Links 8 July 2013

Global Macro/Markets:

• Steel: An inferno of unprofitability – The Economist

North America:

• Implied rate hike date moves to October of 2014 – Sober Look
• IMF’s Lagarde says U.S. ‘sequester’ budget cuts inappropriate – Reuters
• Austerity Wont Work if the Roof Is Leaking – New York Times

Europe:

• EU’s Rehn welcomes ECB’s rates forward guidance – Reuters
• EU’s Rehn says close to deal on Greek aid – Reuters
• Portugal and the euro: Floundering on – The Economist

Asia:

• Phat Dragon still optimistic on China / commodities – AFR Video
• China’s credit crunch claims first victim – The AFR
• Key Trends in Globalisation: Behind China’s liquidity crisis – ablog.typepad.com
• China’s largest algal bloom turns the Yellow Sea green – The Guardian
• Bank of Japan survey says consumers expect prices to rise – ForexLive
• ASEAN: Boom or Bust? Growing risks ahead of the planned creation of a single market for the region – The Diplomat

Local:

• Gail Kelly: Years of volatility ahead in wholesale funding markets; credit growth to remain low – The AFR
• Expect volatility warns Westpac veteran – The Australian
• GST won’t be part of tax reform: Bowen – The Australian
• China can’t be taken for granted – The Australian
• Budget leaves Rudd little room to move – The Australian
• Swan a shadow of great treasurers past – The Australian
• Australia 108 skyscraper plans fail to fly as southern hemisphere’s tallest proposal can’t overcome hurdles – Property Observer
• Boomers downsize from family homes – The Age
• Real estate agents leave in droves as Perth property boom ends – Perth Now