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Victoria records 445 COVID cases, 2 deaths

Victoria has recorded another 445 locally acquired COVID cases and two deaths: Reported yesterday: 445 new local cases and 0 cases acquired overseas. – 36,615 vaccines administered – 42,694 test results received – Sadly, two people with COVID-19 have died More later: #COVID19VicData [1/2] — VicGovDH (@VicGovDH) September 13, 2021 Most are mystery


Evergrande hard landing turns fireball crash

There is nothing that incenses the Chinese population more than money lost on realty. Evergrande is on the receiving end of that anger: China Evergrande Group is facing mounting protests by homebuyers, retail investors and even its own employees, raising the stakes for authorities in Beijing as they try to prevent the property giant’s debt


Macro Morning

Wall Street was looking to put in a sixth consecutive down session last night, but managed a very late comeback as concerns about growth and vaccination mandates amid rising delta outbreaks lingered. Bond yields fell back slightly with the lack of any relevant events on the economic calendar providing little catalysts to move bond or


Links 14 September 2021

Global Macro / Markets / Investing: New Paper Suggests Union Membership Reduces Income Inequality – Voiced Crowd Toyota, Honda Angry After Getting Shut Out of Electric Car Tax Credit – The Motley Fool Inflation For Businesses Hits Highest Rate Since 2010 – Daily Wire Crypto Banking and Decentralized Finance, Explained – NY Times The Left’s


Macro Afternoon

A somewhat solid start to risk taking here in Asia as we start another trading week with stock markets not reacting to the falls on Wall Street on Friday night, while the USD remains relatively strong against risk currencies despite some lifts in commodities. Gold is struggling to get back above the $1800USD level, while


Another Bad Santa looms for retail

A new survey of retail sales expectations shows that 21% of Aussies expect to spend less this Christmas than last year versus only 9% that expect to spend more: Nearly half of all sales will also be conducted online: With 58% of Aussies expected to purchase more Christmas gifts online than last year: Despite these


A rare win for Aussie welfare recipients

Thanks to the rebound in Australian inflation courtesy of the ‘base effect’: Australia’s welfare recipients will soon receive solid increases in payments: From next week, the maximum single age pension rate will rise by $14.80 to $967.50 a fortnight, while age pensioner couples will receive an extra $22.40 combined, taking their fortnightly payment to $1458.60.


The slow death of Sydney

Friendly Jordies (Jordan Shanks) has launched an all out assault on the NSW planning system, claiming “property developers are the shadow government of NSW”. Shanks claims Sydney is being destroyed by mass overdevelopment as thousands of ugly, tacky high-rise apartments mushroom across the city. In turn, Shanks blames the NSW Government, which he claims has


NZ housing swallows economy

New Zealand’s average house price has hit $1 million for the first time: New figures from OneRoof and its data partner Valocity show the typical cost of a property around the country increased 4.9% in the last three months and 27% since September 2020. The doubling of the national average property value in less than


The only thing Australia can manufacture is a ponzi economy

The Australian Sovereign Capability Alliance has called on the federal government to appoint a minister for Australian sovereign capability. This follows the release of a report it commissioned, which found that Australia has the lowest level of manufacturing self-sufficiency of any country within the OECD. ASCA director Martin Hamilton-Smith claims Australia is reliant on other


NSW records 1257 COVID cases, 7 deaths

NSW Health has recorded another 1257 locally acquired COVID cases: NSW recorded 1,257 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. — NSW Health (@NSWHealth) September 13, 2021 Seven more people have died with COVID: A woman in her 60s; Three people in their 80s; and Three people


Joye: QE3 is big, CLF erased

Chris Joye at Coolabah with the note: In the AFR this weekend I write that after months of debate about whether the Reserve Bank of Australia would increase or decrease its stimulus in recognition of the COVID-induced recession, Martin Place delivered on its promise to maintain a “flexible” and open-ended approach to its government bond purchases (aka


Unemployed Aussies locked-out of farm work

As we know, the Morrison Government has introduced a new Agricultural Visa that from the end of this month. This visa will allow regional businesses across the horticultural, meat processing, fisheries and forestry sectors to hire an uncapped number of indentured migrant labour from 10 South-East Asian nations with the promise of permanent residency if


Chinese property developers dive towards hard landing

Chinese credit is slowing and the property development segment is diving into a hard landing. The signals are everywhere. Goldman has more: Evergrande developments the main driver for near term risks. With Evergrande bonds pricing in elevated risks of default, investors are questioning how “fat” the tail risk is for China property bonds. More specifically,


Victoria’s COVID cases surge higher

Victoria has recorded an outbreak high 473 locally acquired COVID cases over the past 24 hours: Reported yesterday: 473 new local cases and 0 cases acquired overseas. – 30,032 vaccines administered – 49,037 test results received More later: #COVID19VicData [1/2] — VicGovDH (@VicGovDH) September 12, 2021 More than half are mystery cases. Of


Macro Morning

Wall Street fell for the fifth consecutive session on Friday night, with a significant fall in industrial stocks due to concerns about growth post the US vaccination mandates. Bond yields rose however with the USD lifting slightly higher as European stocks also put in mixed finishes for the trading week as the latest industrial production


Chinese credit goes down down

Chinese credit for August was out Friday night the news is poor. TSF came in at 2.9tr yuan: This is 17.3% lower than last August and the 3MMA is still down 15.9% to boot: Year to date new credit is still hovering around -16% and has been for six months: The rolling annual mountain is


Would Melbourne open up with 500 cases a day?

Denmark on Friday ditched vaccine passports and axed its remaining COVID restrictions after coming “out the other side of the pandemic”: With no masks in sight, buzzing offices and concerts drawing tens of thousands, Denmark on Friday ditched vaccine passports in nightclubs, ending its last Covid curb. The vaccine passports were introduced in March 2021


Auction market bounces back

The nation’s auction clearance rate rebounded further over the weekend, recording a preliminary national clearance rate of 72.3%, up from the prior weekend’s 63.7%. Sydney’s preliminary clearance rate remained rock solid at 83.8% versus 84.0% the prior weekend, whereas Melbourne’s rebounded to 54.4% from 44.5% the prior weekend, but remained weak: According to CoreLogic regarding


Links 13 September 2021

Global Macro / Markets / Investing: How the YIMBYs can win – Economist Poor countries say lack of vaccines may exclude them from climate talks – Reuters Stimulus-pumped stocks at risk as warning signals flash red – Reuters Losing the inflation anchor – Brookings Inflation: Fleeting nuisance or real danger? – Straits Times What’s worth


Victoria records 392 new COVID cases

Victoria has recorded another 392 locally acquired COVID cases over the past 24 hours: Reported yesterday: 392 new local cases and 0 cases acquired overseas. – 36,534 vaccines administered – 48,063 test results received More later: #COVID19VicData [1/2] — VicGovDH (@VicGovDH) September 11, 2021 Most are mystery cases: of the 392 infections, so