Australian Shares

The Australian dollar is gapping higher this morning on the Biden euphoria: Bonds have sold a little too: Stocks have broken out of their bullish ascending triangle pattern: The recent month of value rotation is going into reverse as deflation returns with the Republican senate.

Stock markets stalled throughout the risk complex on Friday as the US election finally came to somewhat of a conclusion with Trump losing, while the better than expected and highly anticipated non-farm payrolls (aka US unemployment print) wasn’t able to push equities higher.

Its a day of retracement as expected across risk markets here in Asia following big surges across stocks, commodities and non-USD currencies after the US election.

Stock markets continue to love the US election non-outcome as Europe and Wall Street lifted again overnight with Treasury yields coming back slightly as currency markets went into violent anti-USD mode.

Yet another green day across risk markets here in Asia as all the hand wringing over the US “election” has come to naught, with all traders hitting the buy button, regardless of the outcome.

Stocks continue to love the US election non-outcome as both Europe and Wall Street surged overnight while Treasury yields retraced sharply lower as the hope of any stimulus faded with a locked or GOP senate (same thing really).

What a day!

Via Shane Oliver: There are five reasons why this downturn and the subsequent recovery will be different to anything that has gone before.

Stocks are loving the US election as Europe and Wall Street advanced overnight and continued to move higher in futures – a stark difference to the 2016 election.

More green across Asian stock markets today as traders discount concerns leading into the most volatile trading week (and month?) of 2020.

Some technicals from  BofA: Supports broke, so now what as the 2020 election looms S&P 500 (SPX) broke below the tactical supports and Fibonacci levels highlighted in recent Market Comments.

Risk is rebounding again in fits and spurts as volatility spikes before the US election with the USD losing ground against everything but Euro while Wall Street advanced – except tech stocks.

A sea of green across Asian stock markets today as we start the most volatile trading week of 2020.

The Australian dollar is down this morning and in serious jeopardy of taking out the lows.

So begins what could be the most volatile trading week of the year as the US election finally comes to a hand.

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.

The Australian dollar is a little bid this morning, as it nearly always is in Asian time, but there is no mistaking the bearish descending triangle.

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.

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.

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.

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 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.