April 11 Links: EZ Slam

For Markets and Macro data try our new morning column Macro Morning.

Global macro: 

  • VIX bottom and now soars 9% on risk-off Zero Hedge – I did warn about this…

United States:

  • Hawks and doves at Fed see double MacroScope
  • Will US avoid recession? Shiller at Bloomberg must read
  • IMF works out that high house prices don’t equal wealth Reuters go tell the economists
  • No more Santorum or Sanity left in US presidential race The Cupboard
Europe:
  • French economy grinds to a halt Reuters
  • Spanish and Italian stock and debt markets slammed – I thought this was over?
  • UK: you can’t handle the truth of deleveraging Prag Cap

Asia:

  • Biggest indicator of the week: China GDP Macroscope
  • BRIC’s are growing but not happy Jan Beyondbrics good read
  • Find more China links each day here courtesy of Sinocism

Local:

  • Industry super funds wield power over the weak, calling for them to be axed The Locked Cupboard
  • Lost will to build infrastructure The Cupboard because we’ve built nothing but houses and holes?????
  • IMF says invest in infrastructure before commodity price falls Fairfax little late fellahs
  • Farmers gas miners in peace talks AFR
  • Banks get stricter on personal loans AFR

19 Responses to “ “April 11 Links: EZ Slam”

  1. Different China Fanboy says:

    your comment engine seems to be going haywire again. comments that include links don’t seem to be getting through — had one with 2 links that disappeared. then tried it with one link with no luck.

  2. a63 says:

    Prince the EZ problems are not over to answer the question…unless that is a tongue in cheek one above.

    Here is a good analysis of Spain to complement what DE has been posting:

    http://www.oxfordeconomics.com/samples/EZblog050412.PDF

  3. a63 says:

    Something odd is going on with China Iron Ore imports is this story is correct; basically China imports down 3.2% due to problems in Brazil. BUt as I posted yesterday Port Headland exports to China down 4.7%. I’m sure we don’t have a supply problem.

    http://mobile.bloomberg.com/news/2012-04-10/china-s-march-iron-ore-imports-fall-from-previous-month-on-rains.html

    • Different China Fanboy says:

      possibly due to timing and recognition differences.

      export would be recognized at port hedland when the ship leaves the dock (presumably).

      for it to become a chinese import it has to arrive in china and get tallied etc.

  4. 3d1k says:

    You missed this doozy:

    http://www.smh.com.au/opinion/political-news/beef-up-mining-tax-awu-20120410-1wn0x.html

    Paul Howse, on cue following the TAI policy paper, calling for pegging the currency, beefed up a mining tax (a return to RSPT), a SWF, slowing of the mining boom etc in order to ‘save’ steelworks and manufacturing. Yada yada yada.

    Wonder if a slowing of the boom, results in a slowing of profits, results in a slowing of MRRT (RSPT) revenues to government, results in ….but anyway.

    Interesting to see what HnH makes of this. One thing to remember, Howse mooted to be angling for pre-selection in prime Labor seat (are there any left!) so could be all bluff and bravado heading into the Labor Union-Politico career path.

    • Different China Fanboy says:

      hmmm, slowing the mining boom and a beefed up mining tax seem to be contradictory objectives.

      …and gee whiz, another union hack headed for a safe labor seat. Who’d a thunk it.

    • Mav says:

      If I am not mistaken, Flawse has also called for pegging the currency.

  5. a63 says:

    One more sign of a slowing China. Plunging Chinese Excavator Sales ….down 47%. It might not be that significant as they might have sufficient inventory for the moment.

    http://blogs.wsj.com/marketbeat/2012/04/10/a-worry-for-caterpillar-plunging-chinese-excavator-sales/?utm_source=digest-en-mining-120410&utm_medium=email&utm_campaign=digest

  6. 3d1k says:

    Something to keep the Greens happy, the advocates of slowing the mining boom happy, union activists like Howse happy, not so sure about the union members ie the workers themselves, but they as individuals are not usually on a union official’s radar.

    http://www.theaustralian.com.au/business/mining-energy/bhp-billiton-to-close-norwich-park-mine/story-e6frg9df-1226323935644

    Might be a bit of a wake-up call to those continuing union inspired industrial action across several other BHP mines…

    • Mav says:

      Umm..

      “The impact of last year’s floods, combined with lower coal prices and high costs, has resulted in an operation that is not currently viable,” BMA asset president Stephen Dumble said.

      “While recent industrial action has had an impact on production, the mine has been unprofitable for some months.”

      Might be a bit of a wake-up call for you to..I don’t know.. maybe READ the article before you link to it.

      • 3d1k says:

        Mav, aggressive approach, as always. I read the article. I know what I am talking about. Trust me.

      • Mav says:

        Aggressive? Really? I thought you were implying and drawing the long bow between industrial action and the mine closure.

        Just thought I will be helpful to those too bored to GoogleHack The Cupboard and verify your implications.

      • 3d1k says:

        Coal mine closure. Green’s happy. Check.

        Coal mine closure. One less mining project, a small slowing of the boom. TAI, Howse and *** happy. Check.

        Coal mine closure. Union advocates of above policy happy. Check.

        Coal mine closure. Mine workers if redeployed, happyish. Mine workers retrenched. Unhappy. Check.

        Coal mine closure. Striking workers on other mines get a wake-up call. Could happen to them. Know they are on strike based on marginal/petty issues. Closure may be relatively short-term. Closure may be extended. Wake-up call, nonetheless. Check.

        Wake up call for Mav. Check.

      • Mav says:

        -1 (Another long bow)

      • 3d1k says:

        http://www.businessspectator.com.au/bs.nsf/Article/BMA-to-close-Norwich-Park-coal-mine-pd20120411-T96WX?OpenDocument&src=hp1

        BusinessSpectator: “The closure follows a 15 month dispute with the Construction, Forestry, Mining and Energy Union over a new wage agreement and as the mine battles to remain financially viable.” “Mr Taylor said the closure of Norwich Park made economic sense but also sent a powerful message to the mining union after more than 16 months of unproductive pay talks marred by strikes and rolling stoppages.”

        Wake up call to Mav. Check.

      • Mav says:

        From the sublime to the ridiculous – you can keep checking all day long.

        What matters is what BMA asset president Stephen Dumble said – The mine was unprofitable.