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MacroBusiness Wednesday, July 8, 2015 - 07:00 Source

Here are the iron ore charts for June 7, 2015: The Qingdao iron ore price tumbled 5.12%, or $2.68, to $49.60. Benchmark Tianjin spot collapsed $2.30, or 4.4%, to $49.70. 12 months swaps took out record lows. Dalian, phew Dalian, fell limit down yesterday but then cratered 8% overnight, another 30 points, to 349 also a record low.

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MacroBusiness Wednesday, July 8, 2015 - 06:18 Source

From the FT: Athens is to submit a new proposal to eurozone authorities for a third bailout by Wednesday morning after Greek negotiators stunned some eurozone finance ministers by arriving at their meeting without a revised economic reform proposal. Despite the apparently abortive start to what had been billed as a last-ditch effort to salvage

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MacroBusiness Wednesday, July 8, 2015 - 05:48 Source

By Leith van Onselen The rise and rise of the first home buyer (FHB) investor is coming to an end, with the nation’s second biggest bank and biggest lender to property investors announcing that it would lower its maximum loan-to-value ration (LVR) on investor mortgages to 80%. From The Canberra Times: Westpac will from Wednesday

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MacroBusiness Wednesday, July 8, 2015 - 05:40 Source

Presented without comment, your Prime Ministerial response to historic global threats, from his own website: PRIME MINISTER: Ok, do we have any questions? QUESTION: Prime Minister, how concerned are you about the problems in China and Greece, those economic problems spreading to Australia and especially the plunge in the Chinese stock prices? PRIME MINISTER: Michael,

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MacroBusiness Wednesday, July 8, 2015 - 05:00 Source

By Leith van Onselen The Australian Bureau of Statistics yesterday released its overseas short-term arrivals and departures figures for May, which revealed a rise in the number of inbound tourists and a reduction of out-bound tourists. The number of short-term visitor arrivals rose by 0.6% in May in trend terms, whereas short-term resident departures fell

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MacroBusiness Wednesday, July 8, 2015 - 04:27 Source

On June 7, 2015 the Qingdao iron ore price tumbled 5.12%, or $2.68, to $49.60. Benchmark Tianjin spot collapsed $2.30, or 4.4%, to $49.70: More charts to come. Is this a margin call situation for iron ore triggered by the Shanghai crash? We know that iron ore has been used in whacko commodity financing deals in China and

The post Daily iron ore price update (margin call) appeared first on MacroBusiness.

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MacroBusiness Wednesday, July 8, 2015 - 04:23 Source

Brent oil managed a little rebound overnight sitting at $57.10 as I write. The news was thin with nothing yet on the Iran deal. The indicative LNG contract price rallied to $7.99mmBtu: LNG news was also thin but a new report from the Carbon Tracker initiative is worth a look. Here are its demand scenarios:

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MacroBusiness Wednesday, July 8, 2015 - 03:59 Source

Understatement is usually amusing and today we discover a rich vein of it around the Atlas Iron rescuicide. From the AFR: Atlas Iron founder David Flanagan insists the struggling iron ore miner can come back from the brink of collapse to pull off a $180 million capital raising in the next week,…Atlas is rattling the tin on

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MacroBusiness Wednesday, July 8, 2015 - 00:02 Source

It is a a true real estate agent’s dream in China. From the FT: Beijing has taken steps to keep stocks on China’s two main indices afloat, including direct purchases of large-cap companies, a halt to initial public offerings and a cut to trading fees. But so far its efforts have failed to staunch concerns.

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MacroBusiness Wednesday, July 8, 2015 - 00:01 Source

Global Macro / Markets / Investing: The Hugely Profitable, Wholly Legal Way to Game the Stock Market – Bloomberg Why growth in finance is a drag on the real economy – VOX How crony capitalism is slowing global economic growth – aei.org We’re below the S&P 500’s 200-day moving average – The Reformed Broker Cracks

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Harrangue Man Tuesday, July 7, 2015 - 22:12 Source

Continuing along the path of smells you shouldn’t have to smell it rained here in Canberra recently and thus my headband failed to dry when I pegged it to “the wall”, the mighty fence of old doors we have to keep the chickens penned in.So I’m drying it on the heater before I get on the SoTPC (1) to try and ride. I have my blue headband on for now. It’s the exact sort of headband my mum used to wear when she played tennis.The drying headband smells like tinned mushrooms—and I don’t think anyone in the history of owning an olfactory sense admires the smell of tinned mushrooms.I’m sore in our nation’s capital.

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Table Talk: Bob Ellis on Film and Theatre Tuesday, July 7, 2015 - 22:02 Source

Turnbull told the Sydney Institute that Abbott had been disproportionate — or, frankly, crack-pated — in his response to ISIS. It wasn’t like Stalin’s Soviet Union, with twelve time zones and an army of twenty million at its back, nor like Hitler’s Germany, which killed seven million of its minorities, nor like Tojo’s Japan, which occupied Burma, China, the Philippines, New Guinea, Indonesia and many, many Pacific islands, and only a nutter would make that comparison. He then said ‘time will tell’ if he would go on Q&A or not.

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Club Troppo Tuesday, July 7, 2015 - 21:40 Source

As Greece’s situation has gone in recent days from bad to worse to worser to even-worserer-than-that, I’ve seen a lot of claims that the European authorities treated Greece’s private creditors too generously back in 2010-2012. My natural tendency was to accept those claims, partly because I wasn’t paying close attention to Greece back then, and partly because creditors have a long history of getting off lightly in these situations.

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Table Talk: Bob Ellis on Film and Theatre Tuesday, July 7, 2015 - 21:07 Source

It is a hundred years and two hundred and one days since an Australian was killed by a terrorist attack in Australia.

When,at last, another death occurs in this way it will be noted here.

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Table Talk: Bob Ellis on Film and Theatre Tuesday, July 7, 2015 - 21:00 Source

There seems no difference between what Dawn Fraser said about Nick Kyrgios and what Steve Ciobo said about Zaky Mallah: if you’re going to say things like that, you don’t deserve to live in this country, please get out of …

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laberal Tuesday, July 7, 2015 - 20:23 Source

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Cheeseburger Gothic Tuesday, July 7, 2015 - 20:04 Source

The Guardian has a great, great essay on Frank Herbert's novel, which debuted half a century ago, and its impact which is ongoing. I read Dune as a teen and have meant to return to it ever since. I might queue it on as an audiobook to listen to with Thomas.

The essay is worth your time.

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Croakey Tuesday, July 7, 2015 - 19:20 Source

Many thanks to The Power to Persuade for allowing us to cross post this piece by Jeff Thompson. Jeff Thompson is community development manager at a disability service provider in the ACT. In this post he explains the implications of the NDIS for...

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En Passant Tuesday, July 7, 2015 - 19:10 Source

This is a letter from a friend in Ecuador about the situation there.

Interesting times in Ecuador – the right wing opposition is mobilising huge numbers in Guayaquil – they claimed 300,000 and demos of a thousand or more every day in Quito and there have been demos elsewhere in the country.

Correa proposed an inheritance tax which – at the top level – goes up to 75% – a very serious attack on the privileged.

He was forced to shelve it for discussions for the time being – partly because the Catholic Church said the Pope might not visit this week (we saw him arrive yesterday) unless there was some accommodation.

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Your Democracy Tuesday, July 7, 2015 - 18:20 Source

whose side are you on .....

When Tony Abbott called for heads to roll at the ABC, he invokes the “death cult” rhetoric he supposedly deplores, writes Lyn Bender.

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John Quiggin Tuesday, July 7, 2015 - 17:45 Source

Following up on Noah Smith’s marvellous definition of derp, I thought I would add the first person to give the declension of this irregular verb

* I can’t see this happening
* You regularly restate your tight (low probability) prior
* He flerped a herp of derp

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The Australian Independent Media Network Tuesday, July 7, 2015 - 17:41 Source

A disturbing trend is emerging in the same-sex marriage debate. Reminiscent of a child throwing a tantrum, individuals and representatives of organisations opposed to equality are stamping their feet and resorting to more desperate threats. While it may be easy to write these people off as educationally challenged, for the most part they are not. So what on earth makes grown men and women resort to infantile tactics to fight the prospect of gay marriage being legalised in Australia?

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The Australian Independent Media Network Tuesday, July 7, 2015 - 17:37 Source

With Tony Abbott and his government trailing miserably in the opinion polls and seemingly rudderless in turning their fortunes around, will they take a leaf out of the history books if all else fails?

Tony Abbott’s poll position is not dire, as was John Howard’s in 2001. In April of that year the Howard government trailed 60/40 in the Nielsen Poll and in September it had turned around to 57/43 in their favour. They went on to easily win the November Federal election.

How did they do it?

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MacroBusiness Tuesday, July 7, 2015 - 16:14 Source

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Calmer heads prevail While many market participants are still surprised about the fairly orderly response to the Greek ‘no’ vote, it certainly seems calmer heads have prevailed for now with a glass-half-full approach being taken. One of the key events following the referendum was

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New Matilda Tuesday, July 7, 2015 - 16:10 Source

As the situation on the island deteriorates, Australia has continued its vital financial contributions to the nation. Max Chalmers reports.

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MacroBusiness Tuesday, July 7, 2015 - 15:47 Source

From Westpac’s chief economist, Bill Evans: As expected the Reserve Bank Board left the cash rate unchanged at 2% at its July Board meeting. There were very few changes in the Governor’s statement from the statement following the June Board meeting. Even though the Australian dollar has declined from around USD0.77 at the June meeting

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New Matilda Tuesday, July 7, 2015 - 15:44 Source

A pre-determined outcome negotiated between two major parties, and 40 Aboriginal leaders brought along for a stamp of approval. Amy McQuire unloads.

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MacroBusiness Tuesday, July 7, 2015 - 15:12 Source

From HSBC: The Shanghai Composite Index has fallen 27% since 12 June 2015, a sharp drop versus the 117% jump over the previous eight months. These dramatic swings have raised concerns about a possible negative impact on the economy. In this note we look at the main channels through which equity market volatility can affect

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Renew Economy Tuesday, July 7, 2015 - 15:09 Source

Solar cell technology developed by University of NSW is to become industry standard within 5 years and will boost in cell efficiency and another big fall in costs. Another reminder why Australia is one of four countries leading the global transition to solar energy.

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Renew Economy Tuesday, July 7, 2015 - 15:08 Source

A new apartment complex in Perth has installed a rooftop solar array that effectively provides each of its 86 apartments 2kW of solar power.

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