Yes, this is my last post at MacroBusiness…see more below but first the final roundup of today’s markets:
Its been a tough day on local markets with the ASX200 slumping while the nexus of the AI bubble on Wall Street, the Trump regime’s warmongering in Iran, a snap election in Japan and the latest US jobs figures comes to a sharp point. The USD strengthened again overnight amid the run to perceived safety which is sending most of the undollars down however they are snapping back on oversold momentum, although Bitcoin is suffering a collapse as it breaches the $64K level, now half its 2025 high.
Brent crude has firmed back at the $68USD per barrel level while gold dipped down to the $4600USD per ounce level before bouncing back to just above the $4800 level in afternoon trade:
Mainland Chinese share markets are up only slightly in the afternoon session with the Shanghai Composite moving 0.1% higher to remain below the 4100 point level while the Hang Seng Index is off another 1.2% down to 26561 points. Japanese stock markets are the only highlight in the region with the Nikkei 225 up 0.5% to get back above the 54000 point level while Yen is steady going into Sunday’s election as the USDPY pair stabilises above the 156 level:
Australian stocks are the worst performers with the ASX200 down 2% to 8707 points while the Australian dollar continues to just hold below the 70 cent level on continued USD strength as we await tonight’s NFP print from the US:
S&P futures are failing to lift higher after last night’s pullback with the S&P500 daily chart showing a break of the bearish rising wedge daily/weekly pattern that has been building for many months now – I contend the AI bubble is nearing popping:
The economic calendar will focus squarely on the US non farm payrolls print tonight….
….and that’s all folks. After 11 years and writing over 7500 posts, I’m leaving MacroBusiness. It’s been a great run and venture into business media and all the travails that comes with being in the public eye.
I’ll still be in the background here as a silent investor and wish David and Leith and all the crew well, but I’m now eyeing early retirement (I turn 50 very soon!) and more time with my family.
Good luck and good night!