Australian Shares

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Macro Morning

Risk markets remain poised between hope and fear, illustrated last night when the news of the Pfizer vaccine increased efficacy was unable to repeat the previous positive reaction, while additional COVID economic measures saw Wall Street stumble at the close. The USD was able to claw back some losses while Treasury yields lifted again, despite

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Macro Afternoon

Stock markets are quite mixed throughout Asia, although the local market is surging again, with further COVID cases in Japan partiuclarly weighing. Bitcoin gained and lost nearly $1000 in “value” in the last couple of hours while gold remains under pressure as its still unable to get back up to the $1900USD per ounce resistance

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ASX chases zombie banks higher

The Aussie dollar is down this morning: Bonds are bid: XJO up a bit: Big Iron is clearly skeptical of the Dalian surge: Big Gas is stalled: Big Gold is up at last: Big Banks to the moon! Aussie banks are zombies right along with European now. A brief value rotation won’t change it. It’s

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BofA: Sell the vaccine!

Via Zero Hedge: The November Fund Manager Survey which polled 216 panelists with $573BN in AUM, and which according to Hartnett – who also organizes the poll – was “the most bullish Fund Manager Survey (FMS) of 2020 on the back of vaccine, election, macro; Nov FMS shows a big drop in cash, 20-year high

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Macro Afternoon

Stock markets still want to go higher here in Asia, but momentum is waning after being so overbought for so long. The news of a second potentially successful COVID vaccine has not been enough to embiggen spirits as expected.  The weakening USD has stabilised slightly throughout the session with gold still under pressure as it

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ASX bids again on value rotation

The AUD is not doing XJO any favours this morning: Absurdly, yields are up again as California announces a new lockdown: XJO is up modestly today, much of the gain is yesterday’s shut down lift: Big Iron is OK: Big Gas is a valuation play: Big Gold can’t take a trick even as DXY falls:

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Macro Morning

Nobody can stop the music on risk markets with more extensions of overbought rallies across the Atlantic overnight after solid sessions here in Asia yesterday. Another potentially successful vaccine against COVID was announced, but was tempered by record new daily cases throughout the US and Europe. The USD retreated slightly against most of the majors,

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Macro Afternoon

Stocks are being bid left right and center across Asia, although Australian traders should’ve had a long weekend since the ASX has had tech issues all day long, unable to trade. The USD has been largely weak against most of the majors although its coming back in afternoon trade, with Bitcoin having a nasty gap

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ASX to the moon!

The Australian dollar is to the moon this morning: Long-end bonds sold again: Stocks to the moon as well: Big Iron is up: Big Gas is up: Big Gold is up: Big Banks are up: Only Big Tech is down as ASIC mulls slapping the wet lettuce on BNPL: More value rotation then. We’ve got

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Macro Morning

Risk markets returned to a state of hopium on Friday night despite the disaster unfolding in Europe and the US as COVID infections go off the charts. Following the expected retracement in wildly overbought stocks, Wall Street rebounded despite a falling consumer confidence print alongside PPI inflation. The USD lost a little ground while commodities

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Macro Morning

The expected retracement in wildly overbought stocks following the Pfizer vaccine surge continued overnight on both sides of the Atlantic. Defensive currencies like Yen and Swiss France are up while volatility in Kiwi continued following the RBNZ meeting. The flat US CPI print still gave the USD some strength, with the Aussie finally falling back

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Macro Afternoon

  Vaccine volatility continues to pullback extremely overbought markets across the region – save Japan – with the USD gaining strength against most of the majors going into tonight’s inflation report. Gold is still under enormous pressure here after its big retracement, up slightly after revisiting its extreme lows at the $1869USD per ounce level:

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ASX rocket flames out

The Aussie dollar is still struggling this morning: Bonds are strongly bid though it’s not showing up on the chart: The XJO rocket has flamed out for now: Big  Iron is seeing some profit-taking: Big Gas has way overshot: Big Gold is still being flushed. DXY is going to weaken next year so BTFD! Big

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Macro Morning

Stock markets were moderately positive overnight although a return to strength for USD dampened some risk expectations, alongside the massive surge in COVID cases in the US and Europe. Dovish comments from ECB members sent Euro down while the Australian dollar slipped slightly as commodities were mixed, gold particular which returned to its post vaccine

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Macro Afternoon

Vaccine volatility has abated in mixed fashion across the region with Chinese shares unsettled, with not much action on currency markets except Kiwi which jumped on the RBNZ meeting.  Gold is still plodding on after its big retracement, currently up slightly to the $1881USD per ounce level, still way off its prebreakdown high: The Shanghai

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The hole in Goldman’s vaccine-shaped recovery

Via Goldman: President-elect Joe Biden will likely have to work with a Republican Senate majority, limiting his ability to implement the Democratic fiscal agenda. Nevertheless, we expect a $1 trillion stimulus package, potentially enacted before his inauguration on January 20. This is less than half of what we might have seen under a Democratic sweep,

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ASX value Icarus soars towards Sun

The Australian dollar is still flopping around this morning: Long-end bashed: XJO to the moon: Big Iron still firm: Big Gas is running as oil jumps with value: Big Gold is still getting hosed. Not helped by a virus case at Lihir: Big Banks are the Icarus of value: Big Tech is going to go

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Macro Morning

The Pfizer vaccine surge is consolidating after two nights of modest reaction from Wall Street, as tech stocks continue to selloff in the wake of the US election. The closely watched German ZEW survey last night weakened with more news of a slowing recovery across the continent still unable to dampen European stocks which led

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Macro Afternoon

Vaccine volatility has provided various opportunities across risk markets here in Asia following the Pfizer announcement overnight that saw European markets surge 5% or more. Share markets are all up but not at the same levels as Wall Street had a more realistic tone, while undollar assets have given up a lot of their overnight

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How bullish is the equities outlook?

Via JPM: The equity market is facing one of the best backdrops for sustained gains in years. After a prolonged period of elevated risks (global trade war, COVID-19 pandemic, US election uncertainty, etc.), the outlook is significantly clearing up, especially with news of a highly effective COVID-19 vaccine. We expected an imminent vaccine outcome and a

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ASX goes bananas on value rotation

The Australian dollar is holding below 73 cents this morning: Bonds are shellacked at the long end: XJO is delirious as it launches out of its bullish ascending triangle pattern: Big Iron is firm: Alas Big Gas has launched given oil is a key value-rotation beneficiary: Big Gold has been pulverised as yields back-up. Does

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Macro Afternoon

Its a day of excitement across risk markets here in Asia following the pause on equity markets on Friday night, absorbing the Biden election victory and the better than expected US jobs figures over the weekend. Gold is surging again after consolidating at the $1950USD per ounce level post last week’s FOMC meeting with a

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ASX bath of blood turns gold rush

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. Real assets are soaring. Big Iron is up: Though Big

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Macro Morning

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. Bond yields rose again while the USD continued its retreat alongside commodity

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Macro Afternoon

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. Traders are now gearing up for tonights US unemployment print that will likely come down at the same time Trump loses the election in  Pennsylvania. Gold has slipped after

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Macro Morning

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. Oil prices retraced slightly but undollar currencies like gold and Bitcoin shot to the moon! The latest FOMC meeting was a non-event although some

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Macro Afternoon

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.  Gold has been unable to hold on to its recent swing through the $1900USD per ounce level after a retracement in

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Macro Morning

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). Currency markets calmed down slightly with USD still in defensive mode, as oil prices continued their rebound

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Macro Afternoon

What a day! Stocks, commodities, currencies and futures are going ga-ga over the US “election” as volatility rears its beautiful, shiny head across traders screens today. In a nutshell, USD has been moving alongside the up and down probability of a Trump enema or a Biden bye-bye, leaving a wake of volatility in all dollar