Australian Shares

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ASX bath of blood sprays all

The AUD is marking time around new lows this morning: Bonds are in vogue again: The ASX is close to making things interesting for a deeper correction: Big Iron is soft: Big Gas buggered: Big Gold still correcting: Big Banks are trending inexorably down: As Big Not Debt goes bust: Still think there’s more blood-letting

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Macro Morning

By Chris Becker  Wall Street should have stayed on holiday because it was a rough night, especially for those wanting to buy Tesla at the top, as it had its biggest one day drop ever, down 20% on various factors – probably including Robinhood traders going back to school…The NASDAQ has fallen a whopping 1.5%

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Jefferies: China decoupling to smash ASX

Brian Johnson at Jefferies has not minced words: On 20 July, we published Peking Duck and Beijing Beef detailing the rising frictions between Australia and China and some ASX200 implications emanating therefrom. The situation continues to deteriorate. Australia’s economic prospects are inextricably linked to China, given inbound Chinese immigration has been a strong contributor to

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Macro Afternoon

Some more optimism returns to Asian share markets with the strong lead from the lone European bourses overnight, with S&P futures indicating a solid open on the return of US traders from their long weekend. Bitcoin remains depressed, just hanging on to the $10000 level while gold continues to hover just above weekly support at

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Macro Morning

By Chris Becker  Even though Wall Street was closed for the Labor Day weekend, last night saw some volatility on equity markets with big gains across Europe, despite some disappointing economic prints including industrial production and consumer sentiment. The resumption of Brexit negotiations also failed to fire, although Pound Sterling dropped sharply on comments from

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Macro Afternoon

Asian share markets were largely down across the region, although Australian stocks have rallied against expectations, with this sentiment shift also changing as European bourses open. This maybe due to a lack of any type of lead from a closed Wall Street tonight because of the Labor Day long weekend. Bitcoin continues to trip and

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Anatomy of a Nasdaq bubble

One has to be careful to sift what comes out of ZeroHedge. If it is taken literally then we’d all have dropped into caves long ago. But sometimes it does provide fantastic insights into market dynamics. Such as today with this cross-posted gem: It was back in July when we first reported that Goldman had observed a

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Macro Morning

By Chris Becker  A big rise in US employment figures and a subsequent drop in the headline unemployment rate was not enough for stock markets to get through their “wibble” moments, with the NASDAQ leading the way with another fall, and European bourses in lockstep. Oil dropped to a new one month low although copper

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Macro Afternoon

Asian share markets have fallen across the region, but not at the same levels as Wall Street overnight, although the ASX200 is having a go at it. Bitcoin has dropped nearly $2000USD however to a two month low while gold continues to decelerate into weekly support just above the $1936USD per ounce level: In mainland

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ASX dragged into global bath of blood

AUD is taking some hits this morning: Bonds are calm: XJO gapped lower 2.5%. It will get more interesting technically if break into the 5800’s: Big Iron is hit: Big Gas more: Big Gold is up: Big Banks are still trending lower: But the real action is in the credit regulatory arbitrage sector with huge

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Macro Morning

By Chris Becker  Stock markets had a “wibble” moment overnight with the NASDAQ dropping 5% as the major bubble, I mean tech stocks dragged everything back, but nowhere near to reality yet. This move was based entirely on sentiment with economic reports not coming in at any surprising levels, with the ISM non manufacturing print

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Macro Afternoon

Share markets continue to lift across Asia in response to the broad risk on moves overnight with the USD firming against the major currencies, plus Yuan despite a lower fix today by the PBOC. Gold is failing here, about to make a new intraweek low after its rout overnight, with momentum decidedly negative on the

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Macro Morning

By Chris Becker  A big lift in risk sentiment across the board overnight with many equity markets breaking out to new bullish patterns on the back of comments that central bank stimulus will continue for quite sometime yet. Of course Wall Street pushed to new record highs, but it was moves on European and other

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Macro Afternoon

Share markets are lifting across most of Asia, although Chinese bourses are flagging, as Wall Street helped increase risk taking and optimism. Gold remains flat after its pullback overnight, still unable to get back to its former historic and weekly highs above the $2000USD per ounce level, with price decelerating into the $1965USD per ounce

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UBS: Earnings better than feared

Via UBS: More beats than misses and guidance was also better than expected Reporting season is now over. Reporting season was better than we expected, with a number of stocks showing a surprising resilience to COVID-19. Resilience in revenues and/or margins was seen in stocks exposed to Consumer Staples, Building Materials, Discretionary Retail, Gaming, General

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Robots bid themselves into stock bubble

The spectacle of automated trading systems bidding technology into a bubble is surely something directly from the script of the forthcoming Terminator 7 sequel. Cross-poted from Zero Hedge: On Saturday, when we published our lengthy compendium of bizarro market charts showing the paradoxical melt up in both risk assets and the VIX, leading to the most positive

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Macro Morning

By Chris Becker  Wall Street cannot be stopped and was helped along by a very solid ISM manufacturing print, particularly new orders as the Fed stimulus continues to pump up the economy as the presidential election looms. This took the USD slightly higher against the majors, with the latest European CPI print undershooting, while the

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Macro Afternoon

Share markets are steady across most of Asia, with most putting in scratch sessions or minor losses (except the ASX200) in line with a hesitant overnight risk complex – sans the crazy NASDAQ! This looks like changing tonight however, as futures are indicating big jumps ahead for Europe but not the US, so this may

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Macro Morning

By Chris Becker  The NASDAQ was the only stock market that lifted overnight and that was due to nefarious share splits as speculators rushed in, pushing the edifice higher while everyone else looked around and nervously swallowed. China’s potential blocking of the TikTok sale in the US was behind some of the apprehension, with the

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Macro Afternoon

by Chris Becker Outside the ASX200, share markets are rising across Asia with S&P futures looking to put on even more record highs tonight as the USD weakens against everything. Gold jumped higher on the weekend gap open but is moderating going into what will be a thin London session, currently at a new weekly

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Macro Morning

By Chris Becker  The divergence between reality and Wall Street grows ever stronger with equity markets outside Manhattan continuing their sideways or lower moves as valuations get stretched. But the NASDAQ and S&P500 both put in new record highs on Friday night as hope continues to delude traders as the USD slumped to a new

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Macro Afternoon

by Chris Becker Outside the ASX200, share markets are rising across Asia with S&P futures spiking on the back of the Trump nomination speech at the White House where he lied about well, almost everything, but markets hung on to the anti-Chinese comments for some reason. Gold spiked back to its start of week high

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Macro Morning

By Chris Becker  The NASDAQ stumbled overnight, mainly due to Netflix and Facebook finally taking some profit, while Tesla kept zooming higher, but the rest of risk complex is taking a deep breath at the moment as Fed Chair Powell announced different inflation targeting in his speech overnight. This caused some swinging volatility around currencies,

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Macro Afternoon

by Chris Becker Mixed sessions again here in Asia as share markets wait with baited breath for Fed Chair Powell to have a say at the virtual Jackson Hole meeting later today, with European and US futures down a little as the sidelines get crowded. First to gold which was unable to capitalise on last

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Macro Morning

By Chris Becker  The record highs on Wall Street keep coming while European shares overcame their recent hesitation as the US durable goods order came in higher than expected, bolstered by some Federal Reserve officials take on the stock market and economy. The USD was largely unchanged although the Australian dollar zoomed higher on the

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Macro Afternoon

by Chris Becker Asian share markets have been unable to translate the wild ride on Wall Street into anything tangible, instead following the flat European lead. Gold is weakening sharply despite a relatively mixed USD trend, as it breaks below the $1930USD per ounce level at terminal support from last weeks retracement: In mainland China,

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Stocks are falling outside of FAANG

Via FTAlphaville: There are several things we expect FT Alphaville readers to know. For instance, that when bond yields go up, bond prices go down. That’s why, as you may have noticed, we never bother typing such things. We also expect our erudite readers to know that the S&P 500 — the veritable American index

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Macro Morning

By Chris Becker  The record highs on Wall Street keep coming while European shares found some hesitation even as the closely watched IFO survey came in strong as the continental recovery seems on track – bar a second wave of COVID-19. USD faltered from its recent streak, sending Yen and Euro higher while oil prices