Global Macro / Markets / Investing: Wall Street slumps as most stocks fall; tech leads decliners – AP News Asia stocks defy Wall Street weakness but economy, US election worries cap gains – Straits Times World Bank: Coronavirus pandemic threatens health and education – Economo The OECD is a little more optimistic about the global
A late surge in stock buying, pushed by Chinese shares has seen most Asian share markets recover from earlier losses, while currency markets are again firming against USD going into the end of the trading week. Gold is bouncing back after breaking its short term symmetrical triangle pattern on the four hourly chart, coming back
In today’s investment webinar,MB Fund’s Head of Investments Damien Klassen, Chief Strategist David Llewellyn Smith, Head of Operations Tim Fuller and funds manager John Deniz turn their attention to if Gold is the anti-dollar. On the agenda, the correlation between USD & Gold, where we see the gold price heading, the US budget deficit and
Below find a full review of this week’s China data. Apologies for the lateness. Had some “issues”. First out was August credit which has had its ears pinned back with TSF at an impressive 3.58tr yuan. Banks made up a lousy 1.2tr of that: Meaning that shadow finance is roaring ahead again, though this now
I popped over to Shits and Giggles today for the first time in many moons and when I arrived saw this fantastic example of why Labor will be out of power for three or four decades: Driving in the dark in our conflict with China There is a co-ordinated front from the defence and security
Via Roy Morgan: In Victoria support for the ALP is now at 51.5% compared to the L-NP on 48.5% on a two-party preferred basis according to a special Roy Morgan SMS survey on Victorian voting intention with a cross-section of 1,147 Victorian electors aged 18+ over the last few days. The two-party preferred support for
Via the ABC: Australia’s official unemployment rate fell last month from 7.5 per cent to 6.8 per cent. The result surprised basically all economists, including those at Treasury and the Reserve Bank, who were expecting the unemployment rate to deteriorate again. So what happened? According to the Bureau of Statistics, the number of employed persons
This month’s June quarter national accounts reported that aggregate compensation of employees fell by 2.5% over the June quarter driven by a heavy 3.6% decline across the private sector: Similarly, total wages & salaries fell by 3.3% in the June quarter: However, household disposable income surged by 2.8% in the June quarter in real per capita
Via the AFR comes a job well done: Adani Mining chief executive David Boshoff has a clear message for the environmental activists and naysayers who have spent the past decade rallying against the $2 billion Carmichael coal mine in Central Queensland – “it’s happening”. Standing on the edge of the first pit being dug at
The Australian Psycho had better do something about this other than palm it to the states or it’s going to turn toxic leading into Xmas, not least since he keeps whining about state borders, via Domain: Alan Sugar, a British Lord, revealed on Twitter that he had secured one of the estimated 30 seats on
The latest rental data from CoreLogic reveals that apartment rents across Sydney and Melbourne have been hammered since the onset of the COVID-19 pandemic, falling by 4.2% and 4.4% respectively between March and August: CoreLogic’s head of research, Eliza Owen, has released additional data showing that properties closer to the city are more likely to
Bloomberg reports that Sydney’s fast growing west is becoming increasingly hot: Out west of Sydney it gets hot. Really hot. Like 50 degrees Celsius (122 Fahrenheit) hot. Stand in a car park and the radiant heat from the tarmac can push the mercury to 80C—approaching the temperature of a slow cooker. It’s these new suburbs
The latest RBA Bulletin contains an interesting report on COVID-19’s impact on Australia’s residential rental market, which it claims is experiencing “an unprecedented shock” with “reducing demand for rental properties at the same time as supply has increased”: The COVID-19 pandemic is an unprecedented shock to the rental housing market, reducing demand for rental properties
Yesterday’s ABS labour force release for August revealed that Australia’s youth – i.e. those aged 15 to 24 years old – led the nation’s jobs rebound. The headline youth unemployment rate fell 2.0% to 14.3%, although it remains nearly three times higher than the rest of the labour market (5.4%): Of more interest, youth jobs
Via our Chris today: Another week passes and yet another bank has upgraded its housing outlook in line with our heterodox March forecast for a zero to 5 per cent decline in the six months after the COVID-19 shock followed by 10 per cent to 20 per cent capital gains. Last week CBA sensationally dumped its
Via The Australian: MST Marquee analyst Mark Samter told clients Mr Liveris’ remarks deserved a gold medal for the most stupid comment ever made publicly, and had sparked an offer to the Australian businessman. “From what I can see he got paid ~$100m in just his last year alone as CEO of Dow. Now capital
A nationwide survey of international students and temporary migrants reveals anger at being excluded from welfare payments like JobKeeper and JobSeeker. Accordingly, many would not recommend Australia as a destination: A nationwide survey of 6000 visa workers and overseas students found that 70 per cent had lost work during the pandemic and 28 per cent
The Australian Bureau of Statistics has joined Australia’s War of Stupid. Recall: For the last few years, that outlook has been a War of Stupid between overly tight monetary policy versus overly tight fiscal policy. The RBA refused to ease for years, demanding instead that Josh Depressionberg spend more on productivity-enhancing investment. Depressionberg pointedly did
Commodities are fungible even if CCP apologists like Paul Kelly are not. Via Bloomie: Government forecaster Abares expects agricultural exports to shrink to A$43.5 billion ($31.7 billion) as prices for many of its exports, including meat, wheat, barley and wine, slump because of the pandemic and Chinese trade restrictions. Barley exports have been roiled by a demand
Iron ore prices for 17 September, 2020: Lot’s of media panic about the peak is in blah, blah, blah. This is classic seasonality: BTFD. China has the credit pedal to the metal and given what will be a shite global recovery will have to leave there in 2021: And there’s lots more restocking of ore
Sir Fomo McSpruikerson is a local billionaire and proud proprietor of The Strayan, a vanity media project designed to boost his assets. ABC issues apology for allowing critic of Big Australia on Q+A The ABC has issued a public apology, after inadvertently allowing a critic of Big Australia on it’s Q&A program last week. Economist
Another sea of red on overnight markets last night with Wall Street stumbling while other risk assets lifted higher. Bond yields lifted slightly while undollar assets like Aussie, Euro and oil prices gained although gold was the odd one out. US housing starts disappointed while the latest BOE meeting left all the settings unchanged, although
Cruelty is a ScoMo specialty. Whether it’s abandoning burning Australians, forcing media shots out of those that hate him to show how compassionate he is, dragging the chain on lifesaving COVID measures, or rescuing Australians stuck overseas amid a once per century shock, there is something missing in this bloke. And today our psychopathic PM
DXY was soft last night, EUR firm: The Australian dollar still looks strong across the DM board: Weirdly, EMs are rallying as risk diminishes: Gold couldn’t capitalise: Not sure what happened to WTI: Base metals are bifurcating: Miners are still solid: EM stocks too: Junk looks toppy: US yields are pancaked: US stocks have formed
And the spruik just loves it: Why not make it 100% by 2070? Via Bill Evans at Westpac: Westpac expects mild (5%) dwelling price correction through to late 2021 to be followed by 15% surge over the next two years. To date our view has been for a 10% fall in prices nationally from the
More capital from the Aussie ponziteers: The Reserve Bank’s – Te Pūtea Matua – latest stress test of New Zealand’s banks illustrates the benefit and necessity of shoring up bank capital in the good times to provide resilience. The COVID-19 pandemic has demonstrated that large shocks can occur with very little warning. “The onset of
In the week ended 17 September 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell another 0.07%: It was the 19th consecutive weekly decline. The fall was driven by Melbourne and Sydney, whereas the other capitals recorded rises: So far in September, dwelling values have fallen by
Global Macro / Markets / Investing: Fed Signals Interest Rates to Stay Near Zero Through 2023 – WSJ Pandemic crisis: Global economic recovery tracker – FT Why Everything Is Sold Out – The Atlantic Liquidity Will Offset Inflationary Pressures in Bond Market –Analysts – D Market Forces Americas: Under Trump, America’s National Debt Has Increased
Markets are sliding into risk off mode today in Asia following the sour mood on Wall Street overnight with a sea of red on all bourses. Last night’s Federal Reserve meeting is still seeing USD firm against all the majors except risk proxy Yen which is surging post the BOJ meeting. Gold looks set to
Statistics New Zealand released its Q2 national accounts, with GDP plunging an unprecedented 12.2%: Gross domestic product (GDP) fell by 12.2 percent in the June 2020 quarter, the largest quarterly fall recorded since the current series began in 1987, as the COVID-19 restrictions in place through the quarter impacted economic activity, Stats NZ said today.
