Chris Becker

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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

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Trump takes a dump on relief as markets flump

Quelle surprise. His Royale with Cheetos has decided at the last minute to squash the long awaited yet extremely underwhelming stimulus bill from the US Congress, wanting more money in the stimulus cheques ($2000 vs the paltry “let them eat cake” $600) and removing a lot of riders and other “unnecessary” spending. From MSN: The

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Macro Morning

A mixed night on risk markets as the Asian close presaged downside volatility that didn’t eventuate on European markets, but kept Wall Street on edge with only tech stocks on the NASDAQ advancing as the latest US stimulus package didn’t do much to lift confidence. Commodities finally couldn’t find a bid with iron ore dropping

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Daily iron ore price update (snapback from reality)

The iron ore complex finally took a deep breath yesterday, with prices tumbling across Chinese markets, as the Dalian exchange in particular listening to some steelmaker concerns that speculators are “ruining” (sic) prices. Spot iron ore was off by nearly 6% while futures fell back more than 3%: S&PGlobal were quick to share their view

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Macro Afternoon

Asian stocks are in full flight as the selling gains traction following the fallout from the UK lockout and the European lockdowns as the Congress stimulus package (let them eat cake basically) underwhelms. Bitcoin is levitating just under the $23000 level while gold has tried to regain its previous heights after the big roundtrip last

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Australian dollar cruises down as retail sales surge

The latest retail sale figures for November have not been received well on the local share market, with the ASX200 down nearly 1% while the Australian dollar remains under pressure after the big roundtrip in risk assets overnight. The Pacific Peso just can’t seem to get back to its former highs (and nominal yearly highs)

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Bitcoin squeezing out other cryptos as it zooms higher

The number of memes around financial assets – and their cryptozoological Frankenstein cousins – continues to mount as the world’s central bankers unleash as many acronymic “easing” programs they can to arrest the COVID economic depression. HODL was the classic one for Bitcoin, as it crushed under the weight of its first bubble in late

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Daily iron ore price update (1 billion tonnes)

You can’t stop the iron ore juggernaut with spot Tianjin prices up nearly 8% while Dalian iron ore futures jumped nearly 10% as rebar futures also soared upwards on Monday trade: This is supposedly due to the Friday news of another landslide at a Vale mine in Brazil, which resulted in the death of one

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Macro Morning

Big round trip’s in prices across many risk markets overnight due to concerns over a new strain of COVID-19, leading to a leap in volatility that is sure to continue here in Asia. Despite a new round of stimulus from Congress, Wall Street is not convinced and remains lacking in confidence, as does Europe as

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Macro Afternoon

Asian stocks are struggling to gain traction at the start of what is likely to be a low volume trading, following the less than stellar performance on Wall Street on Friday and the weekend news of more economic lockdowns across Europe. Bitcoin is levitating to new heights yet again while gold has pushed through the

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Australian dollar peaking as COVID drags into 2021

It’s getting towards the end of the trading year but that’s not stopping Bitcoin from pushing to ever higher record highs, nearly $24000 this morning after recently bursting through the previous HODL high at just below $20000: Gold briefly toyed with the $1900USD per ounce level but what bears (sic) watching more closely is still

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Macro Morning

Risk sentiment faded on Friday night across both sides of the Atlantic as European measures to contain COVID ramped up, putting pressure on their respective economies, while the lack of any measures in the US is sending the death toll higher and higher, as Congress does 2/5ths of SFA to engage meaningful stimulus. Wall Street

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Macro Afternoon

Stocks are really struggling going into the end of week trading here in Asia after the mid week surge fades quickly as pessimism sneaks in. Bitcoin is not yet going down, but is struggling as well without any new highs, while gold is holding on just above the $1885USD per ounce level: The Shanghai Composite

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Macro Morning

More hopium is sending risk sentiment higher, at least on Wall Street as traders book a potential pre-Christmas stimulus package from Congress. Commodities continue to do well across the board as iron ore follows Bitcoin to the stratosphere, the latter pushing above the $23000 level although its looks very toppy here on the four hourly

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Macro Afternoon

It’s risk on everywhere here in Asia as the bids go wild as optimism for a stimulus package from the US Congress firms yet again. Bitcoin is going a bit nuts, heading straight through the $22000 point level to another historic high, while gold is trying to play catchup, now back above the $1860USD per

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Macro Morning

Risk sentiment was slightly mixed but still somewhat positive overnight with some minor gains across the Atlantic stock markets as traders remain on edge waiting for news on Brexit and Congress stimulus talks . Commodities did well again, with oil, copper and iron ore advancing while Bitcoin transcended reality and popped over $1000 overnight to a

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Macro Afternoon

Better hopes for a stimulus package from the US Congress is sending the USD down and risk up across Asia today, with strong moves locally as the iron ore price keeps heading to the moon. Bitcoin is holding just below the weekly highs at the $19400 level, while gold has found a small bid above

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Macro Morning

It was all about the stimulus last night as the electoral college voted in Biden as President, and Senate Leader and all round a$$hole on two legs Mitch McConnell congratulated the new president, sending risk markets higher on the prospect of no more stumbling blocks within Congress. Reality will be different, but markets run on

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Macro Afternoon

A dour day for risk for Asian stocks, with a sea of red across the region as traders react to the latest COVID economic restrictions.  Bitcoin has held above its weekend breakout $19000 level, while gold has found a modicum of buying support and lifted off the floor to be at the $1836USD per ounce

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Macro Morning

Risk markets remain extremely mixed in sentiment going into the end of the year with further economic restrictions in Europe and COVID vaccine distribution pulling and pushing confidence, not to mention the volatility from the US presidential election outcome. European stocks advanced slightly despite further breakdown in Brexit talks and more lockdowns while Wall Street

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Macro Afternoon

A solid start to the trading week for Asian stocks, outside of Hong Kong, with the USD mixed against the majors as S&P futures start to gain.  Bitcoin has jumped again on the weekend break, now back above the $19000 level, while gold has been relatively quite and unable to make any gains so far

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Macro Morning

Markets continue to watch gyrations in US government spending and non-stimulus actions with Wall Street wavering on Friday night as European stocks went into retreat mode as COVID deaths continue to rise across the continent. While iron ore hit a nine year high, oil and copper prices fell back slightly while Bitcoin was again largely

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Macro Afternoon

A record number of COVID cases in Germany is dampening spirits again going into the final session of the week with most Asian stock markets in retreat mode. Bitcoin is slowly deflating again, down below the $18000 level this time, while gold has been unable to get back on track after its recent falls, currently

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Macro Morning

While the ECB delivered more easing in its latest meeting overnight, equities were not that impressed with Wall Street slipping again and stocks mixed throughout the continent, not helped by a “no-deal” Brexit now firming. The latest CPI print in the US firmed while stimulus talks continued, putting pressure on bond yields and the USD.

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Macro Afternoon

Record death tolls from coronavirus in the US is putting a dampener on risk spirits with most Asian stock markets in retreat or treading water as currency traders await tonight’s ECB meeting. Bitcoin is slowly deflating again, down below the $18400 level, while gold is trying to get back on track after its steep falls

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Macro Morning

Risk markets ran out of puff overnight as the prospect of a meaningful stimulus package from the US Congress waned, with Treasury yields moving higher and risk currencies rangebound as a result. Commodities prices moved higher in the confusion, but gold and Bitcoin suffered large drops before later recovering somewhat. Volatility is tracking low which

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Macro Afternoon

Outside China, Asian stock markets are pushing higher today despite dashed hopes of more stimulus from the US Congress, and some of the worst days in Europe for new COVID-19 infections and deaths, let alone the out of control pandemic in the US. Bitcoin has broken down after being relatively steady above the $19200 level,

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Macro Morning

Wall Street re-engaged the fear of missing out rally again overnight, sending the S&P500 to a record high in the midst of the coronavirus pandemic at its worst stage (so far). Risk taking didn’t extend to anything else however, with Treasury yields lower while commodities prices were largely unchanged alongside major currency pairs, although Bitcoin

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Macro Afternoon

Most Asian stock markets are struggling to find direction today after the tepid sessions on Wall Street overnight as traders remained confused to the response of the latest US unemployment print.  Bitcoin is still relatively steady at the $19200 level, while gold has leapt to a two week high, finally back above its pre-breakdown levels