Blogotariat

The DXY consolidation rolls on. The AUD smash does too. CNY was supported. I am bearish both gold and oil. In fact, the whole Crap Complex is buggered: dirt, miners, EM and junk. Yields are falling again. Stocks are rising again. ADP was weak, especially given bounce back from hurricanes. Private sector employment increased by

The post Australian dollar crashes to six month low appeared first on MacroBusiness.

On Wednesday, the Australian Bureau of Statistics (ABS) released the Q3 national accounts, revealing that real per capita GDP has fallen for seven consecutive quarters. While aggregate real GDP rose by a soft 0.3% in Q3, per capita GDP shrank by 0.3% and has fallen by 2.2% since the Albanese government came to office in

The post Australia’s economy is failing on all cylinders appeared first on MacroBusiness.

Bernie Sanders has expressed his support for Donald Trump’s planned new Department of Government Efficiency (DOGE).

It’s been a mere three weeks since Donald Trump announced his intention to nominate former Fox News personality Pete Hegseth for secretary of defense. 

Asian stock markets are generally lower given the tensions on the Korean peninsula while the Australian dollar fell sharply on the release of the weaker than expected national account figures. Other undollars are doing poorly against USD with Yen reverting while Euro is still dicing with the 1.05 handle again. Oil futures are trying to

The post Macro Afternoon appeared first on MacroBusiness.

Spanish energy giant Naturgy raises $2.3 billion to expand Australian portfolio as it commissions its latest wind project.

Wages have been pancaked for six months in the national accounts. Westpac. Cost pressures continue to moderate as the impact of the larger than average 2022-23 minimum and award wage increase roll out of annual calculations. Average (non-farm) earnings per hour moderated to 3.2%yr, from 6.5%yr in the June quarter. Not only was there a step

The post The RBA must cut urgently appeared first on MacroBusiness.

The East Coast gas cartel is eating vulnerable Australians alive. A record number of people are struggling to pay their energy bills, the Australian Energy Regulator has said in a report that highlights the toll of Australia’s cost of living crisis that is sapping support for the federal Labor government. The AER said 1.9 per

The post Aussie energy destroyed as media monkeys throw poop appeared first on MacroBusiness.

Chinese realtors are feeling less sick. Homebuyers not so much. Leading indicators are weakening. Salesa are OK. Inventory is improving, Completions are still very high. This has a long way to fall. Deutsche reckons a muddle through from here. Sounds about right.

The post Chinese property muddles through appeared first on MacroBusiness.

You can’t keep a good Pavlovian dog down. Iron ore is close to the limit it can reach in its jaws with steel. The steel price can’t climb because it is only being held aloft by exports, which will die if it rises in price. Underlying dynamics are quite soft if the steel PMI is

The post Iron ore blasts off into the void appeared first on MacroBusiness.

New Equifax data shows that 32% of Australians now use Buy Now Pay Later (BNPL) or credit cards for everyday essentials—up from 23% in 2022. There has also been a 205% annual increase in hospitality sector insolvencies driven by rising costs and lower consumer demand amid the cost-of-living crisis. Equifax’s Executive General Manager, Moses Samaha,

The post Hospitality industry the biggest recession casualty appeared first on MacroBusiness.