Chris Becker

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Wall Street bulls see light at end of the tunnel

It’s been one of the worst starts to a calendar year for US stocks – since 1939 in fact – and as we hit the halfway point (or starting point of a new financial year) its still fascinating to see the majority of forecasters in a bullish mood: The S&P500 started 2022 at 4770 points

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Macro Afternoon

Asian share markets are doing well despite the lack of an overnight lead from Wall Street. The defensive USD is keeping Pound Sterling and Euro at bay, with Yen also weakening while the  Australian dollar was essentially unchanged after the RBA raised rates 50bps as expected this afternoon, remaining depressed at the mid 68 cent

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Daily iron ore price update (inventories rising)

The iron ore complex suffered another round of selling on Monday, with the impact of closed mills and increased shipments pushing inventory higher:     Texture from Reuters: Chinese mills have idled dozens of blast furnaces as stocks piled up after domestic demand weakened, hit by covid-19 restrictions and bad weather. The rising prospect of

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Macro Morning

Risk sentiment stabilised overnight only because of a lack of economic catalysts and closed markets on Wall Street due to the long weekend.  European stocks struggled without direction while the  USD was mixed against the undollars, with Euro and Pound Sterling lifting slightly, while the Australian dollar stalled out after trying to bounce back from

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Macro Afternoon

Asian share markets are doing well despite the lack of a lead from Wall Street as it has a long weekend and despite the big mixed messages from economic data on Friday night. The defensive USD is joining in with a stronger Yen to keep other undollars depressed as the Australian dollar remains poised here

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Macro Morning

Risk sentiment soured on bond markets on Friday night as the latest US ISM manufacturing survey dropped to a two year low. While Wall Street bounced back nearly 1%, European stocks struggled as the whole risk complex is still contending with recession fears in the wake of central banks trying to combat inflation with more

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Macro Afternoon

Yet another sea of red across Asian share markets although mainland Chinese and their Australian satellite bourses are looking to put in scratch sessions. The souring of risk sentiment on Wall Street is keeping all risk markets depressed with the defensive USD joining in with a stronger Yen as the Australian dollar gets smoked down

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Macro Morning

Risk sentiment continued to lack confidence overnight as downward volatility returned to equity markets as Wall Street fell nearly 1% in the wake of poor consumer spending data, while European stocks sold off as German unemployment spiked unexpectedly. The USD didn’t benefit as much as expected on the defense, with Euro surging, also helped by

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Macro Afternoon

Almost a full sea of red across Asian share markets as the souring risk sentiment on Wall Street overnight spreads to most risk markets, although China is holding up well despite its latest PMI reading. The USD is continuing its surge in strength against most of the undollars, with the Australian dollar putting in some

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Macro Morning

Risk sentiment lacks confidence with the absence of volatility on equity markets overnight possibly signalling downside action later in today’s session as Wall Street barely put in scratch sessions after their previous steep falls. German CPI was lower than expected, but this was offset by lower US GDP prints, with concern over personal consumption figures

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Macro Afternoon

A sea of red across Asian share markets as the sharp reversal in risk sentiment on Wall Street overnight spreads to all risk markets. The USD is continuing its surge in strength against most of the undollars, with the Australian dollar smacked down below the 69 cent level as oil prices are trying to stabilise

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Macro Morning

Risk sentiment soured with more downside volatility returning to equity markets overnight, not helped by a falling US consumer confidence print that doubled down with more Fed officials wanting big rate rises by the end of the year. Wall Street saw falls of 2-3% which are likely to be repeated in Asia today. The USD

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Macro Afternoon

Asian share markets continue to do well with risk sentiment firming despite pullbacks on Wall Street overnight. The USD is weakening a little against most of the undollars, with the Australian dollar trying to push a little higher above the 69 mid level. Oil prices are trying to stabilise after their falls on Friday night

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Macro Morning

Last night saw a little bit of downside volatility return to equity markets but it was all marginal as the huge gains from Friday night’s sessions across both sides of the Atlantic couldn’t be sustained.  Keeping risk sentiment elevated was a strong US durable goods order for May, although the USD pulled back against most

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Macro Afternoon

Some very solid gains to start the new trading week on Asian share markets with risk sentiment firming following some big moves on Friday night on Wall Street. The USD remains strong against most of the undollars, with the Australian dollar trying to push a little higher but still thwarted by the interest rate differential

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Macro Morning

Friday night saw more volatility return to equity markets but it was all the good kind with a possible bottom to all this mess forming after some better talk-talk from Fed Chair Powell during the week. Wall Street gained more than 3% across the board, while the USD pulled back against most of the undollars,

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Macro Afternoon

Some solid gains to finish the week on Asian share markets with risk sentiment firming following last night’s late rebound on Wall Street. The USD remains strong against most of the undollars, with the Australian dollar hovering around the 69 cent level. Oil prices are trying to stabilise but are ending up drifting sideways, with

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Macro Morning

More overnight volatility on equity markets although a late bounce on Wall Street post Fed Chair Powell’s comments that a recession is likely to be avoided.   In currency land, Euro pulled back in line with other undollars against USD, as commodity currencies continue to flounder with the Australian dollar now below the 69 handle. Bond

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Macro Afternoon

Share markets are once again bouncing back across Asia despite the overnight volatility on Wall Street as traders react to central bankers trying to backpedal, sidestep and generally stumble their way through this post COVID stagflation, of sorts. The USD remains strong against most of the undollars, with the Australian dollar once again pushed below

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Macro Morning

Several inflation prints and Fed Chair Powell’s comment regarding a “soft landing” around combating inflation in the US cause more downside volatility on risk markets overnight as Wall Street  rolled over after what looked like a continuation of more positive results from the start of the week.   In currency land, Euro continued to push slightly

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Macro Morning

Upside volatility returned to risk markets overnight as Wall Street returned after a long weekend, with the major bourses all up more than 2%, as they play catchup to the relatively positive moves in other stock markets at the start of the trading week.  In currency land, USD saw a slight pushback but mainly against

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Macro Afternoon

Share markets are bouncing back across Asia in anticipation of a positive return on Wall Street tonight as it comes back from a long weekend. Crypto is even recovering from its crash over the weekend, with Bitcoin bouncing back above the $21K level, while the USD is solidifying against most of the undollars, with the

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Macro Morning

Last night saw an absence of volatility on risk markets due to the lack of economic events and Wall Street being closed for a long weekend. Stock market futures look good for a solid bounce across Asia this morning with further stability in the bond market helping. In currency land, the lack of volume saw

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Macro Afternoon

Share markets are unsteady here in Asia as we start a new trading week, and head into the end of the financial year. All eyes are on the crypto crash over the weekend, with Bitcoin bouncing back – if you could call it that – to the $20K level, while the USD is giving up