Chris Becker

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2020 was Australia’s fourth hottest year on record

The BOM has released its Annual Climate Statement for 2020, headlining the sobering fact that 2020 was the fourth-warmest year on record, with temperature now 1.15 °C above the 1961–1990 average. Senior Climatologist Dr Lynette Bettio, said that: “The mean temperature for the 10 years from 2011 to 2020 was the highest on record, at

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Macro Morning

Stimulus and vaccine hopes are overriding concerns of more market regulation from a Democrat-controlled Congress, as Wall Street surged to big new record highs overnight, overshadowing the political turmoil seen in the Capitol yesterday. Oil prices continued to lift while Bitcoin remains unstoppable, lifting to a new record high after briefly breaching the $40,000 level,

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Daily iron ore price update (scrap ban lifts)

The iron ore complex surged on Thursday, bringing prices to new highs as demand for iron ore remains high in the Middle Kingdom: Spot prices exceeding $170USD per ton while coking coal and rebar advanced nearly 2%. The lifting of a two year ban on imported scrap steel into China last week are considered “symbolic

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Macro Afternoon

A strange day for geo-politics as the US goes bananas – literally – which hasn’t upset risk markets as the certainty around a Biden administration becomes pretty clear.   Bitcoin continues to surge, now above the “insert crazy level here” while gold is trying to recover from its overnight breakdown, up slightly but looking weak here

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Bitcoin bubbles as Australian dollar floats along

Markets are plain ignoring the political chaos in the US, with the local stock market up nearly 2% and S&P futures up 0.6% as Congress re-convenes.Bitcoin continues its unsustainable but wondrous to behold move higher, hitting the $37000 level overnight and slightly below that level going into the afternoon session. Note the crypto currency has

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Macro Morning

Wall Street continued to surge overnight despite the chaos on Capitol Hill with only the NASDAQ pulling back with European stocks outperforming. Oil prices continued to lift on the Saudi cuts while Bitcoin remains unstoppable, lifting to a new record high to be above $36000 mark at one stage as the daily chart moves further

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Daily iron ore price update (seaborne volumes drop)

Iron ore prices continued to surge yesterday, despite some hesitation on futures markets as concerns over current iron ore supply weighed on the complex. Here are the latest prices, with rebar and coking coal dropping slightly: Seaborne volumes are in a slight decline: After a two-week rise, iron ore volumes dispatched from 19 ports and

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RBA Charts the Aussie economy

It’s that time of month, even though the boffins and gearlever holders are on holidays for January they still managed to put out a glorious make benefit for MacroBusiness readers Chart Pack. First, its the measure that all economists love and politicians are slavishly devoted to – GDP: COVID-19 really put the guts into GDP

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Macro Afternoon

Another mixed day of trading in Asia with most stock markets declining or putting in minor scratch sessions as Wall Street futures pulled back in the wake of a probable Democrat victory in the special Georgian elections that will decide the fate of the Senate.  Bitcoin continues to surge, now above the $35000 level while

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Australian and Kiwi dollar in battle of the antipodes

Not much happening in currency land today as risk markets (aka the bots) remain closely tied to the outcome of the Georgia special elections in the US that will decide the fate of the Senate, and hence President-elect Biden’s legislative agenda. In crypto world, Bitcoin is hovering just above the $34000USD level having gotten ahead

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Macro Morning

Wall Street refound its lost confidence overnight as the Georgian senate races got underway as a selloff in Treasuries – sending 10 year yields nearer the 1% magical level – embiggened stock bidding, lifting the S&P500 to a new high.  Oil prices surged on a post OPEC+ announcement that the Saudis would make some production

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Daily iron ore price update (more upside)

The iron ore complex continued to rise on speculation yesterday, with spot prices lifting well above $160USD per ton, while Dalian futures continued to put on gains, despite the latest five year plan from Beijing supposedly putting a dampener on steel demand. Here’s the latest prices and charts: Trading Economics reckon there will finally be

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Macro Afternoon

Another mixed day of trading in Asia with most stock markets putting in scratch sessions as confidence was lost on Wall Street overnight.  Bitcoin volatility remains relatively high, putting in another $2000 roundtrip expedition and currently on a downleg below the $31000 level while gold looks a bit toppy as it runs out of puff

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Macro Morning

It was all set to be a clear path into 2021 with Asian and European stock markets doing well, as Wall Street lost confidence overnight in the wake of the UK virus lockdown and uncertainty around the US election (both presidential and upcoming Georgian senate races). This should prove a big headwind for stocks today

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Daily iron ore price update (China squeeze)

The iron ore complex is taking it a little more easy into the new calendar year with seaborne prices and Dalian futures lifting on Monday, as firm demand in steel and positive sentiment after the New Year holiday continued: The Chinese are starting to get real about diversifying away from near total reliance on Australian

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Macro Afternoon

A relatively mixed first day of trading in 2021 here in Asia with Japanese stock markets pulling back as Yen surges, while the rest of the region saw good moves higher across stocks and other risk assets. The big non-suprise (?) has been epic upside volatility in Bitcoin, which launched over 10% higher to be

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Macro Morning

And we’re back for 2021 with risk markets really loving the Christmas/New Year break as US stocks go to new record highs, pushing up other risk assets along the way. The fly in the ointment of course was Brexit, with European and non-European bourses (aka FTSE) not having a sterling (sic) a time over the

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Daily iron ore price update (moderation)

The New Year is here and the speculative fest that is the iron ore complex continues to deliver, although the Tianjin spot price did waver over the Christmas break, falling more than 3% to be at its lowest since mid December: It has to be remembered that the most active iron ore futures on the

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Weekend Summer Links 2-3 January 2021

  Macro & Markets After golden year for precious metals, silver set to shine in 2021 – Reuters Turbulent times for travel – Bangkok Post…a big hit… Small firms: Little engines that could save the global economy – Al Jazeera Don’t Worry About a Weak Dollar. Here’s Why. – Market Watch Why Markets Boomed in

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New Years Eve Links 31 December 2020

  Macro & Markets Past epidemics raised income inequality & hurt employment prospects of the lower educated, while scarcely affecting those with advanced degrees – VOXEU Changes to the Federal Reserve’s interest-rate setting panel will make the U.S. central bank even less likely to tighten monetary policy in the new year – Bloomberg Most people

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Summer Links: 29 December 2020

‘Lake Wanaka, summer evening’ 1878, W.M.N. Watkins, National Gallery of Victoria   Macro & Markets A Data-Driven End to Capitalism as We Know It – Bloomberg, Mukherjee…good read, this is where we are going… After 2020, an Era of Global Harmony — or a New Dark Age? – Bloomberg While China is knocking at the

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Macro Afternoon

A quiet last day of trading before the Christmas break here in Asia with some mild raises across stock markets and low volatility in currency land.  Bitcoin has fallen below the $23000 support level thought, and gold is steady at its start of week trading level at $1875USD per ounce: The Shanghai Composite is down

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Bitcoin and Australian dollar go toe to toe

We’re getting to the end of the trading year and performance comparisons of different asset classes since January 1st are being pumped out left right and center. The resounding message of central bank liquidity and record low interest rates creating a tide that lifts all boats can sometimes be lost when comparing currency values. For

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Macro Morning

Action on risk markets overnight was relatively mild as Trump’s dumping of the Congress stimulus package was absorbed with aplomb by stocks, with rumors that the Brexit deal is almost sealed helping lift European stocks. Commodities found a solid bid with oil rising 2% or more while gold and silver stabilised alongside Bitcoin, as it

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Daily iron ore price update (another slide)

Iron ore prices continued to retract across Chinese exchanges on Wednesday, with Dalian futures hit the hardest – down nearly 10% at one point: The Dalian market regulator is thinkning about cutting position limits by more than half in the wake of the increased speculation, but this may not be enough as demand continues to

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Macro Afternoon

Asian stocks are regaining after their stumble yesterday, and despite the threatened veto by almost-former President Trump to stop the just-passed US stimulus package, S&P futures are on the mend as risk markets re-balance from that catalyst.  Bitcoin continues to rebuff the $24000 resistance level while gold has failed to gain any traction, heading back