Australian Shares

50

Macro Afternoon

Quite a mixed day out here in Asia in response to Trump’s new battle in the ongoing trade war he seems to want to have with US allies, with most stock markets finishing the week in the red. Risk is increasing as traders gear up for the all important NFP later tonight, with currency and

4

Snap! Banks break

AUD is stable through the morning: Bonds are mixed: The XJO double-top is more serious again: Big Iron is down: Big Gas is down: Big Gold is down: Big Mortgage has broken support with both CBA and WBC on the wrong side of support in their huge and bearish descending triangle patterns. I’ve used the

34

Macro Afternoon

Risk awwnnn in Asia with stock markets firing on all cylinders, except the ASX200 which seems to just limp along, as risk plays catchup to the reversals of caution overnight. The Shanghai Composite rebounded strongly after previously going straight down to terminal support at 3000 points, closing up nearly 2% higher at 3095 points. The Hang

36

Macro Afternoon

A selloff all across Asian markets today as we seem to be tripping over history with a repeat of the 2012 Italian sagas. There’s more action outside stocks, with bond markets reacting across Europe after a big move on Italian debt, with US Treasury yields spiking back above 2.8% and the USD gaining strength everywhere.

3

ASX, AUD drop further on Italian panic

AUD is down further during the morning: That possible XJO double-top is looking a little more serious as the bourse falls below 6000: Bonds are bid bigly. A day or two of this and the ridiculous “bondcano” notion will be consigned to history: Dalian is stable: Big Iron is down: Big Gas is better: Big

39

Macro Afternoon

Generally a sea of red across Asian stock markets today, with no real lead overnight, risk markets are twitchy about a cavalcade of catalysts. Oil prices remain depressed following the late week reversal by OPEC, while the Italian elections are weighing on European risk as traders await the US unemployment print on Friday night. The

21

Macro Afternoon

A very mixed day across Asia as the reaction to the new and improved Korean summit plus the OPEC reversal  on Friday night has seen oil prices continued to fall, the USD falter and the ASX200 almost crack below the psychologically important 6000 point level. The Shanghai Composite is starting the week weak, putting in yet

24

Macro Afternoon

The overnight pullback on risk markets in the wake of the Trump “diplomacy” over North Korea has translated into similar moves here in Asia, although Japanese stocks fared better than expected as Yen weakened against USD throughout the session. The weaker USD is keeping commodities steady, including gold and the Aussie dollar. The Shanghai Composite is still

38

Macro Afternoon

Trade deals are front and centre of worries on Asian markets today on the back of the Fed’s release of its latest minutes, which seem to be pushing out the June rate rise. Treasuries remain poised at the 3% yield level while the USD remains strong, stocks are mixed going into the European session. The Shanghai

31

Macro Afternoon

Its looking more and more like risk-off as Asian markets retreat in line with US markets overnight, the possible breakdown of talks on the Korean peninsula and the US growing trade war with China the likely catalysts. The Shanghai Composite slumped after a minor pulback below strong overhead resistance at 3200 yesterday, falling over 1.4% to

32

Macro Afternoon

Asian stocks have not translated the firm gains on Wall Street overnight, with falls across the region as currency markets shake out a recently weaker USD. A stronger Yen and Aussie have pushed down their respective bourses, while gold remains depressed. The Shanghai Composite gave up its previous gains to fall about 0.7%to 3192 points

48

Macro Afternoon

A generally positive day across Asia to start the trading week. The USD advanced against the major currencies and gold, helping inversely correlated Japanese stocks while local shares floundered. The Shanghai Composite is up nearly 1% or about 25 points at 3215, finally out of the shadow of very strong overhead resistance at 3200 even, giving the impetus for a

27

Macro Afternoon

Another mixed session here in Asia as the week draws to a close with Japanese stocks advancing while Chinese and satellite bourses like the ASX200 scratch along for the ride. Its all about interest rates, the USD and emerging markets at the moment as the ten year high in Treasury yields begins to bite on

0

Big iron flames out

The AUD is up a bit through the morning: Bond are selling and even more mis-priced: XJO is down again with the big double-top still in play: Dalian is soft: As is Big Iron: Big Gas rocks on: Big Gold may finally be capitulating: The selling has returned for Big Scum: But the buying goes

12

Why you should sell CSL

Recall that one of MB’s favoured allocations has been dollar-exposed industrials. This has included CSL which today pumped out a massive profit upgrade: We’ve been on this runaway freight train since 2012, up around 600%: It is a big holding in the MB Fund because it fits our quality/macro allocations model.  Following is a snapshot of