So says Gottiboff today: Until now the fact that the NBA was very strong in China was seen as a wonderful development as it brought the two nations together, reinforcing deep commercial ties. Now it separates them. …more importantly, if the Hong Kong protests continue for much longer then China, given the extreme nationalism sweeping
Via Domain: Australia would fail to meet its Paris Agreement commitments to cut greenhouse gas emissions even with a $US75 carbon tax that would drive up Australia’s electricity prices by 75 per cent over the next decade. Research by the International Monetary Fund, released on Friday, shows Australia is still so dependent on coal and
Texture from Argus: “Steel mills in Tangshan have received the notice and started shutting down production. These set of restrictions are even stricter than the September restrictions,” said the manager of a Tangshan-based mill. “Restrictions will support steel prices. Iron ore demand may not fall significantly as sintering has been under controls of varying extents
DXY sank last night as EUR and CNY ran: AUD took off versus DMs: And EMs: Gold sank: Oil jumped: Copper too: And big miners: Plus EM stocks: Junk was mixed: Bonds were poleaxed: Stocks climbed: Westpac has the event wrap: US Sep headline CPI was flat m/m, with ex-food and energy +0.1%m/m, missing estimates of +0.1%m/m and
Via The Australian comes the oligarchs: Fortescue Metals Group boss Elizabeth Gaines has warned that China will look to develop alternative iron ore supplies outside the Pilbara if Australia neglects its relationship with its biggest trading partner…Ms Gaines said the Australian business community needed to maintain its influence in public debate on political policies. “The
More trade scuttlebutt this afternoon, via Bloomie: The White House is looking at rolling out a previously agreed currency pact with China as part of an early harvest deal that could also see a tariff increase next week suspended, according to people familiar with the discussions. The currency accord — which the U.S. said had
Recessionberg! Via Martin North: In our latest release to September 2019, the DFA Household Financial Confidence Index fell again, having move sideways more recently. In essence households are simply reflecting that rate cuts, a lower dollar and the international bad news from Trump’s Trade Wars, Brexit and Hong Kong are all making them more concerned,
Via the ABC’s Michael Janda: As house prices start taking off again, especially in Australia’s two biggest cities, many first-time buyers are wondering how they can break into the market. But what if there are tricks to save tens, or even hundreds, of thousands of dollars on a home, without trading off size, location or
Via New Daily: The company that built Sydney’s Opal Tower is embroiled in another safety scare at a different city apartment block. Residents of Otto Rosebery have been warned against leaning on their balconies or allowing more than three people to stand on them, after an investigation found the balustrades were of “inadequate strength”. Parents
Via SCMP: Property sales in China’s major cities saw one of their worst “golden week” holidays in years, as buyers held back amid a slowing economy and tight restrictions on mortgage loans. Sales of new homes in Beijing dropped to their lowest level since 2014 during the week following the National Day holiday, according to
The NBA is suddenly becoming collateral damage in the US/China economic war as the Congress demands it exits: 1. Build upon your statement of October 8 in which you said “the NBA will not put itself in a position of regulating what players, employees, and team owners say or will not say on these issues”
Loving the work of Incitec CEO Jeanne Johns who sticks it to mining regularly: “For the quiet Australians working in highly skilled manufacturing jobs in places like Mt Isa, Townsville, Moranbah and other urban centres, the time for them to act is now,” she said. …She said the first step was ”the need for a
Via the AFR: Shayne Elliott, the chief executive of one of the country’s biggest banks, has called on federal Treasurer Josh Frydenberg to convene a summit to discuss the broader economic implications of zero per cent interest rates and quantitative easing. Mr Elliott, who is the CEO of ANZ Banking Group and chairman of the
So says SCMP: Deputy-level trade talks between the US and China aimed at laying the groundwork for high-level negotiations later this week failed to yield any progress on critical issues, according to two sources with knowledge of the meetings. During the discussions on Monday and Tuesday in Washington, the Chinese refused to talk about forced
Via FTAlphaville: Some news Tuesday, via Bloomberg: The Trump administration is moving ahead with discussions around possible restrictions on portfolio flows into China, with a particular focus on investments made by US government retirement funds, people familiar with the internal deliberations said. China, so far, has pursued a policy of fighting fire-with-fire when it comes to
Cross-posted from One Step off the Grid: The calendar says winter is over. Warmer days lie ahead. But this past winter was one when Australians in all-electric homes could be comfortable and count the dollars saved while burning no fossil gas. Home-economic studies show Australians can save money with all-electric homes by tapping in to renewable
Texture from Reuters: Steel inventories in China stood at 11.4 million tonnes as of Oct.7, up 594,100 tonnes compared with the week ended Sep. 26 but still the second lowest since late June, according to data from consultancy Mysteel. “Output curbs have eased after the National Day holiday, which piled pressures to (the) supply side,”
DXY was firm last night despite a rising EUR and CNY: The Australian dollar was weak versus DMs: And EMs: Gold rose: Oil hung on: Copper too: Big miners struggled: EM stocks did better: EM junk rolled: All bonds were sold: As stocks rebounded: Westpac has the event wrap: The FOMC minutes reflected a generally positive outlook
Dear God! Check this out from my old mate Guy Rundle today: According to many — Greg Sheridan and Henry Ergas were the local representatives — China was a totalitarian state controlling every aspect of its citizens’ lives. But, they said, the rule of the Chinese Communist Party had nothing to do with the country’s
Via The Guardian: Donald Trump pushed the United States towards a constitutional crisis on Tuesday when his legal counsel said the White House would refuse to cooperate with Congress’s impeachment inquiry. “Given that your inquiry lacks any legitimate constitutional foundation, any pretense of fairness, or even the most elementary due process protections, the Executive Branch
Oh yes, via Damien Boey at Credit Suisse: Over the past few days, we have witnessed some rather sharp deterioration in the leading indicators of Australian growth: Westpac consumer confidence fell sharply in early October to 92.8 from 98.2. For reference, readings below 100 have historically been associated with contraction. Westpac home-buying sentiment fell in
Via Domain: NSW and Victoria are calling on Treasurer Josh Frydenberg to bring forward infrastructure projects as treasurers head to Canberra amid deepening concerns about the state of the economy despite falling interest rates and income tax cuts. Ahead of a Friday meeting of the nation’s treasurers and as evidence grows that business and consumer
Via Martin North: Australian banks are having their toughest time attracting investors, according to new analysis from Copley Fund Research, which monitors flows in funds with $1.2 trillion under management. An exodus by fund managers has left 91% of the 430 funds in Copley’s global analysis with zero exposure to the sector. That’s the lowest take-up on record. On average,
ScoMo thinks so: Scott Morrison has named the ANZUS Treaty with the US, which formalised the Australia-US alliance and was negotiated and signed by the Menzies government in 1951, as “the single most important achievement” of the Liberal Party in government. In an exclusive interview to mark the party’s 75th anniversary, the Prime Minister said
Via the EIA last night: Brent crude oil spot prices averaged $63 per barrel (b) in September, up $4/b from August and down $16/b from the September 2018 average. Brent spot prices began September at $61/b and increased to $68/b after attacks on major Saudi Arabian oil infrastructure disrupted the country’s crude oil production. However, Brent spot
Via the AFR today: The chair of the Energy Security Board Dr Kerry Schott says the rapid take-up of household rooftop solar panels in Australian cities is causing energy security problems for energy distribution companies. …”The so-called duck curve is really causing security issues for the distribution networks,” she said.Dr Schott said Australia’s power grid
The Recessionberg plan building confidence day by day! Via Westpac: • The Westpac-Melbourne Institute Index of Consumer Sentiment fell 5.5% to 92.8 in October from 98.2 in September. This is the lowest level of the Index since July 2015. The Index has fallen by 8.4% since the Reserve Bank started cutting rates in June and
First up, monetary curmudgeon and former RBA boffin, Stephen Grenville: So why would it be a bad idea for the Reserve Bank to undertake QE? To start with, it is unlikely to have much beneficial effect. America’s QE1, at the height of the 2008 financial crisis, was very effective because the Fed bought mortgage securities
Yesterday ANZ warned: Today there are other warnings, via Banking Day: ANZ Bank is under pressure to cut its final dividend after it revealed another blowout in customer remediation costs. …ANZ yesterday came under fire for not giving precise details on the nature of the recently identified remediation cases or any information on how many
We all know the story. Chinese kiddies wanted freedom so they staked out Tienanmen Square. The Chinese Communist Party shot them instead and drew up a new social contract that promised capitalism with Chinese characteristics in return for permanent CCP dictatorship. That’s the same deal you’re being offered today. Before you decide whether you want to
