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Chinese pollution crackdown working

Via UBS: China’s crack down on pollution is a major driver for commodities As detailed in our note, we expect China’s focus on reducing air, land, and water pollution to be a major driver for commodities, and in turn mining stocks, both near and long-term. UBS Evidence Lab uses multiple sources to provide unique visibility

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Huang Dynasty engulfs Shorten as Dastayari goes

Via the ABC: Chinese billionaire Huang Xiangmo paid $55,000 to have lunch with Bill Shorten in October 2015, documents uncovered by the ABC reveal. The revelation comes as Mr Shorten faces pressure to expel senator Sam Dastyari from the Labor Party over his links to Mr Huang, who intelligence agencies warn is closely linked to the Chinese

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Turnbull bald-faced lies in Q&A mass immigration defence

By Leith van Onselen Last night, the following question was asked on ABC’s Q&A, which garnered the above pathetic response from Prime Minister Malcolm Turnbull: POPULATION GROWTH BILL EDGE asked:Could you explain why you are allowing approximately 200,000 people to immigrate to this country every year & are there any plans to limit this intake

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Low-skilled crushed between automation and mass immigration

By Leith van Onselen Janine Dixon and Nhi Tran, economists at the Centre of Policy Studies at Victoria University, have produced research warning that low-skilled workers across Australia risk being left behind, worsening inequality and eventually dragging on the economy. From The AFR: Modelling by Dr Dixon and Ms Tran shows the real (after inflation)

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If Bitcoin succeeds, the planet dies

Via The New Daily: The Bitcoin frenzy currently gripping the world is taking an unexpected toll on the planet – in the form of a carbon footprint almost as big as New Zealand’s. And with the cryptocurrency’s astronomical growth showing no sign of slowing, this carbon footprint is likely to grow – prompting some commentators to

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Beijing Bob offers the Chinese olive branch

From Beijing Bob (Carr) today: Sooner or later Canberra is going to decide to reset its relationship with Beijing. In one year, or in five. Here are seven things that can make it possible. One, drop the stridency. Joe Hockey referred last week to China threatening what Australians “fought and died for”. Two, on foreign donations,

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Time for a Federal anti-corruption watchdog

So say we: Three quarters of voters say there is a need for democratic renewal in the form of a federal anti-corruption commission and a tougher code of conduct for MPs, as part of wider reforms that would also see a rejuvenated public sector return to service delivery. However, Prime Minister Malcolm Turnbull has played down

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Black Hole Malcolm sucks in Bennelong

Doom looms for Black Hole Malcolm, via Newspoll: The Liberal Party’s primary vote in Bennelong has collapsed, leaving the Coalition and Labor in a ­tight race for the previously safe Liberal seat and the Turnbull government’s slim command of parliament in the hands of Cory Bernardi’s Australian Conservatives. A Newspoll, conducted exclusively for The Australian

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Is the Dastayari Affair an Australian Black Swan?

Yesterday we had two extraordinary political outbursts over China: Both major parties believe the controversy over Chinese interference in Australian politics will serve them well when Bennelong’s large Chinese-Australian population votes in the weekend’s by-election. Labor candidate Kristina Keneally opened the final week of campaigning arguing voters in the suburban Sydney electorate are alarmed by

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Aussie household disposable incomes continue to fall

By Leith van Onselen The September quarter national accounts was another sobering experience for Australian workers. According to the ABS, the real average compensation per employee fell by 0.9% in the year to September 2017 to be 3.3% lower since March 2012: In a similar vein, separate per capita wages & salaries data registered an

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How the Bitcoin pyramid bubble will proceed

It’s an eternal story of greed and loss: By the middle of the first decade of the twenty-first century, the psychology of the boom was well established. After multiple years of strong growth and rising asset values, risks seem to diminish in financial markets. The gambler has thrown the dice a number of times, and

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Population ponzi overruns maternity wards

By Leith van Onselen Remember this chart? It shows that Victoria’s population surged by an all-time high 149,374 people in the year to March 2017: And remember this chart showing that Melbourne’s population grew by a record 126,175 in 2016: As well as this chart showing that the lion’s share of Victoria’s (Melbourne’s) population growth

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APRA’s interest-only curbs a stomping success

By Leith van Onselen CoreLogic’s Cameron Kusher has published some interesting charts showing how the Australian Prudential Regulatory Authority’s (APRA) macro-prudential curbs on interest-only lending have been a major success, driving interest-only lending to record low levels: The total value of interest-only lending over the September 2017 quarter was $16.603 billion which was -44.8% lower

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Links 12 December 2017

Global Macro / Markets / Investing: BlackRock Is Buying the Bonds Most at Risk From Added Fed Hikes – Bloomberg You Can Trade Bitcoin Futures. But Should You? – Bloomberg CBOE Website Crashes As Futures Trading Begins; Bitcoin Price Squeezed 10% Higher – Zero Hedge Bitcoin jumps higher as futures trading begins on CBOE; new

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Macro Afternoon

by Chris Becker A very positive start to the trading week with all Asian share markets up strongly, absorbing the usual weekend volatility well – excepting Bitcoin, of course. Ahead of the Federal Reserve and ECB meeting this week, the positive NFP on Friday night gave risk takers the green light to bid up all

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Great Barrier Reef dead by 2100

Buy Bitcoin: Coral reefs – including Australia’s Great Barrier Reef – will be dead by 2100 due to human “maltreatment of the oceans”, David Attenborough’s Blue Planet II has declared. Attenborough’s follow-up documentary series, which took four years to film and produce, finished airing in Britain on Sunday night (local time). It ended with his grim warning about the state of our

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Labor declares for China

Sometimes I don’t know where to look. It’s not treason, it’s a political wedge: Kristina Keneally has accused Malcolm Turnbull of “spreading China phobia” as the party attempts to make gains in the electorate of Bennelong from concerns about new foreign interference laws. “(Chinese Australians) see the suggestion from the Prime Minister that people from

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Global markets boom, ASX busts AGAIN

XJO is down again as the S&P500 soars to new highs: Completely embarrassing unless you’re long the S&P500, an MB favourite since 2012. Bitiron is off to the races: Big Iron is up a little: Killing pensioners is mixed: Big Gold is rebounding. I still expect more correction: Big Sleazy is down: Big Bog is

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Master of tax cuts warns on tax cuts

Shameless is as shameless does: Former Treasurer Peter Costello has warned the Turnbull government not to do anything in the upcoming financial statement or budget that would endanger a return to surplus. In a forward to a Centre for Independent Studies report on budget policy to be released on Monday Mr Costello says since he

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Fear grips Parramatta apartments

By Leith van Onselen Amid fears of a looming oversupply, developers are now abandoning proposed apartment projects in Parramatta in Sydney’s west. From The AFR: A total of 2707 apartments across seven projects under construction as well as 1100 units approved for development make two to three years’ supply of housing in the western hub,