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MacroBusiness Monday, August 21, 2017 - 13:52 Source

Banana Man is once gain in control in China: Big Iron is loving it with FMG up 7%: Big Gas is also up with oil: Big Gold is stable. I remain a seller on the bold hope that the Trump Administration is at the lows (for now): Big Bubble is getting caned, especially Terror Bank

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MacroBusiness Monday, August 21, 2017 - 13:06 Source

by Chris Becker In case you were wondering why the ASX200 hasn’t gone anywhere in recent weeks, reporting season is underway for end of year financial results. Deutsche Bank considers “the picture so far has been disappointing”, while Citi sees the upside in resources but the rest of the market “uneven”. From DB first: Industrials

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The Australian Independent Media Network Monday, August 21, 2017 - 12:50 Source

In August 2015, with the Abbott government in disarray and a few weeks before Malcolm staged his coup, Laura Tingle wrote an article in the AFR which she could publish again tomorrow.  It forcibly underlines how nothing has changed under Malcolm Turnbull and begs the question of how long he can survive. The following are…

The post It can’t go on like this appeared first on The AIM Network.

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MacroBusiness Monday, August 21, 2017 - 12:08 Source

From CoreLogic: Still down year solidly year on year though listings are now falling too. The seasonal Spring ramp is the next test. Full report.

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Renew Economy Monday, August 21, 2017 - 11:53 Source

Derailment of 30 coal wagons is just latest in long list of coal transport accidents which highlight risks from shipping fossil fuels long distances to markets.

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MacroBusiness Monday, August 21, 2017 - 11:30 Source

Via Macquarie:  Spot HCC prices have increased by a further ~$19/t to $195/t since our last update on July 27, as Chinese mills restocked coking coal tapping into a tight seaborne market. Seaborne prices have spiked, but with the physical arb between domestic and seaborne prices now largely closed and steel prices topping out,

The post When will coking coal roll? appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 11:18 Source

MB has noted a number times the strange transformation leading immigration spruiker, Professor Peter McDonald’s from population hawk to dove. McDonald co-authored a 1999 federal parliamentary research paper, entitled “Population Futures for Australia: the Policy Alternatives”, in which he explicitly noted that it is “demographic nonsense to believe that immigration can help to keep our population young”, while also recommending “a

The post Dick Smith destroys immigration spruiker Professor Macdonald appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 11:03 Source

Forgive the sexist imagery but two of my least favourite women today sum up a lot of what’s wrong with politics today: Greens Senator Sarah Hanson-Young has accused Pauline Hanson of “doing ISIS’s work” as she criticised the One Nation leader for wearing a burka in the federal parliament. Senator Hanson-Young told the One Nation leader the “next

The post Hanson-Young vs Hanson-old cat fight appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 10:46 Source

by Chris Becker Reporting and analysing the demise of the Trump Presidency is not hard work, but it bears well in protecting your portfolio. While a handful of US stocks have benefited since the election, leaving most other markets in limbo, currency-land has been upended as the realisation of a stalemated Congress that cannot enact

The post Where Trump goes, the USD follows appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 10:18 Source

The remarkable turnaround is now complete: That’s a huge payout ratio, turning the stock into a cash pump if the iron ore price holds up. Of course it won’t, but with gearing so thoroughly reduced it can ride out the volatility by borrowing at the troughs to support the dividend. It should make the stock

The post Fortescue turns cash pump appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 10:05 Source

Via the ABC, foreshadowing tonight’s 4 Corners program which has summoned every bear in town (with the exception of MB): A decade of housing price rises, low interest rates and relatively easy credit has left Australians carrying the second-highest level of household debt in the world. And despite efforts to tighten lending and to address

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Renew Economy Monday, August 21, 2017 - 10:04 Source

Ashurst has advised GE in its negotiations with the PARF to supply, install and operate 123 wind turbines at Coopers Gap Wind Farm.

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xkcd.com Monday, August 21, 2017 - 10:00 Source

'Hey! Put her down!' 'No, it's ok! The next chance for me to be carried to a blood cauldron isn't until 2024!'

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MacroBusiness Monday, August 21, 2017 - 09:54 Source

Why would anyone listen to the RBA? Via UBS: Wages finally trough, but pick up set to disappoint Over the past ~6 years, the RBA found their “forecasts for wage growth have been persistently too strong” with outcomes “surprisingly low” (Figure 2). This has been a key driver of persistent GDP growth downgrades, and the

The post UBS: Wages going precisely nowhere appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, August 21, 2017 - 09:36 Source

There was a suggestion on ABCs Insiders yesterday Sunday that, due to the present chaotic state of government brought about primarily by Section 44 of the constitution, parliament should be prorogued. What does this mean? Prorogation of parliament simply means bring the current session to an end. It does not mean an election follows. Only…

The post Should Parliament be Prorogued? appeared first on The AIM Network.

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MacroBusiness Monday, August 21, 2017 - 09:34 Source

by Chris Becker There’s going to be a total solar eclipse across most of the continental United States today (well, their today, we’ll all be asleep) and given the uniqueness of the event, there’s been some hyperbowl and superbowl like reporting on it. This one takes the cake though. A consultancy firm reckons the eclipse

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John Quiggin Monday, August 21, 2017 - 09:26 Source

Another Monday Message Board. Post comments on any topic. Civil discussion and no coarse language please. Side discussions and idees fixes to the sandpits, please.

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En Passant Monday, August 21, 2017 - 09:23 Source


(Screen shot via @itvnews.)

Pauline Hanson cloaked her xenophobia in the cloth of liberating women, but taking her lead from Trump, her real aim is to unite the forces of fascism and white supremacy and build her electoral and social base.

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MacroBusiness Monday, August 21, 2017 - 09:21 Source

From Energy Minister Josh Frydenberg: It is not realistic to expect the return to $3-$4/gigajoule that Australians enjoyed less than a decade ago. The creation of an export market on the east coast means that our domestic prices are linked to those overseas, just as they are for other internationally traded commodities such as iron

The post Frydenberg claims success in pushing down energy costs appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 09:07 Source

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MacroBusiness Monday, August 21, 2017 - 08:43 Source

By Chris Becker  Volatility continues across risk markets, this time shifting from the North Korean tensions to the Trump tensions, namely the realisation that the Republican Congress ability to enact any meaningful legislation is evaporating. This has taken the floor out under US stocks, and the USD as a result as the key driver of bull

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North Coast Voices Monday, August 21, 2017 - 06:12 Source

Prior to entering the South Australian Parliament in March 2014 the then Liberal  now Independent Member for Mount Gambier, Troy Bell, was a teacher, online wine purveyor, restaurateur and manager of the Independent Learning Centre at Mt.

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MacroBusiness Monday, August 21, 2017 - 00:25 Source

Via Paul Kelly: When a parliament is discredited the presiding government usually pays a fatal price. The current parliament is discredited and dysfunctional on fiscal, legal and symbolic grounds, our democracy continues to be damaged and the decline in trust in our institutions is intensifying. Just as the Tony Abbott-led opposition in 2010-13 was pivotal

The post Canberra is now one giant control fraud appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 00:20 Source

DXY fell Friday night: AUD was up against DMs: But down against EMs: Gold was up a bit: Brent roared as the US rig count fell: Base metals were mixed: EM stocks firmed: High yield was mixed: Big miners stable: US yield edged up: Not European: Stocks edged down: The White House conflict is over

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MacroBusiness Monday, August 21, 2017 - 00:20 Source

DXY fell Friday night: AUD was up against DMs: But down against EMs: Gold was up a bit: Brent roared as the US rig count fell: Base metals were mixed: EM stocks firmed: High yield was mixed: Big miners stable: US yield edged up: Not European: Stocks edged down: The White House conflict is over

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MacroBusiness Monday, August 21, 2017 - 00:20 Source

From Interest: The Labour Party’s rise and the Green Party’s fall from grace has been reflected in the second major poll since Jacinda Ardern and Metiria Turei’s diverging fortunes caught political attention in recent weeks. The latest 1 News Colmar Brunton poll alarmingly shows the Greens at 4.3% – below the 5% threshold needed to enter Parliament

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MacroBusiness Monday, August 21, 2017 - 00:19 Source

Via The New Daily: It is a sad state of affairs to realise that the current crop of Australian policy-makers have effectively given up on reducing unemployment. Treasury reckons that the lowest the unemployment rate can go without there being a wages and inflation breakout is around 5.25 per cent. The Reserve Bank of Australia

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MacroBusiness Monday, August 21, 2017 - 00:18 Source

From Jess Irvine today: I remember attending an economics conference in Canberra in late 2011 where two esteemed Australian economists, Bob Gregory and Ross Garnaut, both warned Australian households to brace for a decline in living standards at the end of the mining boom. …In a 2012 paper, Gregory explained: “In peace time, and over

The post Irvine dines out on your shrinking wage appeared first on MacroBusiness.

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MacroBusiness Monday, August 21, 2017 - 00:16 Source

The Australian has the story to ruin household’s day: Peter Costello, chairman of the nation’s $130 billion Future Fund, has urged the Reserve Bank to lift interest rates now to avoid households’ taking on more debt, which he says is contributing to “massive imbalances” in the economy. The nation’s longest-serving treasurer also expressed concern that

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The Australian Independent Media Network Monday, August 21, 2017 - 00:16 Source

“Is ‘e an Aussie, Lizzie, is ‘e? Is ‘e an Aussie, Lizzie, eh?”, a catchy 1930s hit, could be the theme song of the entire 45th Parliament this week as three more MPs are exposed as dodgy double-dipping dual nationals under their Akubras, their RM Williams and their Drizabones. It’s like a masked ball. No-one…

The post Turnbull government loses plot in worst week of its life. appeared first on The AIM Network.

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