Links 15 February 2013

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

Global Macro/Markets:

  • Central Banks Bought Most Gold in Nearly 50 Years – CNBC
  • Is the world ready for the great rebalancing? – The Diplomat
  • Trade allows countries to exploit their comparative advantages – World Bank
  • Talk of currency wars over blown: IMF – The AFR

North America:

  • The Texas growth machine – City Journal
  • Most Canadian metros much less affordable than normal, even with record low rates – RBC Economics
  • Canadian housing-crash prophets should check their numbers again  – The Globe & Mail
  • Layoffs continue as Wall St. retools – LA Times

Europe:

  • Why British prosperity is hobbled by a rigged land market – Centre for European Reform
  • Euro zone economy falls deeper than expected into recession – Reuters
  • Euro-Area Economy Shrinks Most Since Depths of Recession – Bloomberg
  • Valentine’s day GDP massacre – FT Alphaville
  • US banks attack Europe’s ‘Tobin Tax’ – The Telegraph

Asia:

Local:

  • APRA cools on RMBS for bank liquidity – The AFR
  • Rio Tinto swings to loss, cuts capex to $13 billion – Market Watch
  • Rio release on new iron ore, copper chiefs – Rio Tinto
  • Rio Tinto full-year results – Rio Tinto
  • Mining tax take may grow next year: Treasury – The AFR
  • ACCC eyes retail “bullies” – The Age
  • Treasury exposes mining tax flaws – The Australian
  • Swan’s fiscal restraint to be tested – The Australian

Other:

  • ANZ targets first home buyers in NZ with big spruik – Interest.co.nz
  • Meanwhile, Government-owned Kiwibank restarts the mortgage war with a 4.79% six month mortgage offer, it’s lowest ever rate – Interest.co.nz 
  • Employment, Interest, and Money: Why Doves Are Really Hawks – andyharless.com

Comments

  1. Why British prosperity is hobbled by a rigged land market – Substitute a couple of words here and there and it sounds like an article written for the Australian housing market.

  2. “We’ve been delighted to see a resurgence of the historical negative correlation between equities and gold, which was thrown under the bus during this last cyclical stock bull. It’s now obvious that gold is again ready to act as a “risk-off” investment, as it is fundamentally designed to do (and as in fact did in many prior instances, both recent and remote).”

    http://therothbardianinvestor.blogspot.com.au/2013/02/you-know-its-bull-market.html

    Gold/Silver may come back into play when the stock market eventually tops and plunges.

  3. Don’t worry, Abbott’s going to fix everything. No need to keep saving, we can return to the Howard glory days of infinite housing speculation.

    http://www.theage.com.au/opinion/political-news/cutting-public-sector-can-save-10bn-says-abbott-20130215-2egsl.html

    “He also said if the Coalition wins the federal election Australians can expect ”an instantaneous adrenaline charge in our economy” and an ”instantaneous surge of confidence”.
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    ”People don’t feel rich,” Mr Abbott told an audience in Sydney on Friday morning. ”That’s why they are saving so much themselves”.”

    and

    “”We know that real wealth per head has actually declined over the last five years because of stagnant property prices and because of falling share prices and that’s led to so much more restraint in spending which is why so many of our main street retailers and businesses feel under such pressure today,” he said.”

          • ­So, MB readers conclude that Mr Abbott is disappointing and predictable.

            Noted. 😉

            Would Turnbull be the same, one wonders?

          • Clarification for R2M;

            The disappointment is over this possible policy being muted by the Coalition – not Abbott as LNP leader.

            MT as leader? That would be horror. This GS alumnis would ruin us.

            The fallacy of MT being loved by the Left is this- the Left may ador MT (primarily because the current crop of ALP leaders are so inept) but would never vote in a Coalition led by him. MT will never lead the Coalition again.

          • “The fallacy of MT being loved by the Left is this- the Left may ador MT (primarily because the current crop of ALP leaders are so inept) but would never vote in a Coalition led by him. MT will never lead the Coalition again.”

            He may well never lead the Coalition again but as someone who considers himself a traditional liberal (which is left of what I see the Coalition as), his party would get my vote.

  4. “APRA cools on RMBS for bank liquidity – The AFR”

    So I guess we can expect the flood of self-serving Fairfax articles by Joye and Bouris to continue?