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ASX at the close

Chris Weston, Chief Market Strategist at IG Markets IG’s Greek referendum playbook For traders, chaos presents opportunities and the current conditions are certainly conducive for many traders. The key themes remain around Greece, data-dependent US policy and the recent swings in Chinese equities. Figures out of the US have been positive heading into non-farm payrolls

Latest posts

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Lower AUD good news for tourism industry

By Leith van Onselen Fairfax is reporting this afternoon that Australia’s tourism operators remain concerned about the elevated Australian dollar, which is making life more difficult that it should be: The latest industry sentiment survey released by Tourism & Transport Forum and MasterCard found the level of the exchange rate remained the chief concern among

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Off-market home sales fuelled by Chinese social media

By Leith van Onselen From Domain today comes fresh insight into how Australia’s real estate agents are offloading homes to the Chinese, some of whom are likely non-residents: Agents are posting an increasing number of properties on Chinese social-media platforms such as WeChat before advertising them to the general market, meaning many of them are being snapped up behind closed

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Trade deficit fails to recover from last month’s shocker

By Leith van Onselen The Australian Bureau of Statistics (ABS) today releasing trade data for the month of May, with Australia’s trade deficit improving to $2,751 million after last month’s record blow-out. The result still missed analyst’s expectations, who had expected a trade deficit of only $2.23 billion. It was the 14th monthly trade deficit

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How Australia’s Budget is eating our Children

By Leith van Onselen Following on from my post earlier today on the Grattan Institute’s new report, Fiscal Challenges for Australia, which examines Australia’s weakening budgetary position and some of the revenue measures needed to address it, Grattan’s CEO, John Daley, has appeared in The AFR warning of a huge hit to living standards for

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China rejects Aussie coal cargoes

From the AFR: China has been rejecting Australian coal cargos that don’t pass new import quality restrictions, and the local industry is concerned that the testing is being misused to favour China’s struggling coal industry. Minerals Council of Australia coal boss Greg Evans has called for the regime to be suspended to give officials from both countries a

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China relaxes margin trading requirements

From Forexlive: More from Xinhua, via Reuters: China securities regulator relaxes rules on margin trading China securities regulator amends rules including margin trading asset threshold for individual investors China’s securities regulator to allow stock brokerages to issue bonds to widen funding channels (note …. news from the China Securities Regulatory Commission announced at around 10:40

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No reform, dissent, carbon or poofters

Really, someone needs to commence a campaign that aims to rescue the term “liberal” from the Liberal Party. It’s not liberal economically, democratically nor socially. At least, its leadership isn’t and it appears to be setting the agenda so neither is the Party. Witness, right now Australia confronts three big issues. The first is the economy

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Triguboffonomic panic 6.0

By Leith van Onselen Robert Gottliebsen (“Gotti”) has obviously gotten off the phone again with his mate, “Highrise” Harry Triguboff, since he has penned another post warning of a downturn in apartment construction now that the rules around significant investor visa’s (SIVs) investing in Australian real estate have been tightened. From Business Spectator: In the

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Markets go long Greek happiness

The FT makes the Greek situation as clear as is possible: Greece’s prime minister accused Europe’s leaders of attempting to “blackmail” Greek voters, just hours after apparently holding out an olive branch to the country’s creditors by accepting most of the terms of the economic reform plan they had tabled last weekend. Eurozone officials said they

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Grattan Institute slams Budget hopium

By Leith van Onselen The Grattan Institute has released an excellent new report, entitled Fiscal Challenges for Australia, which examines Australia’s weakening budgetary position and some of the revenue measures needed to address it. The report finds that both major parties have been relying on bracket creep (aka ‘fiscal drag’) and favourable economic conditions to

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China property bifurcation continues

Cross-posted from Investing in Chinese Stocks. 53 cities up, 46 down and 1 flat. 15 cities saw prices rise more than 1%. Number of cities falling more than 1% fell to 12. Here is your bifurcation headline number: the median new home price increased 1.03% in June. The bottom cities were not no names. Rizhao,

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Links July 2, 2015

Macro & Markets China targets counterweight in gold trade with yuan fix – SCMP USDA report pushes grain futures to ‘staggering’ heights – ABC ‘Spectacular rallies’ await investors who buy Greece now – Market Watch…let’s see those cojones… Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases – Bloomberg…maybe they should invest in Greek

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ASX at the close

Chris Weston, Chief Market Strategist at IG Markets Certainly, the various polls are suggesting the ’yes’ camp has the upper hand, although this stance could still lead to increased uncertainty and the bookies subsequently expect Alexis Tsipras to step down on this development. On a ‘no’ vote, reports that German Finance Minister Wolfgang Schaeuble is

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Greek polling backs “no” vote

Breaking from Reuters: 01-Jul-2015 12:25:33 PM – GREEK BAILOUT REFERENDUM OPINION POLL (RESPONSES BEFORE BANK CLOSURE) – YES 30 PCT, NO 57 PCT, DON’T KNOW 13 PCT 01-Jul-2015 12:25:33 PM – GREEK BAILOUT REFERENDUM OPINION POLL (RESPONSES AFTER BANK CLOSURE) – YES 37 PCT, NO 46 PCT, DON’T KNOW 17 PCT Grexit!

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Gotti enters Australian dollar Twilight Zone

 From old man Gotti at Dad’s Army: It is now clear that China’s economy is slowing faster than the government would like, and so it has now intervened by lowering interest rates and stabilising the share market. …This makes the Reserve Bank even more anxious for a fall in the Australian dollar, which is holding stubbornly

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Abbott: We will never touch taxes on super

By Leith van Onselen Tony Abbott is sticking to his “captain’s call” refusing to reform superannuation, reaffirming his stance this afternoon, via Business Spectator: Prime Minister Tony Abbott has ruled out ever increasing taxes on superannuation… “We have made a very clear decision that we aren’t ever going to increase the taxes on super,” Mr