Moon Over House, undated, Desmond Digby (New Zealand, Australia, 1933-2015), Art Gallery of NSW
China
- China plans rise in government debt to prune corporate red ink – SCMP
- Bogus property owners scam millions from Hong Kong buyers and banks – SCMP…is there a secondary Market for foreign properties in China?…
- China industrial profit growth slows, debt concerns remain – Nikkei Asian Review
- Tseung Kwan O flats selling at Manhattan prices, yet Hong Kong developers’ subprime mortgage tactics go unchecked – SCMP
- Land prices go through the roof in top Chinese cities – SCMP
- Mainland emerging middle class loves cash and property, worries about stock volatility – SCMP
- Why China’s investors aren’t sweating the yuan’s latest slide – Nikkei Asian Review
- Commercial Debt Dodgers Pressure China’s Banks – Caixin
- China’s Incomplete Growth Strategy – Project-Syndicate
- Is China Sending a Message to the Fed Through the Yuan? – WSJ
- New study dispels conventional myths about Chinese equity investors – CNBC
- Nervous bird Beijing waits for the pluck of the Fed’s bow – SCMP
- Alarm bells as Chinese retail investors drawn to high-risk private equity funds – SCMP
- How credit fuelled China’s incredible boom – SCMP
- China’s state firms must become ‘bigger, stronger’ and still be at the core of the nation – SCMP
- China looks for clues to US Fed’s intentions as punters eye rate rise in June – SCMP
- China Won’t Avoid A Debt Restructuring, And How It Could Look Like – Seeking Alpha
- China beefs up support for lackluster manufacturing sector – China Daily
- Private Players Entering Oil Import Trade Flares Demand for Crude – Caixin
- China April industrial profits up 4.2%: Stats bureau – CNBC
Asia
- Saudi Arabia Has a Plan B to Try to Stop Iran’s Economic Rise – Bloomberg
- Singapore Consumer Debt Shrinks for First Time in Decade: Chart – Bloomberg
- Sluggish economy prompts Abe to forgo planned sales tax hike next April – Japan Times
- Indonesia Sailing Toward Upgrade as Last Major Asian Junk Debt – Bloomberg
- Singapore Property Market May Reach Bottom Before Hong Kong – Bloomberg
- Korea’s Corruption Fight Faces Backlash for Being Too Strict – Bloomberg
- Japan dips deeper into deflation – FT.com
- How Do Japanese Banking Officials And Politicians React To Economic Political Pressure? – Value Walk
- Land and financial misallocation in India – VoxEU
Europe
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- What Greece’s ‘breakthrough’ bail-out deal didn’t include – Telegraph
- Hold on a moment: the European corpse may be rising from the slab – Telegraph
- How to find clues to Bank of Russia’s next step in consumer data – Business Times
- Russia May Be Toxic, But Domestic Investors Don’t Mind – Bloomberg, Bershidsky
- IMF’s Epic Flip Flopping on Greece – Constantin Gurdgiev
- Nagorno-Karabakh: the slow-motion conflict – BNE Intellinews
- Kremlin’s botched Eurobond freezes out foreign investors – BNE Intellinews…good read…
- Putin launches his grand reform agenda ‘Plan K’ – BNE Intellinews, Aris
- Tax fraud police search McDonald’s French headquarters – AP
- The European Single Market: A game changer for economic integration – VoxEU
- Extending QE to Greece Won’t Do Much Good – WSJ
- Europe Seeks Greater Control Over Digital Services – NY Times
- Core and periphery: different approaches to unconventional monetary policy – Bruegel
- ECB set to accept Greek bonds as collateral – FT.com
United Kingdom
- A beleaguered Britain takes comfort in nostalgia for empire – Aeon
- London’s empty towers mark a very British form of corruption – Guardian
- UK economy grew at 0.4%, ONS confirms – Guardian
- Housing crisis: affordable homes vanish as developers outmanoeuvre councils – Guardian
- Brexit will make us richer. That’s why Leave could still win – Telegraph
- UK growth relies on consumer spending as trade drags on recovery and business investment drops – Telegraph
- We’re not wimps, insists Bank of England official – Telegraph
- UK Treasury Brexit report is overly negative – The Conversation
- UK business investment falls ahead of EU referendum – Reuters
- The shocking lack of transparency on Brexit – Prospect
- The Trade Costs of Leaving the EU – Project-Syndicate
- Balancing act – Woodford Funds…good read…
- Shoppers brush off Brexit fears with record credit card splurge – Telegraph
- Fresh migration data fuels Brexit debate – CNBC
- Revealed: 9% rise in London properties owned by offshore firms – Guardian
United States
- Yellen Says Fed Hike Probably Appropriate in ‘Coming Months’ – Bloomberg
- Yellen Worth the Wait (Mostly) – Bloomberg
- U.S. Economy Better Than Thought, but Still Weak – NY Times
- Fed’s Yellen suggests US rate liftoff increasingly likely as economy picks up steam – SCMP
- Why a B-Minus Economy May Be Causing a Turbulent Election – NY Times
- Corporate America Chases the Mythical Millennial – NY Times
- How much a decent apartment costs you in every county – Washington Post
- Hillary Clinton is pushing two of corporate America’s biggest ideas – Washington Post
- Economic-Growth Surprises Are Dropping With Faster Release of Trade, Inventory Figures – WSJ
- Where American Factories’ Gears Are Stuck – WSJ
- Fed survey lays bare U.S. economic divide – Reuters
- Fed’s Bullard: Tight US labor market may put upward pressure on inflation – CNBC
- Ex-McDonald’s CEO says raising the minimum wage will help robots take jobs – Washington Post
- The shocking number of Americans who can’t cover a $400 expense – Washington Post
- The income needed to pay rent in the biggest U.S. cities – CBS
- For young Americans, living with their parents is now the norm – CBS
- How an industry helps Chinese students cheat their way into and through U.S. colleges – Reuters…and let us get to the industry which helps them launder money in Australian houses too…
- Credit tightening as a leading indicator for recession – Bonddad
- Kansas City Fed Manufacturing Contraction Continues in May 2016 – Econintersect
- The Fed Has A Problem: Inflation May Hit 3.5% By December Due To Gas Price “Base Effect” – Zero Hedge
- Fed Officials Are Signaling A June Rate Hike, But Not Everyone Is Convinced – IB Times
- Earnings fall at fastest rate since the Great Recession – Market Watch
- Young Americans’ twin debt problems: marriage and college – Market Watch
- Is The Case For A June Rate Hike Premature? – Capital Spectator
- Here are the top 5 reasons some homeowners are still underwater [Infographic] – Housing Wire
- New York to provide $100 million in zero-interest loans to prevent foreclosures – Housing Wire
- Pending home sales surge to 10-year high – Housing Wire
- The Fed’s Amazing Self-Fulfilling Forecast – Bloomberg, Kocherlakota
- Bank of America’s Winning Excuse: We Didn’t Mean To – ProPublica
- How the NY/NJ Port Authority Misspent Millions in Federal Money Meant to Cut Air Pollution – ProPublica
- How Rudy Giuliani Helped Landlords Get a Tax Break With No Strings Attached – ProPublica
- Housing Market Madness: 57% Of Homes In This U.S. City Are Worth $1M+ – ValueWalk…and Sydney?…
- $50 oil shouldn’t pose major threat to consumers, economy – AP
- This may be the tell-tale sign the Fed is about to hike rates – CNBC
- U.S. business spending mired in weakness, but economy picking up – Reuters
Americas
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- Toronto and Vancouver suffering ‘buyer gridlock’ as even existing homeowners can’t afford to move – Financial Post
- It takes 23 years to save for a down payment in Metro Vancouver: ‘Hard work doesn’t pay off like it used to’ – Financial Post
- Stephen Poloz forced to play an uncomfortable waiting game – Financial Post
- Economy rebounding, but ‘profit recession’ persists for corporate Canada – Financial Post
- Canadian banks report spikes in provisions and impaired loans as oilpatch credit woes hit ‘high water mark’ – Financial Post
- Rising Latin American Corporate Risk: Walking a Tightrope – IMF Blog
- Vancouver’s ‘freak show’ property market – BBC…cf Melbourne’s bearded lady, or Sydney’s two headed man…
- Venezuela sells gold reserves as economy worsens – CNBC
- ‘Hot money’ flows into Argentine peso spook President Macri – FT.com
Terra Specufestorus
- BRW rich list topped by Harry Triguboff, Gina Rinehart slips to fourth – ABC
- Apartments off-the-plan carry huge risks for buyers – ABC
- Nelson’s stock exchange, ‘a big Ponzi scheme,’ and other tales from John Key’s offshore financial services centre – Interest…worth a read…
- Banks received almost $4b in 2013 from implicit Federal Government guarantee: RBA report – ABC
- The game of chicken that devastated the dairy industry – ABC
- Australia needs a better independent fiscal agency – The Conversation
- Might Labor’s negative-gearing policy yet save the housing market? – The Conversation
- Australia’s fastest-growing food company sells nothing here – Fairfax
- New official Reserve Bank figures definitively show that investors accounted for nearly 46% of all mortgage monies advanced in Auckland last month – Interest
- Vital Signs: sluggish business investment shows caution is king – The Conversation
- Time to get regulation back into Australian dairy? – The Conversation
- Budget 2016: Housing issues ignored: critics – NZ Herald
- Trial hopes to streamline travel across the Tasman – NZ Herald
- Bill Shorten holds out hope for public service pensioners – Fairfax
- Greens’ big four bank tax would raise $15 billion – Fairfax
- House price growth to slow under Labor’s negative gearing policy, says Labor think tank – Fairfax
- Leaks from NBN were in the public interest. The response was designed to hide the NBN mess. – Pearls & Irritations
- Nothing good to be found in Capex – Callam Pickering
- Construction activity to hit real GDP growth – Callam Pickering
- The increasing casualisation of Aussie employment – Callam Pickering
- New Zealand To Hike Cigarette Prices To $20 A Pack Under New Budget Plan – IB Times
- Banks profit growth to slow: Fitch Ratings – Fairfax
- Chris Bowen to name a date for return to budget balance under Labor – Fairfax
- Downsizers beating families in bidding wars over Melbourne houses – Domainfax
- Banks face profit risks from household debt and China transition, Fitch says – ABC, Janda
- Vital Signs: sluggish business investment shows caution is king – The Conversation
- Polls would present a risk for a narrowly re-elected Malcolm Turnbull – The Conversation, Grattan…she has nailed it, this would be the worst possible outcome…
- Labor’s negative gearing changes would help stabilise housing market: McKell Institute – Guardian
- Australia’s Fastest-Growing Food Company Sells All Its Fruit in China – Bloomberg
- Morrison’s logical fallacy: Labor’s $67bn black hole is true until proven otherwise – Guardian
- ‘Who loses most’ is not always the right question – The Conversation
- Asia’s taste for sea cucumbers roils South Pacific – Nikkei Asian Review
- Mind the gap in doctors’ fees – it is all around us – Pearls & Irritations, Peter Brooks…good read…
- Australia is caught in a cyclical malaise – there is nothing ‘new normal’ about it – Bill Mitchell
- Chinese Interest in Australian Homes Is Starting to Drop: Chart – Bloomberg
- RBA chief Glenn Stevens calls out Canberra’s real estate spruikers – Fairfax, Pascoemeter…they aren’t just in Canberra, Michael…
- No jobs and growth joy for Coalition in latest investment figures – Guardian, Jericho
- ATO’s superannuation audits ‘strange’, supermarkets say – Fairfax
- The key to making money in the markets: buy, hold … and wait – Fairfax, Mal Maidens final piece for Fairfax….how many more decent journos can they shed?…
Commodities
- Resource price crash devastates Japan’s trading houses – Nikkei Asian Review
- U.S levies hefty duties on Chinese corrosion-resistant steel – Reuters
- China’s nickel imports still flattering to deceive – Reuters
- Corn glut in China set to pressure U.S. wheat market – Reuters
- Brazil’s corn crisis could boost rivals as exports seen sinking – Reuters
- Commodities shipping firms struggle to ride out worst downturn on record – Reuters
- Steel industry calls on G7 to protect it from China – Reuters
- Are commodities signaling a Lehman-sized meltdown? Japan’s Abe thinks so – Market Watch
- Saudi offers more oil to Asian clients ahead of Opec meet – Business Times
- A Tale of Two Gluts: Oil and Ore Approach $50 on Opposite Paths – Bloomberg
- Miner Sees Silver Price Surging Ninefold as Global Gadgets Boom – Bloomberg
- Fonterra flags sobering NZ farmgate milk price – AgriMoney
- Brazil wheat prices hit two-year high, amid scramble for feed – AgriMoney
- China Wants to Set Prices for the World’s Commodities – Bloomberg
- U,S. panel launches trade secret theft probe into China steel – Reuters
- The Latest Rally Has Come To An End – OilPrice
- LNG industry tension to rise as price breaks link to crude oil – Reuters, Clyde Russell
- US hits China and others with more steep steel duties – CNBC
- Calling OPEC: The IEA’s crude production forecasting dilemma – Platts
- US Levies Hefty Duties On Chinese Corrosion-Resistant Steel – IB Times
- Here’s The One Number You Need To Understand The Copper Market – Value Walk
Capital Markets
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- Long-term JGB yields level off as easing expectations dim – Nikkei Asian Review
- Who will blink first — Fed or the market? – Market Watch
- Singapore Exchange in talks to buy London’s Baltic Exchange – Reuters
- Understanding risk in hedge funds – Pensions & Investments
- Low interest rates and banks’ net interest margins – VoxEU…very good read…
- LIBOR Alternatives Taking Shape – Marc to Market
- Price discovery during anomalous market trading: The Lehman Brothers case – VoxEU
- As yields turn negative, institutions dread taking customers below zero – Nikkei Asian Review
- Bond Markets Are Coming Around to the Idea of a Rate Hike – WSJ
- Citigroup’s Humpty Dumpty Libor Submissions – WSJ
- Negative Rate Policies Depressing US Treasury Yields – Otterwood
- Equity fund outflows surpass $100bn in year to date – FT.com
- Why disclaimers are not really enough on investment research – FT.com
- Innovation and restrictions on insider trading – VoxEU
- Draghi in QE Quandary After Draining Bond Market by $800 Billion – Bloomberg…don’t mention the Bunds…
Global Macro
- The risks of central banks’ radical treatments – FT.com, Wolf…good read…
- Central Banks Can’t Go It Alone Anymore – Bloomberg, El-Erian…the political side looks devoid of cavalry…
- A Global Push to Address Trade and Inequality – NY Times
- Staving off slowdown at top of G-7 agenda – Nikkei Asian Review
- How G7 can boost the global economy – The Conversation
- Rediscovering Fiscal Policy at the G7 – Project-Syndicate
- Obama races to cement the big Pacific Rim trade deal that all his potential successors oppose – LA Times
- Abe Invokes Lehman Crisis Comparisons at G-7 Economic Talks – Bloomberg
- G-7 leaders mull economic risks, mood of the middle class – Nikkei Asian Review
- Top 10 Countries With Largest Gold Reserves – ValueWalk
- The benefits and drawbacks of TTIP – Bruegel
- Why the global trade slowdown may matter – VoxEU
- The impact of globalisation on tax structures in OECD countries – VoxEU
- Why are corporations sitting on so much cash? – Prospect, Magnus…because the whole concept of what is investment has been distorted…
- The Fed calls time on the rally in emerging markets – SCMP
- North Korea Linked to Digital Attacks on Global Banks – NY Times
- Obama’s Asia trip highlights flagging fate of TPP trade deal – The Conversation
- Is the world turning Japanese? – BBC
- Does the Global Trade Slowdown Matter? – Constantin Gurdgiev
- Brexit would pose a ‘serious risk’ to global growth, say G7 leaders – Guardian
- How to get out of the debt trap – without printing more money – SCMP
- Ancient Roman lessons on shipping and logistics – Platts
- Monopoly’s New Era – Project-Syndicate, Stiglitz
- G-7 Summit 2016: Leaders Warn Of Growing Economic Risks, But Outlook At Home Is More Mixed – IB Times
- G7 summit: Why ‘Helicopter money’ could be next move for desperate central banks – CNBC
- Monetary policy and financial stability – Brookings
- The case against negative interest rates – Guardian, Skidelsky
- The IMF, Trying to Lend Europe Credibility for a Greek Bailout, Risks Losing Some of Its Own – WSJ
- The Value Of Offshore Secrets – Evidence From The Panama Papers – ValueWalk
- Symantec says SWIFT heist linked to Philippines attack, Sony hack – Reuters
…and furthermore…
- Behind the Scenes, Billionaires’ Growing Control of News – NY Times
- US military uses 8″ floppy disks to coordinate nuclear operations – SCMP
- Gox Creditors Seek Trillions Where There Are Only Millions – NY Times
- The most valuable companies in the world – Telegraph
- Why some newspaper paywalls are simply unsustainable – The Conversation
- Readers Respond: What Is Your Experience With the Gender Pay Gap? – WSJ
- Financial illiteracy may have cost investors $200 billion over 20 years – Market Watch
- When being cheap costs you big – Market Watch
- Understanding non-prime borrowers and the need to regulate small dollar and “payday” loans – Brookings
- A foul truth behind the down in pillows and comforters – CBS
- Do higher taxes really drive millionaires to flee? – CBS
- How the West Was Lost – Project-Syndicate
- Rethinking Retirement Ratios – Project-Syndicate
- The empty brain – Aeon
- Cruel ships of prosperity – Aeon
- How free market ideology perverts the vocabulary of democracy – Aeon
- Kick the Click-Bait Habit – Bloomberg, Ritholtz
- Why Are So Many People Dying on Everest? – Bloomberg….because it has become an ‘experience’ not a ‘feat’…
- Urban Living Becomes a Luxury Good – Bloomberg, Fox…very good read…
- Why the Law Failed to Punish Wrongdoers in the Financial Crisis – Bloomberg…because the law isn’t about justice, but property rights and power…
- Is Going Into Finance Good for Society? – The Atlantic
- The Basic Financial Tool That Can Help the Unemployed Find Better Jobs – The Atlantic
- Don’t Ask Us to Turn In Our Own Executives, Business Lobby Warns – Bloomberg…so we aren’t playing industry self regulation?…
- This Fly’s Sperm Is One Thousand Times Longer Than Human Sperm – The Atlantic
- How Many Stories Do Newspapers Publish Per Day? – The Atlantic…and how many need to be bull?…
- Was the Invention of Finance Responsible for Democracy? – The Atlantic
- Alzheimer’s A Result Of Fighting Infections? – ValueWalk
- 12 Articles Every Aspiring Economist Should Read – ValueWalk…Maybe, but start with Marx and include Kalecki, Minsky, & Shiller…
- Buying Coffee Every Day Isn’t Why You’re in Debt – Slate
- Donald Trump, Baby Boomer – Slate…well worth a read…
- The Craziest Black Market in Russia – Slate…this is true…
- Microsoft’s Windows 10 push comes to shove for some users – Japan Times
- Cloud discovery could soften forecasts for global warming – Japan Times
- American travelers are the worst-behaved in the world – Market Watch…have they never seen Australians?…
- ANOTHER BLOW TO HOLDING BANKS ACCOUNTABLE FOR THE FINANCIAL CRISIS – New Yorker
- The most racist Chinese laundry detergent commercial you’ll see all day – Market Watch
- Why the Very Poor Have Become Poorer – New York review of Books
- Facebook (FB), Microsoft (MSFT) To Lay Trans-Atlantic Subsea Cable – IB Times
- Top modeling agencies are under investigation for running a price-fixing racket – Quartz
- Central Bank Communication Must Overcome the Public’s Limited Attention Span – Ritholtz
- Actually, Pope Francis, it’s good for rich employers to ‘exploit’ poor workers – Financial Post
- U.S. sees first case of bacteria resistant to all antibiotics – Reuters…this is disturbing…
- The stark difference between millennial men and their dads – Washington Post
- Report Warns of Climate Change Disasters That Rival Hollywood’s – NY Times
- How Fast Can Solar And Wind Grow – OilPrice
- The Most Important Investors Of All Time – Irrelevant Investor
- Why Trade? The Social Function of Markets – Medium
- The Paradox of Active Management – Philosophical Economics
- Bankers are now facing their Uber moment – Telegraph
- How Russia’s New Facial Recognition App Could End Anonymity – The Atlantic
- Moral sentiments and material interests: When economic incentives crowd in social preferences – VoxEU
- Helicopter money: The illusion of a free lunch – VoxEU
- THE BANK ROBBER – New Yorker…good read…
- Money, Capitalism and the Slow Death of Social Democracy. – Pearls & Irritations
- Ending the debt addiction: A senseless subsidy – Economist
- Selling out? No, the Baltic Exchange is truly global – Telegraph
- Show me the money: Fiscal and financial fundamentals of 21st century city governance – Brookings
- The Occupy movement has grown up — and looks to inflict real pain on big banks – Washington Post
- Lucrative Loot: The Murky World of the Ancient Artifact Market – Der Spiegel
- Radar reveals Mars near end of 370,000-year exit from ice age – Japan Times
- Austerity is killing off the hopes of our youth – Bill Mitchell
- How Big Pharma Uses Charity Programs to Cover for Drug Price Hikes – Bloomberg
- How an Ad Campaign Made Lesbians Fall in Love with Subaru – Priceonomics
- OK, Now Your Phone Is Looking at You – Bloomberg
…..for the afternoon session
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National Press Club Address: Treasurers’ Debate – Scott Morrison & Chris Bowen [Video] – ABC (1 hour)