The Aussie dollar was weak against DMs last night: Stronger against EMs: Gold firmed: Oil was smacked: Weirdly, base metals surged, probably on China stimulus hopes which are WAY premature: Big miners liked it: EM stocks held on: But US and EM high yield buckled: US bonds were sold and curve hit new flats: European
The Aussie dollar fell against both USD and EUR last night: But was strong against EMs: Gold fell: Oil was hammered to new lows: Base metals rolled: Big miners were smashed (-3%+ each for RIO/BHP ADRs): EM stocks broke: EM high yield is looking toppy now: US bonds were bought and the curve flattened again: European
The Aussie dollar fell against the USD last night but was still firm against EUR: And it remains firm against EMs: Gold was smacked: Brent tried and failed to rally: Base metals succeeded: Big miners too: And EM stocks: High yield is hanging on despite oil: US bonds were sold but the curve flattened again:
The Aussie dollar was up and away Friday night versus DMs: And EMs: Gold was weak: Oil firmed: Base metals too: Big miners were hit: EM stocks are consolidating: High yield has hit turbulence: As energy credit comes under a little strain: However US rigs still climbed another 6 to 747: US bonds were bought
From Kyle Bass today via Reuters: Hayman Capital Management founder Kyle Bass on Thursday said he remains short the Chinese yuan despite the country’s latest change to the guidance rate, because he believes credit bubble problems are “metastasizing.” “What the public narrative is and what they have been doing behind the scenes are two completely
Brace yourself, the following is not happy reading. About working horses & people ‘There was a type of employee at the beginning of the industrial revolution whose job and livelihood largely vanished in the early 20th century. This was the horse. The population of working horses actually peaked long after the industrial revolution… there was
Things are heating up. The Australian dollar roared against USD and EUR: As well as commodity currencies: This despite gold getting thumped: And oil crashing: Copper falling: And big miners getting pulverised: EM stocks were stable: Bizarrely, US high yield rose as oil crashed. EMHY was not so lucky: US bonds were sold and the
The Aussie rolled against major currencies last night: Commodity currencies too though Brazil is weak: Gold was hit: Brent too: Base metals were mixed: Big miners too: EM stocks rebounded: US high yield is still diverging from EM: US bonds were sold but the curve flattened again: European spreads tightened: Stocks rebounded: S&P500 closed at
By Leith van Onselen I have explained previously why I believe that various state government plans to sell-off of public assets to pay for infrastructure investment would likely end up being a dud deal for taxpayers and users, who are likely to pay more for services as the new private monopoly owners gouge customers. A
The AUD rebound has stalled against USD and EUR: It’s mixed against commodity currencies: Gold was soft: Brent too: Base metals fell: Big miners too: EM stocks took a hit: And EM high yield is peeling away from US: US Treasuries were sold and the curve flattened again: European spreads tightened sharply as MS5 misfired
By Leith van Onselen For more than a decade, the Productivity Commission has debunked the common myth that immigration can overcome population ageing. For example: PC (2005): “Despite popular thinking to the contrary, immigration policy is also not a feasible countermeasure [to an ageing population]. It affects population numbers more than the age structure”. PC
The AUD was strong against developed market currencies last night: And emerging: Gold was firm: Brent weak: Base metals weak: Big miners weak: EM stocks stable: High yield bogged down with oil: US bonds sold: European spreads were stable: And stocks eased: Deutsche takes a useful look at where global markets are poised: …[it] seems
Quite a night! AUD sank against both USD And EUR: It was also weak against commodity currencies: Gold was soft: Brent too: And base metals: Plus big miners: EM stocks took off: But EM high yield fell: US bonds were sold: European spreads widened: And US stocks went bananas for carefree record closes: Perhaps it
DXY is still weak, EUR strong and CNY, whoa, is suddenly breaking upwards: Commodity currencies were generally weak: Gold is threatening higher: Brent is threatening lower: Base metals are still trending down: As are big miners: EM stocks were spanked: US high yield is ignoring oil, the EM plod goes on: US bonds were bid
Surrealist Landscape, Peter Purves Smith, 1938, National Gallery of Victoria China Regulator urges China banks to save ailing companies – FT.com The Boosterism Behind China’s Silk Road Story– Bloomberg China’s Addiction to Debt Now Threatens Its Growth – NY Times PBOC plans to adjust yuan fixing methodology as Fed interest rate rise looms –
I haven’t written on bitcoin for a while despite it going nuts: The reason is very straight forward. This is a global ponzi scheme and that’s the end of it. As a super-national currency, the only appropriate comparison with bitcoin is gold or other hard assets that hold their value when sovereign paper money does
Except DXY which keeps breaking lower as Fed expectations reset. Euro hit new highs: Commodity currencies rallied: Gold too: Brent softened: Base metals rose: Big miners too: EM stocks a little: US high yield joined in, EM not so much: US bonds were flat: EU spreads closed: US and EU stocks lifted: And the bonus
DXY was pounded again Friday night, euro broke out: Commodity currencies were firm: Gold too: Brent took off on highly speculative hopes that OPEC will make deeper cuts, even as the US rig count keeps rising: Base metals loved it: Big miners too: And EM stocks: High yield not so much: US bonds were sold:
By Leith van Onselen Over the past 20 years, net overseas migration into the UK has surged from below 100,000 to around 300,000 people annually: Much like in Australia, this surge in immigration has created all manner of problems for the incumbent UK population, including massively expensive housing (especially in London, where most migrants go),
DXY rose overnight: Commodity currencies fell. BRL was poll-axed on political strife: Gold eased: Brent firmed: Base metals still look weak: Big miners were mixed: EM stocks were poll-axed by Brazil: High yield plods on: US bonds were sold a little: European spreads widened: US stocks were bid while European eased earlier: Buy the f’n
DXY was hammered last night as euro and the yen soared: Commodity currencies were mostly weak: Gold soared: Oil rose too: Base metals were mixed: Big miners hit: EM stocks pounded: High yield too: US bonds were bid big: European stocks pulled back, US were hit hard: Markets impeached! Via the FT: Impeachment is not
By Leith van Onselen The Turnbull Government’s hopes of resurrecting the Trans-Pacific Partnership (TPP) trade deal have received a boost, with member nations meeting in Vietnam this weekend to discuss a way forward without the US. From The Australian: Since President Donald Trump withdrew the US from the deal Japan has shown signs it would
DXY is sinking and the euro soaring: Commodity currencies lifted: Gold too: Brent softened: Base metals were mixed: Big miners flew: EM stocks too: But not high yield: US bonds were sold: European spreads tightened: US stocks fell a bit and Europe broke out big: The MB Fund rotation to Europe is powering. It appears
