Asian markets start the week in a better mood, absorbing the lack of any negative news over the weekend, plus a slight retracement in USD strength that weighs on emerging markets. The Shanghai Composite looks like starting the week with a positive session, currently up 0.3% to 2675 points, still below what was tentative support until last
The collapse in Sydney property sales volumes, which have fallen around 35% from the recent peak: Has taken its toll on McGrath Limited, which has today posted a $63.1 million loss for FY 2018: McGrath posted a $63.1 million after tax loss, hit by difficult market conditions, lower sales, and the departure of some of
By Chris Becker The bull market in US stocks (most of which was in the Obama Presidency, btw) remains intact with Wall Street finishing in the green on Friday night. But volatility is returning to the stage, and other once correlated risk markets continue to decouple, especially European and emerging markets. While the S&P500 has
Asian markets finish a volatile week in a mixed state with Chinese bourses liming along while Japanese and Australian markets reacted positively to the strong Wall Street lead from overnight. The USD is also retreating slightly as technical levels come into play, with the Aussie dollar firming on Governor Lowe’s comments this afternoon in Parliament. The Shanghai
AUD is still rallying with EM: Long end bonds are still breaking down while a deluded Phil Lowe holds up the short: ASX climbs the wall of worry: Dalian is soft: Big Iron is down again with FMG still in trouble: Big Gas is also toppy: Big Gold is breaking on DXY strength: Big Mortgage
By Chris Becker Optimisim surrounding a potential trade deal with China coupled with stronger US earnings saw stocks recover well in both Europe and Wall Street overnight. Tech stocks still struggled while the USD stamped down nascent recoveries in both major and emerging market currencies. Recapping Asia’s session yesterday with Chinese stocks first, the Shanghai
Asian risk markets are taking a deep breath here as a rolling emerging markets crisis bears fruit mainly among stocks, but also the burgeoning USD. There has been a hiccup here though with the Australian dollar moving higher on today’s jobs report, while the Yen fellback slightly as did offshore Yuan as the PBOC weakened
Welcome to the emerging market of Australia. AUD is hanging on: The long bond is breaking down: And the slope is flattening fast: ASX has reversed yesterday’s gains: As Big Iron gets flogged: FMG is broken with $3 the next chart support: Big Gas smashed: Big Gold too: Even Big Mortgage is down despite the
By Chris Becker The rout is on with European stocks pummeled overnight, dragging US bourses down with them as trade war contagion and emerging markets enter what looks like a bear market. The USD maintained its strength, despite a small respite in Euro selling and the Turkish Lira which is very slowly recovering from its
The reversal in mood has been short lived with a big selloff in Chinese stocks leading the region down, with only Australian shares not joining in. Although the Turkish Lira is firming, with a positive Wall Street lead overnight and European stocks looking positive going into the open, the negative mood couldn’t be forestalled here
Some thin-sliced Chanticleer today: …perhaps the best supporting evidence for Scott’s big Coles spin-off comes when you examine the returns on capital each division of this conglomerate is producing. At Bunnings, which will officially be crowned the flagship of the Wesfarmers fleet after the Coles demerger, return on capital was a staggering 49.4 per cent, up from 41.8
By Chris Becker Last night saw a mild reversal in sentiment over the ongoing emerging markets risks, with US stocks ending slightly higher as USD continued its appreciation against most of the undollars. German 2Q GDP came in a little lower than expected, with the ZEW sentiment survey also remaining negative, but slightly improving as
The fallout from the Turkish crisis continues here in Asia with stocks mixed across the region. Japanese and Australian markets lifted but Chinese shares continued to selloff as the Yuan depreciates against USD again and the trifecta retail sales/FAI/industrial production prints disappointed slightly. The Shanghai Composite is currently down 0.5% going into the close at 2771 points,
Amusing stuff today as the ASX decouples from Planet Earth. The AUD is at the lows: Bonds are flat: ASX to the moon as the emerging word falls apart: Dalian is holding: Big Iron is up as Chinese growth slides away: Big Gas too: Big Gold is dead cat bouncing: Big Mortgage is loving the
By Chris Becker All eyes remain on Turkey as its failed currency and inability to repay foreign debts continues to push European bank stocks lower and USD higher against everything else. Gold also broke down overnight, falling to a near 18 month low, finally catching up to lower undollar meme. US stocks pulled back as
A sea of red across Asian stock markets in response to Friday’s selloff in European banks as the Turkish financial worries grow. Emerging market currencies are being pummeled, plus the majors with offshore Yuan trading at a two week high, ready to break through the 7 handle while Yen is being bid up strongly on
The AUD is at new two year lows this morning: Looks like the next supports are down in the mid-71 cents range. It’s DXY to the moon and EUR flushed: Bonds are bid strongly and yields are breaking into a downtrend: XJO is holding up, down 20 pips: Dalian has popped at the open on MOAR
By Chris Becker Beyond the growing trade war with Chimerica, a banking crisis in Turkey on Friday night capped off a volatile week on global markets, with the USD re-asserting itself as the safe haven of choice. The Fed looks hell bent on normalising interest rates, with Friday night’s CPI print coming in bang on
A bad end to the week here in Asia, with the Australian dollar looking like the worst casualty, selling off quite smartly against USD, Yen, even Kiwi in reaction to the RBA’s monetary policy statement. Chinese stocks continue to fall in light of ongoing trade war tensions while emerging currencies like the Turkish Lira are
By Chris Becker Yet another muted night on risk markets with European stocks largely positive before the US open, where only tech stocks and small caps advanced as the bigger issues dragged the headlines back to scratch sessions. It was a night for bond markets as yields tumbled after the US PPI print and a
A hotter than expected Chinese CPI print has lifted stock markets outside of Japan, even as USD lifted against Yen throughout the session. Most action in currency markets was relegated to Kiwi after the RBNZ announcement this morning while gold continued its minor blip higher. The Shanghai Composite is having another volatile session, lifting almost 2%
By Chris Becker Another muted night on share markets on both sides of the Atlantic, with scratch sessions the name of the game as traders digest the latest tit-for-tat battles in the ongoing Trump trade war. Oil prices fell back on higher than expected inventories, taking energy stocks down while the USD moved around against all
Another mixed day here in Asia with most stock markets finishing in the red, failing to make good on the positive Wall Street lead overnight. A late safe haven run to Yen has seen the USDJPY pair bring down advancing Japanese markets, while the Aussie dollar remains above 74 cents. Yesterday’s reversal on the Shanghai Composite was
by Chris Becker The largest division of Megabank has suffered a four percent drop in net profit for the year, down below $10 billion. Mainly down to nearly criminal activity of course. From the ABC: CBA’s result was affected by a $700 million civil penalty it paid to the Australian Transaction Reports and Analysis Centre (AUSTRAC), to
By Chris Becker A relatively quiet night on share markets on both sides of the Atlantic, with modest rises across the board. The slowdown in the Yuan depreciation took some sails out of USD versus the other majors, although Pound Sterling remains in the dumps, Euro and Aussie had a minor fightback. Treasury yields remain stuck
A lack of a weaker fix on the Chinese Yuan by the PBOC is possibly behind the decline in USD today, helping equities across the board – save for the ASX200 – as Chinese stocks rally. The USD is facing pressure against the Aussie and Yen while the oversold Euro has bounced back in anticipation
By Chris Becker US stocks returned to their January highs last night on the back of stellar results from Warren Buffett’s Berkshire Hathaway behemoth. The USD lifted against the majors, particularly Pound Sterling while US Treasuries were bid higher, sending the 10 year yield back to 2.92% as the latest set of auctions went without
A generally negative day here in Asia, unable to translate the positive moood on Wall Street on Friday night as risk begins to crystallize once more despite a clear trajectory in interest rates and the US economy. Trade concerns remain elevated with commodities under pressure while the USD continues to strengthen against everything except the
By Chris Becker Friday night saw the release of US jobs data, which had a disappointing headline number but overall was positive, giving stocks a boost and setting the signal for a September rate rise by the Fed. The more interesting prints were the ISM services PMI which fell to a near yearly low as
Asian stocks are slipping going into the last session of the week and in preparation for tonight’s US unemployment print. A much lower Yuan devaluation has sent Chinese stocks down, capping off a very bad week while the USD remains strong against the Aussie, safe haven buying in Yen has kept the USDJPY pair flat.
