Australian Shares

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Macro Afternoon

Another very mixed day across stock markets in Asia to finish the trading week (and month) with the bounces overnight on Wall Street not translating into anything meaningful. There’s been a co-ordinated bounce against USD, with gold managing a small boost to $1875USD per ounce, but still well below its previously well supported $1900 level:

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Macro Morning

Risk markets fought valiantly to get back into the green overnight after the previous slump, as very encouraging US economic data – specifically a record GDP print – helped stave off the sellbots. The ECB had its monthly meeting, stating everything as she goes, however the post press conference saw Lagarde dampen spirits as the

147

Macro Afternoon

Not quite a sea of red across stock markets in Asia today despite the big falls on Wall Street and in Europe overnight, with mainland Chinese shares actually advancing. There’s been a co-ordination of weakness in other risk assets like Australian dollar and gold with the shiny metal slowly trying to get back after its

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SEEK or FAKE?

In case you’re wondering what’s happened to SEEK today: It’s this report by Blue Orca that doing the damage: Seek Limited (ASX: SEK) (“Seek” or the “Company”) is an Australian-listed roll-up of online recruiting platforms. Even though its legacy platform in Australia (seek.com.au) is stagnating, Seek trades at 404x forward earnings because of the Company’s

15

Fundies went long directly into market rout

This is two weeks old but it is worth revisiting the BofA fundie survey: Bottom line: respondents in our October Fund Manager Survey (FMS) said the recession is over, reduce cash, pause cyclical rotation, and price in contested election & February vaccine; we say sell SPX >3600 and cyclical rotation via banks/energy to resume in

17

ASX bath of blood floods into streets

The Australian dollar is approaching another 70 cents retest within its bearish descending triangle this morning: Bonds are bidly: Stocks caught the escalator up now the lift down: Big Iron has cracked support though FMG is still flying high: Big Gas is in free fall. My own view is that oil is in deep trouble

17

Macro Morning

Its risk awfff as both Wall Street and European shares tumble in the wake of lockdowns on the continent and lunatics loose in the US election. Stocks fell over 3-4% on both sides of the Atlantic to new monthly lows with defensive assets like Yen rising, while gold and other commodities fell sharply. Asian shares

227

Macro Afternoon

Stocks markets are mixed across the region despite the falls on Wall Street and in Europe overnight, as concerns over COVID (at least on the continent, not the colonists) outweigh risk sentiment. There’s been a continued retreat to safe havens like USD, Yen and gold – and Bitcoin – with the non-useless shiny metal slowly

3

Macro Morning

A flurry of potentially good economic releases did not stave the risk off mood overnight as the chance of any stimulus this side of the US election closed out as the Senate was put out to pasture by the Republicans. A solid September durable goods orders and equally fixed consumer confidence print had little impact

205

Macro Afternoon

Stocks markets are falling across the region in response to the big stumble on Wall Street and in Europe overnight, with a retreat to safe havens like Yen and gold, the latter inching back above the $1900USD per ounce level but still looking weak here as its medium term uptrend remains under threat: The Shanghai

2

ASX bath of blood brims anew

The Australian dollar is weak this morning, trading in a bearish descending triangle pattern: Bonds are bidly: Stocks look like they’d like to reverse the recent bounce: Big Iron is approaching critical post-rally support: Big Gas is sliding away: Big Gold is screaming a rising DXY ahead: Big Banks will reverse as the yield curve

8

Macro Morning

Its risk off as Wall Street and European stocks took a tumble, started first by an underwhelming IFO survey in Germany followed by continued outbreaks and new record high cases of COVID-19 in the US and Europe alike. Stalemate over further fiscal stimulus in the US didn’t help confidence, with stocks falling over 2% although

202

Macro Afternoon

Risk markets are stumbling on the open to the trading week here in Asia with most stock markets in retreat with gold flopping below the $1900USD per ounce level after its midweek rally previously fails to find any momentum with the medium term uptrend now under threat: The Shanghai Composite is losing fast, down another

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MS: Stocks at risk

Via Michael Wilson, Morgan Stanley chief US equity strategist: With just one week to go until the US elections, the outcome remains uncertain. It’s also holding up the next round of fiscal stimulus. This political uncertainty along with the arrival of the second wave of COVID-19 has pushed equity volatility higher and the S&P 500 hasn’t

5

The Ice Age of value draws to a close

Via super-bear, Albert Edwards of Societe General: Equity market sector and factor performance has been driven by government bonds like never before. The Ice Age cyclical aversion theme has seeped deep into the equity market, facilitating, at its most extreme, massive FAANG outperformance. What now?  I was watching attentively last week as my colleagues

4

Macro Morning

Wall Street had a mild finish to the week with European stocks outperforming. The impasse on US stimulus talks this close to the election is holding up risk sentiment, with the USD retreating slightly and bond yields slightly lower. Commodity markets pulled back even further with oil slumping alongside copper and iron ore, while gold

186

Macro Afternoon

Risk sentiment is mixed today here in Asia following the final US presidential debate as the majors are battling it out against the USD with gold hovering just above the $1900USD per ounce level as momentum reverts from its overbought condition and Bitcoin slips from its mammoth $13000 top: The Shanghai Composite is slowly putting

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Macro Morning

Wall Street was able to find some confidence overnight even though there was still no progress on fiscal stimulus measures. European stocks were flat at best while the USD returned to strength, mainly due to the fall in Euro. Commodities were again mixed with oil coming back while copper fell alongside gold, while Bitcoin shoots

174

Macro Afternoon

Risk sentiment is trending down again today here in Asia following the repeated unease on Wall Street overnight, going into the last US presidential “debate”. The USD remains firmly down against the majors with Yen still quite firm while the Australian dollar consolidates above the 71 level. Gold is trying to regain its lost ground

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Macro Morning

Risk sentiment remains tenuous across the North Atlantic overnight with Wall Street stumbling and European stocks almost in full retreat as the triple whammy of COVID, Brexit and the upcoming US elections weigh on markets. USD is falling sharply against the majors, with both gold and Bitcoin taking advantage, while commodity prices are completely messed

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Macro Afternoon

Risk sentiment is generally solid today here in Asia with mainland Chinese shares the only fly in the ointment as Yuan contineus to advance.  The USD is mixed against the majors with Euro spiking, Yen firming and the Australian dollar trying to clawback it start of week gains. This is good news for gold bugs

3

Macro Morning

With less than two weeks to go until the US elections, risk markets are still swayed by any hopium around a further stimulus package from Congress, with further talks overnight pushing markets and then post-close futures this morning. Wall Street notionally closed higher but has slumped again this morning. Commodities have lifted however on the

143

Macro Afternoon

Risk sentiment is very wobbly today here in Asia with Chinese shares just holding on to scratch sessions while the rest of the region sells off slightly in response to the harsher falls on Wall Street overnight. The USD is mixed against most of the majors although the Australian dollar remains on the ropes with