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Anthony Albanese gave a speech to the Australian Press Club today where he reiterated Australia’s distance from the USA’s actions in Iran, and he even suggested Indonesia is an “emerging superpower” that could one day replace U.S. export demand.
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At least, that was the in-between-the-lines messaging that I personally heard. But it wasn’t Albo’s speech that moved markets today: Unfortunately for us, Donny gave a speech intraday Thursday, and it sounds like the wind-down of the USA’s war in Iran isn’t really winding down.
At least, that’s obviously what traders are thinking. Asian stocks broadly went sour; the NIKKEI dipped nearly -2%; India’s Nifty futures fell over -2%; the Hang Seng fell by a percent and we weren’t far behind on the XJO.
For a local view, here’s the ASX200 intraday chart:
I could include charts of the gold and Brent crude prices here, but I’m not going to because regular readers are probably getting tired of that. Just know that Trump’s speech pushed oil back up, gold back down, and the U.S. 10Y bond yield is creeping back up towards 4.4% – which isn’t very comfortable territory.
As I’ve said many times, Trump does his best work on weekends, and we’re heading into a long one.
Here’s my advice. Turn off the part of your brain that screams, “What about potential gains!” and just turn off your phone until Tuesday.
There’s already a well-established maxim that one should never place a trade before a weekend; in this case, it would be fairly irrational to do so.
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