Chris Becker

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Macro Afternoon

The solid start to the trading week has tripped a little bit here in Asia with local and Japanese bourses putting in scratch sessions with gold heading below $1700USD per ounce as oil prices continue to fall. The Shanghai Composite is flat going into the close, currently at 2813 points while the Hang Seng Index

6

Macro Morning

By Chris Becker  Stock markets continued to rise overnight despite big falls in oil prices and other commodities, as Western nations continue with their plans for early lockdown releases in response to the impact of COVID-19 on economic life. The supply shock of oil has seen WTI fall back below $14 or over 25% as

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Macro Afternoon

Its a very solid start to the trading week here in Asia with all stock markets rising following the strong lead from Wall Street on Friday night. The USD is selling off, particularly against Kiwi and Aussie as Yen buying fails to bring the bears out in Japan either as PM Abe indicates more cash

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Macro Morning

By Chris Becker  Sentiment swung wildly on Friday night particularly later in the session as Wall Street rallied, leaving Europe behind as more economic lockdown easings were announced across the globe. Commodities lifted, taking commodity currencies with them as the Australian dollar almost hit a three week high, while gold and copper advanced as Treasury

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Macro Afternoon

Outside the local market its been a very soft finish to the trading week for Asian shares, with Chinese markets off the strongest, the Shanghai Composite down over 1% going into the close, currently at 2810 points while the Hang Seng Index is falling at the close too, currently down 0.6% to 23863 points, as

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Macro Morning

By Chris Becker  Stock markets were unable to translate gains in Asia to anything substantial in the northern hemisphere overnight as caution reigned with disappointing news regarding an antiviral drug plus a big spike in initial jobless gains keep sentiment tempered.  Euro fell on internal EU squabbling over debt agreements while commodities were mixed with

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Macro Afternoon

Following the bounceback on Wall Street overnight, risk markets in Asia are in the main putting runs on the board with another surge in undollar assets going into the London open, with commodity currencies in particularly lifting significantly. The Shanghai Composite is up nearly 0.2% going into the close, currently at 2847 points while the

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Macro Morning

By Chris Becker  Markets are again swinging between hope and delusion with equity markets pushing higher as the oil price “rallied” from its extreme oversold lows, while another round of probably near useless US stimulus announced by Congress was not overshadowed by the reality of still more growing number of new cases of COVID-19 around

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Macro Afternoon

Risk markets in Asia are fighting back late in the session after a mixed start this morning after a solid selloff on Wall Street overnight. Oil prices have gone the opposite way, gaining earlier before selling off going into the London open, with Brent now at 1999 levels!  The Shanghai Composite is up nearly 0.4%

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Macro Morning

By Chris Becker  Market reaction was again dominated by breakdown in the oil price complex as June WTI crude futures fell nearly 70% while Brent was down 30%, both at near 20 year lows. This dragged the wider risk complex down with Wall Street and European stocks tumbling and setting back the hopeful rally significantly.

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Macro Afternoon

Two factors are combining to make stock markets nervous in today’s session here in Asia with news regarding the ill health of Kim Jong Un and the chaotic nature of oil prices. The Shanghai Composite is down over 1% going into the close, currently at 2819 points while the Hang Seng Index is down twice

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Macro Morning

By Chris Becker  Market reaction was dominated by the oil price fallout in the US as the WTI futures contract went negative as it became a victim of its own supply. Brent crude fell over 6% to match its previous lows, as other industrial commodities also slipped as Wall Street took the blunt and a

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Macro Afternoon

A very mixed start to the trading week here in Asia with local stocks slumping and Japanese markets tripping over as coronavirus jitters continue to plague (sic) the region. European futures are looking a bit brighter however and Chinese stocks are rallying later in the afternoon. The Shanghai Composite is up nearly 0.4% going into the

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Macro Morning

By Chris Becker  Green across the board on stock markets on Friday with traders discounting the future by looking at current COVID-19 results as governments around the world itch to get back to “business as usual”. The USD closed slightly lower against the majors, except gold which fell again, while commodity prices rose, and Treasury

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Macro Afternoon

Risk markets are all beside themselves as Trump pushes his “open America to a 2nd wave of coronavirus” agenda this morning, pushing the risk complex ever higher as it prices in the soon-to-be economic upside while forgetting any problems in the long run. Nothing unusual there. Gold has fallen back below the $1700USD per ounce

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Macro Morning

By Chris Becker  Before the open this morning, markets are reacting – hastily of course – to the US plans to shoot themselves purposely in the face with very early re-openings of their economy, but this has been almost overshadowed by more OPEC communication where they’ve admitted more or less that more production cuts are

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Macro Afternoon

A solid down day here in Asia for stock markets in response to the falls on Wall Street and in Europe overnight as risk aversion starts to creep in. The local unemployment print had little effect on the falling Australian dollar while bond markets are remaining flat as well.   The Shanghai Composite was down before

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Macro Morning

By Chris Becker  Before the European session yesterday, a wave of fear gripped markets as the IMF forecasts and then later, US economic data pointed to a bigger contraction than expected due to the coronavirus. US retail sales for March were the worst drop on record, with the USD spiking against all the majors save

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Macro Afternoon

A mixed day here in Asia as stock markets stumble instead of surging following the bigly increase on Wall Street overnight. The USD is coming back against the commodity currencies in particular with sharp falls in Aussie, Kiwi and Loonie although notably Yen remains firm as US equity futures also pullback.  The Shanghai Composite is

5

Macro Morning

By Chris Becker  Another big surge on Wall Street as hope and delusion continued to be mixed up by traders watching case counts of COVID-19, instead of the underlying macro problems mounting. Oil prices continued to fall despite the OPEC+ production cut promises, with the USD falling alongside against all the majors as gold remained

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Macro Afternoon

With all risk markets back on deck, it was a co-ordinated buy-in with Japanese markets pushing the hardest despite a stronger Yen. Gold continued its epic run, now up to an eight year high above the $1700USD per ounce level. The Shanghai Composite is surging at the close, currently up 1.2% to 2816 points while

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Macro Morning

By Chris Becker  A big weekend with a lot of big news to absorb as most markets fully return on the open today here in Asia. The OPEC+ production cut was met with a wide selloff in oil prices, while the latest EU financial package only saw a mild slump in Euro as most traders

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Macro Morning

By Chris Becker  US stock markets remain detached from reality and continued to bid higher as oil prices also keep the delusion going as DOE oil inventories reached record highs overnight. The latest FOMC minutes failed to raise any caution that earnings are not being priced properly with Wall Street surging 3%, dragging proxies like

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Macro Afternoon

Risk markets are mixed across the region with local shares taking a wild ride throughout the session as a succession of banking related and bond related news hit the newswires. Only Japanese shares advanced substantially with a minor knockback in major currencies including gold as USD regained some strength. The Shanghai Composite is putting in

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Macro Morning

By Chris Becker  The risk complex is in short termism mode as nobody was ready to keep surging equity prices higher overnight, with Wall Street eventually slipping into the red and setting up for some confused options on the open here in Asia today. European bourses ran with the Asian surge but then hit a

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Macro Afternoon

Stocks are up across the region, except locally where traders forgot to fill their buy orders later in the afternoon as the RBA held back on its last rate cut, giving no forecasts for what’s coming down the “V” for vacuous recovery. The rest of the risk complex is still dancing gaily across a sea

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Macro Morning

By Chris Becker  The inability of markets to understand mathematics – i.e the exponential function – continued overnight with a gorging of buying in stocks, culminating in 7% plus sessions on Wall Street even as the number of dead Americans pile up across the continent. European bourses surged too, even as Boris Johnson handed over

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Macro Afternoon

Everything is awesome as markets rally in ecstasy in response to the record breaking US unemployment figures from Friday, and the slowdown in the rate of growth of COVID-19 cases outside the US. In other words, this is probably the eye of the storm before the Trumpvirus goes South, literally. Speculation of a deal between

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Macro Morning

By Chris Becker  Friday night saw the release of the latest US unemployment figures following two weeks of epically bad initial jobless claims, with over 700,000 jobs officially lost although its expected to be much higher given the exponential rate of decline in the “land of the free”. Free from intelligence too as its become

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Macro Afternoon

Another down day for Asian stock markets as local markets erase the one-off blip on Wall Street overnight as oil prices come back slightly and USD strengthens against Yen and gold. Japanese and Chinese PMIs came in poor as expected with the PBOC weakening the Yuan significantly against USD to over the 7.11 handle. The