Chris Becker

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Macro Morning

Another swing back to risk sentiment overnight with stocks on both sides of the Atlantic surging while the USD fell back against the majors as gold also lifted back above $1800USD per ounce. This was mainly on the back of some possible good news around US fiscal stimulus and some progress in the EU/Brexit divorce

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Links 2 December 2020

Macro & Markets Copper on course to notch seven-year high as Goldman calls bull market – FT The coronavirus pandemic has translated into a decade’s worth of growth for e-commerce – IBT Leaked documents reveal China severely underreported coronavirus cases as the pandemic spread – Business Insider Fears grow over mysterious, massive Chinese fishing fleet

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Macro Afternoon

Risk appetites are back with generally good sessions across the regions stock markets with the latest RBA meeting – a hold – not exciting animal spirits that much in currency land. Bitcoin is only $400 or so off its record high from 2017, staying well above $19000, while the weaker USD is finally helping gold

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CoreLogic November Home Value Index up 0.8%

The bubble is back baby! CoreLogic’s November data shows that by early 2021, COVID losses will be filled in and its onward and upward to more housing wealth for all*. Here’s the report: Australia’s housing market continued along a recovery trend through November.  CoreLogic’s national index recorded a second consecutive monthly rise in November, with dwelling

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Macro Morning

Month end selling dominated overnight markets but it was also a big bounce in USD fortune that dampened risk appetite, with European stocks off by more than 1% while Wall Street eventually stumbled to about half that loss. Pending home sales in the US surprised to the upside, while commodities were all over the place

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Macro Afternoon

The higher than expected PMI prints in China today and sending stock markets in the Middle Kingdom higher while other bourses across Asia are in retracement mode despite the solid lead from Wall Street from Friday. Bitcoin is bouncing back harder, now well above $18000, while the weaker USD is still not helping gold at

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Australian dollar peaking before RBA meeting

The Australian dollar has been on fire since the US presidential election and the announcement of some successful COVID vaccines, having breached 74 cents against USD and matching its August highs: This has been a long road of recovery for the Pacific Peso, having dropped from circa 70 cents to the low 50’s before matching

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Macro Morning

The Tesla bid sent Wall Street up higher on Friday night following the return on traders from the Thanksgiving holiday with European markets putting in a good show despite a big spike in Euro, as the USD went down across the board. Gold stumbled again, falling to a new monthly low while Bitcoin held off

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Links 30 November 2020

Global Macro / Markets / Investing: Norway makes its first discovery of highly pathogenic bird flu, H5N8 – Reuters The ASX is set to close out its best month since 1988 on Monday and investors are hopeful the strong rally will continue – AFR HSBC considers exit from US retail banking – FT $15 trillion

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Macro Afternoon

Stock markets are stumbling along across Asia after no lead from Wall Street overnight due to the US thanksgiving holiday. Bitcoin is trying to maintain itself above $17000 after getting tripped up falling over 10% yesterday, while a weaker USD is not helping gold much, still at a monthly low as it barely hovers above

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Macro Morning

A very quite night on risk markets with most US markets closed due to Thanksgiving with an expected slow and quiet end to the trading week here in Asia. European markets followed the trend and did almost nothing, with all eyes on Bitcoin which dropped over 10% in a single session, as bond markets also

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Macro Afternoon

Stock markets are largely higher across Asia but there more buying exhaustion is setting in as risk takes a break tonight for the US thanksgiving holiday. Bitcoin has finally tripped up, falling 6% so far today to be well below $18000 while gold remains at its new monthly lows, barely hovering above the $1800USD per

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Macro Morning

A slew of economic releases with mixed results kept risk sentiment at bay overnight with industrial stocks on Wall Street falling back while European bourses tread water. The USD lost ground against the majors, with the Kiwi boosted to a two year high while gold stabilised, oil prices continued to spike and Bitcoin breached the

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Macro Afternoon

Stock markets are largely higher across Asia but there is some buying exhaustion setting in as the positive spin on the US election and vaccine news begins to wane despite the record high on the Dow Jones overnight. The USD continues to firm up against most of the majors with Bitcoin trying to pip above

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Macro Afternoon

Stock markets are pushing forward with gusto across Asia in the wake of the “conceding non-concession” from ex-President Trump overnight, with USD giving back some of its gains against the majors overnight, although gold is flopping to new monthly lows, now at the $1824USD per ounce level:   The Shanghai Composite is meandering nowhere going

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Macro Morning

A surge at the end of Wall Street’s session last night has brought more risk appetite to Asia after yesterday’s mixed start to the week. The appointment of former Fed chairwoman Janet Yellen as the new Treasury head in Biden’s possible administration sent stocks and the USD higher, pushing down all the undollars especially gold.

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Macro Afternoon

Stock markets are relatively buoyant across Asia despite Wall Street’s faltering steps on Friday night with Japanese markets closed and the economic calendar relatively quiet to start the week. Bitcoin is trying to push through the $19000 barrier while gold stabilises just above its recent lows, currently up a few dollars at the $1873USD per

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Macro Morning

Risk sentiment tried to change course on Friday following a relatively solid Asian and European session as the stimulus problem in the US was exarcebated by a negligent Republican Senate and a divergence in views between Trump’s Treasury and the US Federal Reserve. The exponential spread of COVID-19 is still not registering on traders screens

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Macro Afternoon

Stock markets are mixed again throughout Asia going into the final session of the week, with only Chinese markets seeing any upside action as the Bitcoin climbs through $18000 again while gold stabilises just above its recent lows, currently at the $1867USD per ounce level: The Shanghai Composite is slowly eking out a positive session,

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Macro Morning

Risk sentiment is still very cautious as optimism over vaccines outweighs concerns over rising COVID cases and economic restrictions. Wall Street rallied on the close on rumors of possible stimulus progress in Congress (which is the opposite of progress I think someone once said). Looking at share markets in Asia from yesterday’s session where the

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Macro Afternoon

Stock markets are somewhat mixed throughout Asia, with only Japanese bourses dragging the chain as the USD continues to strengthen against all the major currencies.   Bitcoin has stalled again after its fightback yesterday while gold looks set to capitulate below its recent lows, slump to the $1860USD per ounce level: The Shanghai Composite was down

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Macro Morning

Risk markets remain poised between hope and fear, illustrated last night when the news of the Pfizer vaccine increased efficacy was unable to repeat the previous positive reaction, while additional COVID economic measures saw Wall Street stumble at the close. The USD was able to claw back some losses while Treasury yields lifted again, despite

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Macro Afternoon

Stock markets are quite mixed throughout Asia, although the local market is surging again, with further COVID cases in Japan partiuclarly weighing. Bitcoin gained and lost nearly $1000 in “value” in the last couple of hours while gold remains under pressure as its still unable to get back up to the $1900USD per ounce resistance

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Macro Afternoon

Stock markets still want to go higher here in Asia, but momentum is waning after being so overbought for so long. The news of a second potentially successful COVID vaccine has not been enough to embiggen spirits as expected.  The weakening USD has stabilised slightly throughout the session with gold still under pressure as it

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Macro Morning

Nobody can stop the music on risk markets with more extensions of overbought rallies across the Atlantic overnight after solid sessions here in Asia yesterday. Another potentially successful vaccine against COVID was announced, but was tempered by record new daily cases throughout the US and Europe. The USD retreated slightly against most of the majors,

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Macro Afternoon

Stocks are being bid left right and center across Asia, although Australian traders should’ve had a long weekend since the ASX has had tech issues all day long, unable to trade. The USD has been largely weak against most of the majors although its coming back in afternoon trade, with Bitcoin having a nasty gap

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Macro Morning

Risk markets returned to a state of hopium on Friday night despite the disaster unfolding in Europe and the US as COVID infections go off the charts. Following the expected retracement in wildly overbought stocks, Wall Street rebounded despite a falling consumer confidence print alongside PPI inflation. The USD lost a little ground while commodities

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Macro Afternoon

  The retracement meme continues as trading positions pullback from extremely overbought levels post the vaccine news across the region with the USD largely unchanged after gaining strength against most of the majors after last night’s US CPI print. Gold is still under enormous pressure here after its big retracement, hovering slightly below the $1880USD