level while the USDJPY pair has stabilised just above the 138 handle:

Australian stocks have had another solid session, with the ASX200 closing 0.5% higher at 6794 points. The Australian dollar was able to get back from its overnight retracement to just pip above the 69 handle, holding on to a new weekly high:

Eurostoxx and US futures are lifting again as we head into the European open, with the S&P500 four hourly futures chart showing price action pushing well above the 3900 point level that equated to the former weekly highs before this weeks fill-in rally:

The economic calendar will focus squarely tonight on the latest ECB meeting and subsequent press conference. Expect interest rate fireworks!

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Comments

    • elasticMEMBER

      ‘The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity,’ wrote Matt Taibbi in Rolling Stone in 2009, ‘relentlessly jamming its blood funnel into anything that smells like money.’

      A good fit for Joshie

    • If you read that takedown by Joe Alston (sp?) he said the only thing Joshy could do is investment banking.

    • ErmingtonPlumbingMEMBER

      As soon a Malcolm Turnbull got rolled as PM he flew to NY to receive his next assignment from Goldman Sachs.
      It was like less than 48 hours after the LNP gave him the boot!

  1. So I speak some truths on here today and get called a d-head lol.

    I put it to you all now – we know things aren’t great, we all say we want change, but what have any of you actually done to help bring on the change?

    I know a few posters here chipped in for SAP and some independents but most of you just love to have a whinge and then do nothing.

    What did I do – joined the ALP, had a red hot go at it, discovered the factional problems and bailed out. Yep, I had a go, I failed but I tried and am still trying.

    HnH and Unconventional both starting to sound a lot like totes…..

    (Ban hammer in 3 2 1 lol, don’t want my opinion on your serious articles? Simples, keep arvo links open for the banter, time to bring back wine chat).

    • The Travelling PhantomMEMBER

      When they call you d-head it’s a badge of honour 🎖
      They been contrarian indicators for a while,
      Eg. Houses going down! Result: biggest boom ever
      Eg. Biggest deflation coming! Result: We are in spiralling inflation
      Eg. Inflation is transitory…Result:Been over a year!
      Eg. MPLOL….Result: no comment

      Disclaimer regarding transitory inflation, only kfc food court guy could really make a call on the reality of it is transitory without time frame but that won’t make it un-intrenched by the end

    • You know what they say WaF – pioneers get the arrows whilst the settlers get the land. I’ve not done anything to fix the system – IMO you can go crazy trying to change the system or you can just keep your head down, don’t make the system worse but try to work out how you can make life better for those around you despite the system

      and yes – it is wine o’clock.

        • The Traveling Wilbur

          I don’t understand why people keep misspelling that. It’s chapau. Sure, in France it’s chapfr, but here it’s chapau.

      • Squealing Pig Central Otago Pinot – not quite as high brow but hard to go wrong with Central Otago Pinots IMO

        • Big fan of the Otago pinots, my problem is I get really turned off by a lot of the labels/label art so never try new things lol. I’ll give this one you mention a go.

      • Try the Robert Mondavi CS private selection bourbon barrel aged 2019

        25 at Dans and sensational

        • The Traveling Wilbur

          $25? $25! I’m not made of biscuiting money you know.

          Drinks something over $22 a bottle (single bottle purchase) – well lah di dah – must be all that GF excess overflowing again 😉.

    • Well I know housing won’t crash because my sister just bought another place despite me advising to hold off. So once again I’m wrong and she will be right. Not that I want her to suffer, but I actually think despite the market she did well with what she bought. Only time will tell if that assumption is right.

  2. Ronin8317MEMBER

    Nord Stream 1 is back online.

    https://www.reuters.com/business/energy/nord-stream-1-gas-pipeline-nominations-show-rise-july-21-operator-website-2022-07-21/

    It is funny to see EU complaining about Russia using ‘energy as a weapon’ as they continue to ship arm to Ukraine. Like, Duh?? Meanwhile, the US wants to list Russia as a terrorist state.

    https://www.politico.com/news/2022/07/20/pelosi-to-blinken-label-russia-as-terrorist-state-or-else-congress-will-00047076

    That allows the US to confiscate all Russian asset. When did Russia incite terrorism in the USA? Maybe they should start with Saudi Arabia?

  3. Maybe if who had a mass refusal to pay energy bills here in Oz we could force Albo to pull the trigger or the gas cartel to stop sending so much of our gas abroad. 🤔

    “Mass non-payment of energy bills “is becoming a plausible outcome” unless action is taken, Martin Lewis warns Tory candidate hopefuls.”
    https://t.co/jQuEoXtwHp

    • The Travelling PhantomMEMBER

      We love to think we’re larrikins and free spirits and convicts. Etc
      Buy most regulations lovers, nany state bossom sucklers are on this great land

      • Used to be.
        Not now, mass immigration has changed that. Australia has changed (some now want the country’s name, Australia ,changed).

      • The Travelling PhantomMEMBER

        Jaw drop….. they can’t be serious!!! Cause I heard it’s rumours floated to get him better deal??

      • That wouldn’t even buy half a leg of a striker the Toon need. FFS hope they get a wriggle on.

    • The hard-right in Italy may sweep to power. How’d fascism turn out for them last time?

    • The Travelling PhantomMEMBER

      That’s extortion, they should be hanged from their toes tied hands and let magpies attack them.
      Maybe squeeze some drops of honey on them and bring a honey badger to eat the honey too?

    • The Traveling Wilbur

      Well, that’s the most potentially interesting Freudian slip of the year?

        • ErmingtonPlumbingMEMBER

          I don’t think that is the kind of “Fact” you can really claim about any man? Especially one that goes on about his mother so much.

          • I’d warn you against personalising these historic figures, but I guess even you were Jung once.

  4. TailorTrashMEMBER

    The new Westminster concept of parliamentary
    responsibility…….,,,,,,,

    Na bruz it wasn’t me …so I’m staying

    But then Boris in the mother of Parliaments
    has rather set the tone for a new generation of little men
    ( persons ) who refuse to go with dignity

    Sharpen your pitchforks comrades …..

    https://www.skynews.com.au/australia-news/politics/im-innocent-new-south-wales-mp-john-sidoti-refuses-to-step-down-despite-being-found-corrupt-by-states-watchdog/news-story/a71451c1bcdf91dcdfd25fc38cae71e3?amp

  5. The Wizz of Ozz

    Hyperinflation is a symptom of less resources which means war is expected this is the cycle of life

  6. Hugh PavletichMEMBER

    China’s Mortgage Boycotts … Bloomberg

    Why Are People Across China Refusing to Pay Their Mortgages? What to Know So Far

    https://www.bloomberg.com/news/storythreads/2022-07-15/why-are-people-across-china-refusing-to-pay-their-mortgages-what-to-know-so-far?srnd=premium-asia

    Mortgage Boycott Shows How Deep China’s Property Crisis Goes

    https://www.bloomberg.com/news/articles/2022-07-19/china-mortgage-boycott-reveals-housing-uncertainty?srnd=premium-asia

    More Chinese Homebuyers Refuse to Pay Mortgage Loans Amid Contagion Fears

    https://www.bloomberg.com/news/articles/2022-07-14/more-chinese-homebuyers-refuse-to-pay-loans-amid-contagion-fears?srnd=premium-asia

    China’s Credit Market Is Plunging Into a New Phase of Distress

    https://www.bloomberg.com/graphics/china-credit-2022-07/?srnd=premium-asia

  7. Hugh PavletichMEMBER

    United States …

    There’s An Amazing Glut Of Office Space In Every Major Metro Area … Mike Shedlock … Zerohedge

    https://www.zerohedge.com/economics/theres-amazing-glut-office-space-every-major-metro-area

    Authored by Mike Shedlock via MishTalk.com,

    Occupancy is an engine of local economies. But there’s a huge glut of space available…

    (graph)

    Office Swipe rates via WSJ

    A Glut of Office Space
    The Wall Street Journal reports Big Cities Can’t Get Workers Back to the Office

    More than two years into the Covid-19 pandemic, exasperation is growing among business, city and community leaders across the U.S. who have seen offices left behind while life returns to normal at restaurants, airlines, sporting events and other places where people gather. Even after many employers have adopted hybrid schedules, less than half the number of prepandemic office workers are returning to business districts consistently. … read more via hyperlink above …

  8. Hugh PavletichMEMBER

    New Zealand …

    World’s Frothiest Housing Market Cools in Global Warning Signal … Ainslie Thomson … Bloomberg

    https://www.bloomberg.com/news/articles/2022-07-21/will-home-prices-fall-world-s-frothiest-market-provides-clues-to-rest-of-world

    New Zealand’s housing market has abruptly snapped from frenzied to floundering — and it may be a harbinger of what’s to come around the world.

    Sales are plunging by double digits. Prices just fell the most in 13 years. And homes that would have previously sold in days are now sitting on the market for weeks.

    It’s a change real estate consultant Alison Hawkes has watched first-hand. Just a few months ago, houses were selling for record prices as New Zealanders scrambled to buy property. Now, she spends much of her time managing the expectations of sellers, who are having trouble comprehending that they’re not going to find a buyer at the high prices seen in 2021. … read more via hyperlink above …

    The first time buyers who moved from Wellington to Westport … Joanna Davis … Stuff NZ

    https://www.stuff.co.nz/life-style/homed/first-homes/129114407/the-first-time-buyers-who-moved-from-wellington-to-westport