Australian Shares

9

Macro Morning

Wall Street was able to find some confidence overnight even though there was still no progress on fiscal stimulus measures. European stocks were flat at best while the USD returned to strength, mainly due to the fall in Euro. Commodities were again mixed with oil coming back while copper fell alongside gold, while Bitcoin shoots

174

Macro Afternoon

Risk sentiment is trending down again today here in Asia following the repeated unease on Wall Street overnight, going into the last US presidential “debate”. The USD remains firmly down against the majors with Yen still quite firm while the Australian dollar consolidates above the 71 level. Gold is trying to regain its lost ground

2

Macro Morning

Risk sentiment remains tenuous across the North Atlantic overnight with Wall Street stumbling and European stocks almost in full retreat as the triple whammy of COVID, Brexit and the upcoming US elections weigh on markets. USD is falling sharply against the majors, with both gold and Bitcoin taking advantage, while commodity prices are completely messed

125

Macro Afternoon

Risk sentiment is generally solid today here in Asia with mainland Chinese shares the only fly in the ointment as Yuan contineus to advance.  The USD is mixed against the majors with Euro spiking, Yen firming and the Australian dollar trying to clawback it start of week gains. This is good news for gold bugs

3

Macro Morning

With less than two weeks to go until the US elections, risk markets are still swayed by any hopium around a further stimulus package from Congress, with further talks overnight pushing markets and then post-close futures this morning. Wall Street notionally closed higher but has slumped again this morning. Commodities have lifted however on the

143

Macro Afternoon

Risk sentiment is very wobbly today here in Asia with Chinese shares just holding on to scratch sessions while the rest of the region sells off slightly in response to the harsher falls on Wall Street overnight. The USD is mixed against most of the majors although the Australian dollar remains on the ropes with

2

Macro Morning

The lack of any economic reports and any action of further stimulus measures from the US sent Wall Street and other risk markets lower overnight, as we head into the usually volatile late October period leading up to the US presidential election. Commodities were mixed with oil pulling back slightly while gold and Bitcoin both

108

Macro Afternoon

As the trading week starts again, risk sentiment has finally found some support outside China, which had to absorb the latest declining GDP print. The USD is mixed against most of the majors with gold getting back above the $1900USD per ounce level as daily support very slowly builds: The Shanghai Composite however continues to

4

Macro Morning

Wall Street finished Friday night with a fizzer, despite a very strong US retail sales print with European markets putting in a better result. Industrial production for September disappointed however, sending all the industrial metals down and bond yields rose slightly higher. A mixed finish to the trading week with the lack of firm upside

197

Macro Afternoon

As the trading week comes to an end, risk sentiment continues to slide here in Asia, with Chinese shares the exception with small lifts on the mainland. The USD is also still firming against most of the majors with gold and silver the exception, the former holding above the $1900USD per ounce level: The Shanghai

2

Macro Morning

Wall Street has been in retreat for three days in a row now, as risk sentiment slowly catches up to the out of control COVID cases emerging in Europe and the US as they go into their colder seasons. A higher than expected US jobless claims print didn’t help, neither did continued stalemate in the

160

Macro Afternoon

Risk sentiment continues to slide here in Asia, except local stocks which took the headline fall in the latest unemployment figures at face value. The USD has firmed against most of the majors with gold and silver struggling, the former pushed back below the $1900USD per ounce level again: The Shanghai Composite struggled throughout its

4

Macro Morning

Risk sentiment remains subdued with hopium around more US fiscal stimulus fading, sending Wall Street lower while the USD retreated slightly, mainly against a resurgent Pound Sterling as Euro and Aussie dollar remain depressed. Commodity prices were mixed with iron ore dropping, crude oil bouncing back over 2% while gold and silver saw modest bouncebacks

1

Understanding upside-down markets

Cross-posted from O’Shaughnessy Asset Management. Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes By Jesse Livermore An upside-down market is a market in which good news functions as bad news and bad news functions as good news. The force that turns markets upside-down is policy. News, good or bad, triggers a countervailing

76

Macro Afternoon

Risk is sliding back here in Asia, in line with the reversal on Wall Street overnight, with Chinese shares falling back the sharpest. The USD continues to firm against the majors and gold, which remains below the $1900USD per ounce level after its sharp fall overnight: The Shanghai Composite is falling sharply going into the

2

Gobal fundies give up on “v-shaped” recovery

Via ZH: Today Bank of America released its latest Fund Mangers Report, which is perhaps best known for capturing the sheer schizophrenia gripping Wall Street professionals (case in point, last month a record majority of respondents said “Long US Tech” was the most crowded trade on Wall Street, even as most professionals admitted to flooding

155

Macro Afternoon

Another solid day on stock markets with rally on Wall Street translated into gains across the region, although Chinese shares are stumbling going into the close. The USD is firming against Yen and the Aussie, but Bitcoin is breaking out to new weekly highs above $11000. Gold has fallen back to its previous weekly high

4

Macro Morning

Global risk sentiment is bouncing back with an unfettered Wall Street ready to accept any President post-November – as long as they have nice juicy corporate stimulus ready to go – and the return of mainland Chinese traders after a week long holiday. Despite the stalemate on current household stimulus, US stocks surged nearly 2%

194

Macro Afternoon

Risk markets are having a relatively good start to the week outside Japan with the Wall Street rally from Friday echoed across the region. The Yuan has been the focus on currency markets, with offshore trading lower after a weekend PBOC move now factored in. Other undollars are firming with gold holding on to its

0

Macro Morning

Risk sentiment returned in full on Friday night on Wall Street with more hopium around stimulus before the US presidential election while European bourses stumbled after a poor showing of stocks in the Asian session. The USD fell back against almost everything while Treasury yields spiked a little as commodities were very mixed. As oil

193

Macro Afternoon

A flat finish to the week for risk markets here in Asia in response to the continues risk-on damn-the-COVID-torpedoes and election shenanigans in the US overnight, despite even more cases as a big second wave of COVID-19 in Europe breaks out. The USD is losing ground against most of the majors with gold putting on

5

Macro Morning

New monthly high in stocks overnight as traders doubled down on talk from central bankers that all options are on the table in keeping equity markets afloat amid a growing pandemic across the North Atlantic. Currency markets were basically range bound while bond markets saw a slight surge with yields falling again. Oil prices pushed

199

Macro Afternoon

A relatively solid day for risk markets here in Asia in response to another surge on Wall Street overnight, despite growing concerns of a big second wave of COVID-19 in Europe and the US as the northern hemisphere moves into the cooler months. The USD is remaining firm against most of the majors with gold

15

Transurban pummeled by plunging traffic volumes

Toll road giant, Transurban, continues to be hammered by plunging traffic volumes from COVID-19: Toll roads operator Transurban has updated the market on the September quarter, unveiling an average daily traffic figure down 25.2 per cent for the period… Still, chief executive Scott Charlton said in a speech released to the ASX ahead of the