By Chris Becker in Australian Dollar, Australian Shares
at 4:30 pm on June 8, 2022 | 146 comments
See the latest Australian dollar analysis here:
Asian share markets are doing a lot better today with a solid lead from Wall Street, combined with higher commodity prices helping the risk taking. The USD is on a tear against Yen, while the Australian dollar is hovering at the 72 cent level against King Dollar. Oil prices are drifting slightly higher as the energy crisis continues, with Brent crude well above the $120USD per barrel level while gold is still stabilising here at the $1850USD per ounce level:
Mainland Chinese share markets are again looking to put in scratch sessions today with the Shanghai Composite currently up 0.2% to 3249 points while the Hang Seng Index has climbed nearly 2% to almost get back above the 22000 point level. Meanwhile Japanese stock markets are pushing forward again, with the Nikkei 225 index closing nearly 1% higher at 28219 points while the USDJPY pair has now lifted through the 133 level in its epic rise:
Australian stocks came back a little post the RBA rate hike pulava with the ASX200 almost gaining 0.4% to finish at 7121 points while the Australian dollar is slowly deflating again, hovering just above the 72 level against USD as its weekly uptrend slowly consolidates:
Eurostoxx and Wall Street futures are somewhat mixed as we head into the European open with the S&P500 four hourly futures chart showing price just holding above the start of week level, but not yet making a new intrasession high. Key support at the 4100 point level is the area to watch with short term momentum is neutral at best as upside potential could be limited here:
The economic calendar includes Euro wide GDP 3Q estimates, then US wholesale inventories.
Asian stocks are continuing their rebound at the
With the ECB outclassing the RBA last night,
Markets had already priced in the latest ECB
Asian stocks have rebounded in line with Wall
https://www.theguardian.com/society/2022/jun/08/nhs-hiring-more-doctors-from-outside-uk-and-eea-than-inside-for-first-time it is indeed morally wrong & shows how their training system or immigration system is not working, same as here.
Pay back some debts from colonisation.
Young Aussies and Kiwis will go back then…
Yes, used to be loads of Aussies/Kiwis/Saffers in medicine
Living with Covid has ripped the heart out of public hospital systems world-wide. Those who aren’t permanently disabled are leaving in droves and those replacing them will leave before they become skilled. NHS…..professionals know the situation
https://twitter.com/Dr_Woodall/status/1533295761215168512
This is happening here as well and those with chronic conditions will be displaced by those with emergencies until the public hospital systems are just huge emergency departments and it is more and more HITH……….just another of the public commons we are losing.
Oh boo hoo. Yeah they can harden up or get out and be replaced by someone else that wants the job!! I ain’t ever locking down for youse chicken sh1ts ever again!!!! Covid isn’t even a thing anymore for good normal people. You still wearing a nappy bloke?
If you were some sort of hard experience man that might hold some gravitas …. sadly in your specific case nothing could be further from fact.
You are devoid of sarcasm.
He can pack his sarcasm up his tootsie …
Hey you don’t even know how to be hard… because you’re a vag1na!!! 😅😂🤣
hay reus did you see this article? I thought it would be up your alley.
https://www.news.com.au/lifestyle/relationships/sex/a-viral-clip-of-a-sex-robot-speaking-with-a-scottish-accent-reignites-interest-in-sextech/news-story/1ffc24a3def385e0f9c8bfaa7180cc00
True, they have been treated like dirt, especially nurses
Please the necessity to source cheap labour has been a long agenda of the free market ideologues seeking to privatize the NHS so the markets can ***price stuff*** right e.g. extract rents and loot/hollow out a core public good so some PE mob and Absentee investors feel good about themselves. Its always starts with the need for efficiencies [MBA speak for cramming down labour], defunding government so job creators [oligarchs] are not taxed, until the whole thing is medically speaking dysfunctional and then the free market posse will point at it and say hay consumers we told you the government can’t do anything right …. lets pop it all into the market – !!!!!!!
No other issue fills me with more hatred than the one your speaking to Skip. Those responsible for the intentional ruining of health systems for the sake of privatisation and profit deserve long torturous deaths.
No one from here….? https://www.msn.com/en-au/news/australia/investor-facing-jail-for-pump-and-dump-scheme/ar-AAYa09j?ocid=se
https://www.surviving-tomorrow.com/p/should-matt-damon-and-reese-witherspoon?s=r
But I always follow tips from Reese!
Ahhh, I love the sound of people blaming others for their own stupidity in the morning!
It’s night time brah
China opens it’s new navel base in Cambodia/ SE Asia
https://www.rfa.org/english/news/cambodia/chinese-ambassador-attends-ceremony-at-controversial-cambodian-base-06072022220725.html
Otherwise titled “How to make friends with Vietnam and Malaysia, Han-style”.
Lols, & don’t forget Thailand
Check out this kid playing for straya A
https://www.espncricinfo.com/player/aaron-hardie-1124283
Genuine class. As you would expect.
Of any player born in England.
You’re a true white man, Sir.
https://www.france24.com/en/live-news/20211118-racism-target-cricketer-rafiq-apologises-for-anti-semitic-messages-1
I spose you have better things to do but are you following the brouhaha at the Washington Post after some dude retweeted a s3xist joke?
I thought it was a joke that had to be told.
I hadn’t but Sky doesn’t approve.
https://www.skynews.com.au/opinion/joe-hildebrand/suspending-a-reporter-for-retweeting-a-sexist-joke-is-not-just-bizarre-its-mindblowingly-insane/news-story/c573ebfdf5eaedf6a54aab2db0ed2e25
Incidentally, compare the google search success for this versus the one the other day from India………
@ MiBo it doesn’t look like you are interested in calling out misogyny instead of catering to men’s fragile feelings and lack of empathy.
I’m old, white, male and stale Harry.
@MiBo do you smell faintly of pee?
Eddie Booth (Apparently not an anti Semite) saw what was coming for English cricket. https://youtu.be/Nw-Qax4K-HU
Corbyn played cricket – ????? – for the poms – ????
Wednesday’s blog post (08/06) is now posted (17:55 EAST) – RBA aims to cut policy stimulation by adding to it – https://t.co/ABq0X7722J
Billy Blogg on the money again re rate rises & the inherited deficit (though I think it is a bad deficit as so month flowed to the wrong places eg company profits, housing, savings accounts, they could have spent less had all of it gone more to actually just sustaining jobs & companies during covid, houses & profits should not have risen during covid lockdown)
https://www.news.com.au/finance/economy/interest-rates/rba-interest-rate-hike-could-crash-house-prices-by-25-per-cent/news-story/e3ced0ae4f1b32cd1b183687b55af528 I’m considering to stop the subscription, the boys have sold their spirits to the FIRE industries
Indeed ! **Queens It’s written by both DLS and LVO
These blokes are ace! They are good corporate citizens and just want to protect investors.
Most of us think house prices need to be lower, the problem is a rapid drop will crash the economy. Hence the right way is to deflate it over time and let wages grow to bridge the gap. That’s what MB is advocating.
No way to deflate the bubble when the wages rises are reliant on the ever increasing debt load to service the bigger loan for the house. Which necessarily means house price should be rising in this context. No other productive activity left to fill the gap to raise wages. Deflating the house prices then just results in wages slump due to decreased demand. That you are describing, math doesn’t add up.
We’ve had increasing debt load, company profit share explosion but no wage growth
Well yeah increase in asset prices in a precondition for wage growth but not the only one. Like the other article said, capital has won and that earned income has been siphoned off into company profits. So the situation is really worse than this. For this situation to happen houses cannot be deflating AND wages need to win bargaining power over capital to capture the value. How is that going to happen?
I wish you were the burbwatcher so I could tell you the sweet “I told you so”. https://www.macrobusiness.com.au/2020/06/macro-afternoon-909/#comment-3920823 The fact that pretty much all the articles are open to non-members suggests they’ve either found a better source of income or trying to entice new readers … mortgagees whiners.
https://www.theage.com.au/business/banking-and-finance/rba-cant-be-held-hostage-by-marginal-borrowers-former-governor-20220608-p5as54.html Good on him, he has seen the light!
*former governor. Free to speak truth to power.
The victors write the history.
Sounds like victim blaming considering the RBA was emphatic “No rate rises til 2024” Now the RBA is cranking the rates up and evryone’s pointing at the suckers and shouting “You really believed backbone Phil? Suckers…”
Softening the blow, and managing perceptions…getting the populace accustomed to the reality of “higher for longer” (TM)
How can you tell when a central banker is telling fibs?
Jeez Labor is not mucking around Port of Darwin lease to be reviewed
Good on them! They should have given it to the yanks from the beginning…but Scomo so used to sell to the highest bidder….long life among auctions. What do you reckon going on in MFC? The boys are going astray…must be a lack of father figure or something
Why should it even be sold at all?
Didn’t suggest selling, but management on x number of years lease.. US of A still an ally
“given it to the yanks”
Yeah mate like the pig that is the F-35 and selling off Oz decades ago … good on you nim wit …
And – ???? – you just hand over rights to some multinational corporation that has old branding nationality … ugh …
With Global food insecurity and resource competition increasing everywhere any CCP leader not prepared to displace (or exterminate) 26 million Australians for the sake of their 1.4 billion Han people wouldn’t even be there in a leadership position. It’s only their lack of being able to “get away with it” that makes this, currently, untenable for them to action. That’s because of American Nukes,…not those shyte box, rip-off, F-35s
Wake me up when the perps are swinging in the breeze off the highest lamp-post.
The Veels are Vibble Vobbling
Good lesson for May Melksham appears to be a fair boxer JVR or Turner debut this week I have money on the Pies and had some on Swans
It’s a distraction . A dstraction from the Power price debacle, Cost of living/ low wages/, running inflation
https://www.news.com.au/entertainment/tv/reality-tv/the-block-issues-desperate-plea-for-tradies-amid-new-season-crisis/news-story/177f1e0589633669eb5f9962ab588034
G’day Os, missed you with your links.
The vast expanse of news everyone everywhere knows now. Posting so many links would take hours every day, and it was already getting that way. I have to get time to work, which is a challenge with so many articles and YouTubes to track.
It all really amounts to finding when markets have crashed enough that the optimum point is found for buying back in.
Let me know will ya.
He will no doubt ring a bell.
I thought these renovations were all done by the dunce couples. Why do they need Tradies? Isn’t it just stuff every punter can do with the help of a few supplies from Bunnings?
Has anyone ever watched it? Do they use Ozito?
Watched a bit back in the old days and all I remember was makita, I think, as it was show sponsor but there were obviously plenty of other brands on site that were conveniently obscured.
Ta I wondered because Bunnings has Ozito and Ryobi I think.
Bunnings stock Dewalt Ryobi ozito bosch makita Hitachi wack rebrand and that’s the last time I was in Lismore before floods
I once knew a guy (who incidentally was dating the spoiled brat daughter of a woman working for ANZ in as a ‘mobile lender’) and he ended up working on the set of ‘the crock’ as ‘hire tradie’ … he had some serious war stories. It basically boils down to the fact that the protagonists do SFA work, and that most stuff is done by these ‘ring in tradies’ (of which he was one)… to a price-point!
Yes of course, hence my tongue in cheek comment. notice very few unattractive couples on the block. Wouldn’t sell the show with a few fat slobs and missing teeth.
https://amp.theguardian.com/commentisfree/2022/jun/08/if-australia-taxed-windfall-gas-profits-we-could-invest-billions-in-renewables-and-get-off-fossil-fuels-for-good
Lol non dispatchable power is a joke. If you want to stop using fossil fuels then you go nuclear like france did in just 15 years. If renewables worked we wouldn’t be having a energy crisis due to fossil fuel shortages because everyone else would have installed the “Cheaper TM” green energy.
Give up super brain. You’re too smart for us and clearly wasting your time trying to get us heathens to give up on our out dated and useless renewables.
What fossil fuel shortages are there at present my good man?
So yeah the Kouk had a reasonable question today – the same people (Big 4) who told us the RBA would go .25 or .4 are the same ones who are telling us the RBA won’t go all the way as the market is predicting (i.e. 3.5%), why exactly should we believe their latter prediction?
Another commentator suggested that probably they said .25 – .4% because they didn’t want to be painted by the media as supporting the double whammy .5%. Probably they knew exactly what was coming.
I suspect both of these are true. I think they are flat out lying about their predictions and are trying to paint a media picture of the RBA as the bad guys who are being aggressive and them as the good guys who think less is justified. This is going to be headline news every month for the next year, I hope Chalmers has his speechwriters working hard because they’ll be wheeling him out every 30 days on Sunrise like clockwork to ‘explain what it means for Aussie households’.
They’re all talking 1.5% or 2.5% or whatever at the end of the hiking cycle because they don’t want to be seen as supporting rates tripling from here, that’s the RBA’s fault, the banks are the good guys.
Further, I think another reason they’re deliberately lying is because they don’t want to scare the bejeebies out of punters from signing up with them, they still want to sell new debt after all, and does the average mum and dad specufestor even understand the difference what the banks are predicting vs what will happen? I reckon they google ‘what will rates be in 2023’ and make a decision based on the news headlines repeating what the banks are predicting and will sign up with the lowest, as if that’s somehow connected to what will actually happen – yes I do absolutely think the average punter is that financially illiterate.
Here’s how you predict, you trace the outline and shift it right about 2 mm https://twitter.com/PhilipSoos/status/1534409987455340544
That Soos bloke wrote an article few years ago about prices collapsing…which led me to this site…and rest is history
Denial is not just a river in Egypt !
I think a little from each bucket is true. I also think some of the big 4 went Berko with their lending over the Pandemic and might be more than a little worried about their balance sheets.
I participated in the body tanning contest, hoping to get the mega prize… I won bronze
Disqualified for not actually being a Dad.
I’ll adopt you or Harry then… Hoping to impress Angelina Julie with either of you and we form big family
Dad can I borrow the car and 500k for a deposit?
sure! Angie dear , Harry needs just 500k… I’ll make it for you tonight!
Dad, what’s a clematis?
Good luck to find it, but I’ll introduce you to girls who’ll help you find it
You’re looking in the wrong spot https://en.wikipedia.org/wiki/Clitoria_ternatea
SHE’S NOT MY REAL MUM!
I don’t know how to tell you this dad, but I’m a thespian.
And I’m a director… That’s how I met your mom Angelina
Really? I thought it was just cognitive diffidence.
If I get to select my Mum I’m going with this chick https://www.dailymail.co.uk/femail/article-10893455/New-exhibition-reveals-Baroness-artist-wore-cake-hat-lived-poverty.html
When inflation is caused by an increase in domestic demand, rising interest rate will reduce economy activities, which will in turn lower inflation. This is the classic economy model in a ‘closed’ system.
However, when inflation is caused by an external event like the Ukraine War, then raising interest rate won’t do much about inflation at all. Even if Australia’s domestic demand for oil becomes zero, the oil price won’t move at all. The purpose of lifting interest rate is to prevent asset bubble and capital outflow due to high negative real interest rate. If it gets there, monetary lever no longer works. Look at Turkey : 70% inflation rate, 14% official interest rate, and the stock market to the stratosphere. The ‘hyperinflation’ will not comes from the 5% pay rise demand by workers, but ASX going over 10,000 before the end of the year.
Voice of reason! I wish if the people against lifting the intrest rates see the big pic you just presented
Yeah like the IS-LM and NAIRU was the voice of reason …. Chortle ….
So what’s the answer? Increase tax?
On what level and too whom and why ….
Why would the ASX go to 10,000?
High inflation. People leave their money in stonks. Happened in Zimbabwe.
“Happened in Zimbabwe.” – refuted monetarist drivel … btw same mob hired by corporatists to spew rubbish and call it economic science …
https://www.bloomberg.com/news/articles/2021-11-02/zimbabwe-stocks-take-a-breather-after-370-rally-this-year
I can’t tell if you’re having a go at me or saying I’m some kind of money crank, but I don’t offer my opinion as some kind of approval for what’s going on or happens. Just stating factual information as per the link.
Lol you are a ideological money crank by your own admission with crypto …
Zimbabwe was about ending trade with the commonwealth [aka trade shock], land redistribution to the grunt mob that used force to put Mugabe in power, their lack of knowledge/experience to replace the lost productivity of previous farm land holders, which meant Zimbabwe had a reduced FX basket to do anything with and in the end resulted in a currency doom loop ….
Yet Mugabe and friends are rich people … and hear I thought you said you knew how markets work …
“Yet Mugabe and friends are rich people” Mugabe’s dead, not sure about his friends
Mugabe is dead … but that could happen to anyone.
Mugabe and his mates can exchange foreign currency at the ‘government rate’, and any company that earns foreign currency have to ‘hand them over’. So the only place people can invest is.. the stock market. You don’t need to look at history though, you can see it in real time. Zimbabwe stock market index ZSI was under 2000 in Jan 2020. It recently peaked at 97000, that’s 45 times in 2 years!! Venezuela is another economy with very similar issues.
Last time Zimbabwe got to 100 Trillion dollar notes. I wonder if they’ll get to 100 Quadrillion this time.
LOL who is putting money in that equity and before you go pop what about Elon, Uber, FANG, and all the other dreck …. making it out to be about stonk market notional value … chortle …
Once the monetary system fails, people with money are left with 2 choices : buy foreign currency (capital outflow), or buy stock. (asset bubble). Real Estate will become unattractive because you want assets that can be liquidated in a few hours while you hop on the plane and fly out of the country.
Good point. And to Skips point about me being a money crank. What is even easier to move out of a country is crypto. You can store it in your brain if you can remember the right wallet phrase. Hence it’s even more frictionless. But yes I’m just stirring the pot now.
This is why the RBA is not the master of its own destiny re rates and ultimately follows the market.
Labor really has farkt things! Life won’t be easy under Albanese!!
And it took them less than 3 weeks…
Shut up stooge. Go for a power walk with your nancy friends. Deadset pos
I am sure you know that you are flailing at shadows.
Sometimes ya gtta feed the trolls.
What a sad idiot though, to keep up this charade for so long, obviously got nothing better to do.
Fozzy won’t be happy.
https://www.dailymail.co.uk/tvshowbiz/article-10895263/Channel-10-boss-finally-acknowledges-shocking-ratings-League.html
Well the board member and spokesperson for the Islamic Council of Victoria is still cracking up at Lisa Wilkinson.
https://www.dailymail.co.uk/news/article-10888311/Lisa-Wilkinson-apologises-joking-Russia-Ukraine-war-settled-soccer-game.html
Labor plans huge superannuation overhaul https://www.dailymail.co.uk/news/article-10895391/Labor-plans-huge-superannuation-overhaul-raising-contributions-15-cent-Anthony-Albanese.html
Less disposable income, lower house prices
‘It’s pretty clear that whilst immigration has added to overall growth, it’s suppressed wages particularly in some occupations,’ he said. ‘Instead of having to pay local workers more to attract or retain them, they’ve relied on a pool of workers coming in either temporarily or permanently from overseas to meet their labour needs.’
It’s accepted wisdom amongst our political class?
Yes, which is why they did it. To kill inflation and keep rates low so their asset prices could be pumped up higher.
What he said, and they DGAFF.
He said the quiet part out loud.
All major lenders join Westpac in passing on rate hike to customers https://www.dailymail.co.uk/news/article-10895873/All-four-big-banks-pass-rate-hike-Australians.html
BOMADs gunna take a boot to the gonads
No mercy for the debt sheep sent to the slaughter https://youtu.be/aZa2hJIsqeQ
AFP warns Five Eyes Law Enforcement Group that foreign governments are supporting organised crime in Australia https://www.abc.net.au/news/2022-06-08/five-eyes-law-enforcement-group-representatives-in-australia/101135068
Better get their finger out and do them AML laws
I know where Kylie (M) is coming from; I’ve always hoped a “harry” would become slang for some biologically obscene act.
https://www.dailymail.co.uk/tvshowbiz/article-10895061/WWHL-Kylie-Minogue-says-legal-fight-Kyle-Jenner-Kylie-trademark-just-business.html
Qld by 6. Well done Mr Bogan. Very well done.
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