Macro Afternoon

See the latest Australian dollar analysis here:

Macro Afternoon

Asian stocks are having a solid start to the trading week with Chinese stocks still the laggards but avoiding the steep falls from Friday’s session. The mixed earnings from Wall Street is not overshadowing risk sentiment as all risk markets keep lifting as the USD strength wanes slightly. Yen remains strong while the Australian dollar is failing to push through the 70 level. Meanwhile oil prices are slowly going nowhere with Brent crude hovering at the $103USD per barrel level, while gold has also paused from its Friday night high to maintain the $1760USD per ounce level to hold on to a new monthly high:

Mainland Chinese share markets are just holding on to some gains going into the close with the Shanghai Composite up slightly to 3258 points while the Hang Seng Index is slipping after getting into full reverse mode on Friday, down just 0.1% to 20126 points. Japanese stock markets are pushing higher despite the much higher Yen, with the Nikkei 225 up 0.5% to 27951 points as the USDJPY pair drops below the 133 level again as Yen buyers step in amid the renewed USD weakness for a new monthly low:

Australian stocks had a great start to the trading week with the ASX200 closing some 0.6% higher to almost push through the 7000 point level, closing at 6989 points. The Australian dollar has again failed to punch through the 70 handle as it remains stuck following the Fed’s rate rise, now anticipating tomorrow’s RBA meeting:

Eurostoxx and US futures are holding on to their end of week gains with the S&P500 four hourly futures chart showing price action wanting to continue its breakthrough above the 4100 point level to continue this relief rally:

The economic calendar starts the week with German retail sales and the latest ISM manufacturing print from the US for July.

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Comments

  1. Fishing72MEMBER

    Big thanks to the Macrobusiness team for your efforts to alert Australians of the sh1t show the National economy and political scene has become.

    Standing ovation!

      • The daily mail are the malevolent imbeciles

        Though it does raise an important point – perhaps albo needs some more detail to ameliorate the concerns

        Having said that he’s been clear in saying *this will not abrogate the power of parliament *

        I suppose if you want to read that in the opposite direction then what’s to be done

    • ErmingtonPlumbingMEMBER

      The Anti Australia, hateful and racist white privilege narrative peddled by the yes movement has me leaning towards a No.
      I would have been a guaranteed Yes less than 10 years ago.

  2. Arthur's Poodle

    Lots of “Gas Cartel” usage on ABC Melbourne Drive this afternoon.

    Plus 100 to MB’s strident use of the phrase.

    600% increase in East Coast Gas users costs. 0% increase in production costs.

  3. Who said it?
    “Through my 20-year career as an entrepreneur in a competitive, relentlessly changing, industry environment, I evolved into an outcome and solutions-focused leader”

  4. Props to the team regarding shining a light on the Gas Cartel !! But that wanchor Littleproud comes out today and says something along the lines of….”but we never had to pull the trigger because we had good relations with the Industry”.. yeah right,,..the type of relations you have in jail when you drop the soap in the shower cubicle next to a guy called Bubba. Yet again, the party of the 1%’ers showing how out of touch they are with ordinary punters. The only thing they get right is pork, corruption, misogyny and being born with a plum up their ass…..

  5. What’s it all mean!

    “Non-invasive transcutaneous vagal nerve stimulation, as a non-pharmacological adjuvant, may help reduce the burden of COVID-19.”

  6. Hugh PavletichMEMBER

    Rusia …

    Is Russia on the verge of economic collapse? | Jeff Sonnenfeld … Times Radio

    https://www.youtube.com/watch?v=UeP0QwSHKr8

    “The myth of Putin as the world’s energies tsar is running out of gas.”

    Putin can’t pivot east to sell oil and gas and is eating into his reserves to finance the war, which will create “a very tough time in Russia” in the coming months, says Jeff Sonnenfeld.

    Study shows: Western sanctions take a heavy toll on Russia’s economy | DW News

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

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