Links 22 January 2013

Here’s a list of things Reynard read over night.

Global Macro:

North America:

  • 2012 New Home sales will be up about 20% from 2011 – Calculated Risk
  • President Obama’s second inaugural address (Transcript) – Washington Post


  • It’s Mostly Fiscal (Transfer), all over again – FT Alphaville
  • Eurozone liquidity and menacing straws – FT Alphaville
  • Why the UK’s Funding for Lending scheme is failing – Skidelsky
  • Davos Doom Loses to Merkel-Draghi as Euro Defies Roubini – Bloomberg
  • U.K. Finance Industry to Cut 43,000 Jobs, CBI Survey Says – Bloomberg


  • Nope, China still has the same old problems – FT Alphaville
  • New Andy Xie Column – Money Cannot Buy Growth – Caixin
  • China’s massive credit dependency – FT Alphaville
  • State-owned Banks Cut Profit Expectations for 2013 – Caixin
  • China Taps Forex Stash for Globalization Cash – Caixin
  • Vietnam surpasses Brazil as the world’s biggest coffee exporter – Bangkok Post
  • China must look to its own oil and gas resources: Kemp – Reuters


  • War games to protect Australia’s resource riches – The AFR
  • Rio ore still front but Vale will test it by 2015 – The AFR
  • Gas price rises inevitable – The AFR
  • Deloitte warns on LNG supply costs – The AFR
  • Australia needs more gas, not more regulation – The AFR
  • Domestic buyers lose on cheap gas punt – The Australian
  • Ted Baillieu, let the Melbourne grand prix die – The Age
  • Interest rate cuts fail to lift housing – The Age


  • FT Alphaville on the Demographia Housing Affordability Survey – FT Alphaville


  1. That emerging markets article on Gold (which takes a real leap with the “bubble burst title as see no mention of such terms from SocGen) says:

    “Meanwhile, supply, which “seemed to have stagnated in the past two years without any impact on the gold price,” is set to increase this year and in 2014, Societe Generale’s analysts wrote in a market note.”

    New mine supply up or down is unlikely to have any impact on price when you consider that the tonnes mined annually (around 2800) pale in comparison to above ground supply (estimated at 170,000 tonnes).

    Interesting though they also say:

    (Gold) “may play a role in the transition to an international currency system.”