Australian Shares

140

Macro Afternoon

Asian share markets are finishing the week in selloff mode in response to the falls in tech stocks on Wall Street overnight and the continued uptrend in sovereign bond yields.   The USD remains firm against the major currencies, although there has been a slight reprieve later in the session with some volatility around the latest

1

Macro Morning

Tech stocks took a terrific pounding overnight with the NASDAQ falling over 3%, dragging the rest of the risk complex down with it as the bond market continues its implosion post the FOMC meeting. 10 year Treasury yields shot higher overnight, straight through the 1.70% level, pulling all other sovereign bonds higher including Aussies (now

116

Macro Afternoon

Asian share markets are largely trending higher in response to the surge on Wall Street overnight, however local markets have fallen back on a white hot unemployment print that has sent the Aussie dollar higher. The USD remains in a weak state following the Fed’s meeting last night with all eyes on Pound Sterling going

3

UBS: Huge profits boom ahead

UBS is getting on board with the MB profits boom thesis based upon tearaway US growth, strong fiscal support, a global inventory rebuild and top-line growth landing on lean post-recession business: Revising S&P 500 target to 4250 on strengthening earnings expansion As equities de-rate amidst the jump in rates, much better than expected earnings should

2

Macro Morning

Last night saw the Federal Reserve FOMC meeting leaving policy settings unchanged and very accomodative with the USD selling off sharply against the major currency pairs as a result while Wall Street found some lost confidence later in the session.  The bond market saw 10 year Treasury yields trading to the 1.69% level before falling

88

Macro Afternoon

Asian share markets are back tracking from their previous bullish run in response to the very mixed lead from Wall Street overnight as the bond market continues to signal higher yields ahead. The next Federal Reserve FOMC meeting begins tonight and that’s why everything has been in a holding pattern of sorts with the USD

4

Macro Morning

Wall Street was very quiet and risk averse overnight while European bourses continued the bullish trend from the Asian session as US traders await tomorrow’s FOMC meeting. The bond market was equally quiet with 10 year Treasury yields range trading around the 1.5 to 1.6% level, while the USD firmed mainly against Euro and Pound

175

Macro Afternoon

Asian share markets are getting more bullish after their lacklustre start to the trading week yesterday with risk expectations rising on stimulus hopes from the US and probable much higher Treasury yields. The USD is largely unchanged against the majors while Bitcoin slumped to the low $53K level after recently jumping to a new record

2

Macro Morning

Share markets are have a tepid start to the trading week, although a late surge on Wall Street this morning could provide a bit more fire for Asian equities to get moving on the open. European markets retreated even as bond yields pulled back a little, while the USD range traded against the majors but

180

Macro Afternoon

A mixed start to the trading week here in Asia, following an equally mixed finish on Wall Street on Friday night with most stock markets putting in very minor gains or scratch sessions, although mainland Chinese markets continued their selloff. The USD is coming back against the majors while Bitcoin jumped to a new record

2

Macro Morning

Friday night saw the release of US PPI inflation and European industrial production numbers, both meeting expectations but resulting in currencies round tripping with tepid finishes to the trading week on most equity markets, as the NASDAQ slumped in the wake of higher bond yields. Both Treasury and European sovereign bond yields spiked higher again

233

Macro Afternoon

Almost complete green across the board on Asian stock markets as the signing of the huge US fiscal stimulus continues to act as a very positive catalyst across risk markets with a lower USD also elevating risk currencies like the Australian dollar and commodities. Bitcoin has again rebuffed its previous historic high after having a

0

Macro Morning

The ECB meeting produced no surprises but continued the inflection on USD which continued its minor pullback, extending losses against the major currencies with gold trying to stay above the $1700USD per ounce level. Ten year Treasury yields were looking to fall back well below the 1.5% level on the back of the latest US

76

Macro Afternoon

The latest US fiscal stimulus is acting as a positive catalyst across risk markets with Chinese mainland shares finally bouncing back after some soothing words from state media after a dreadful start to the trading week. The USD is steadying against the majors as bond markets also stabilise somewhat as Bitcoin rebuffs its previous historic

22

Why Tesla is such a crap investment

By Research Affiliates: Big markets have a special allure for investors. They offer the promise of another Apple, Google, or Microsoft. But big markets also bring with them the threat of what Cornell and Damodaran (2020) call “the big market delusion.” Big market delusions generally begin with innovation or disruption that opens a new market,

1

Macro Morning

US inflation data was slightly weaker than expected but this buoyed Wall Street – outside tech stocks – as the Fed’s expectations of more accomodation were met. The USD continued its minor pullback, extending losses against the major currencies with gold trying to stay above the $1700USD per ounce level. Ten year Treasury yields eventually

130

Macro Afternoon

Asian share markets are pulling back late in the session with Chinese mainland shares stabilising somewhat after a dreadful start to the trading week and despite the continued bounce on Wall Street overnight. The USD has again found strength against the undollars after a small reversal last night with Bitcoin still above the previous $52K

0

Macro Morning

Equities were aligned finally last night as US tech stocks rebounded sharply as the USD finally reversed direction after making new highs against almost every undollar asset out there in the wake of the bond market implosion. Ten year Treasury yields fell back as well, pushing back towards the 1.5% level while commodities came off

127

Macro Afternoon

Asian share markets are all over the place again as Chinese mainland shares go back into freefall despite the solid run on Wall Street overnight, as NASDAQ futures try to reclaim the previous losses. The USD continues to firm against everything, although Bitcoin has broken free above the $52K level that has been holding it

9

Chinese plunge protection team can’t do jack

Yawn. Markets have rallied this afternoon on the wondrous intervention of the Chinese Plunge Protection Team, according to Bloomberg: State funds are buying equities to stem the rout during the National People’s Congress. This follows last week’s warning of asset bubbles. Go figure. US futures are up dutifully. But don’t get too excited. The truth

21

Afterpay bubble bursts

Another lesson for the Millennial bubblistas out there. We’ve been warning of this tech bubble and bust for quite a while. Now it is here. On the ASX, it was most focussed in “buy now, pay later stocks” led by Afterpay. That bubble is bursting: What’s APT actually worth? Ask UBS: Another very strong result.

1

Macro Morning

Stocks were all over the place last night with Wall Street diverging sharply as the tech bubble continues to deflate, while industrials were bid higher alongside a big surge in European stock markets. This follows a big selloff in Chinese shares but a lift in local markets – the correlations are all over the place!

103

Macro Afternoon

Asian share markets continue to fall despite the solid run on Wall Street on Friday night as the US unemployment print signalled good times ahead for the US economy. The USD continues to firm against everything, although Bitcoin gapped above the $50K level this morning and is having a stab at breaking through its previous

0

Macro Morning

Friday night saw the release of the monthly US jobs figures – aka nonfarm payrolls – that sets the tone for risk sentiment for the rest of the month. A stonking result with a revised upward previous figure sent Wall Street higher and out of its funk with a near 2% gain across the board.

6

The tech crash ain’t over

Friday night witnessed a big bounce in technology stocks. The Nasdaq jumped 1.55%. It seems risk is back for growth and technology stocks. Or is it? I can see this perfect head-and-shoulders top dropping 30% from here. Why? The harpoon that has pricked the technology bubble is rising yields as markets fret about inflation. Growth

230

Macro Afternoon

Another sea of red for Asian stocks going into the end of the trading week but at least its not a bath of blood like that found on Wall Street at the moment, with minor retracements and some buying support evident. Bitcoin however can’t find any more buyers to shore up the recent rout, with