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Thursday, May 7, 2015 - 05:21 Source

Labour will win 292 seats in the UK, or thereabouts. The SNP will win 53, the Liberal Democrats 22, UKIP 3, Plaid Cymru 2, Greens 1, Others 10, and…Tories 267. A Labour/Liberal Democrat Coalition, supported in confidence motions by the …

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MacroBusiness Thursday, May 7, 2015 - 03:04 Source

By Leith van Onselen Yesterday’s tepid retail sales, which disappointed analyst’s expectations, are likely to make a negative contribution to Australia’s March quarter GDP when the national accounts are released early next month. As reported yesterday, monthly sales values registered 0.3% growth in March on a seasonally-adjusted basis, which was below analyst’s expectations of 0.4%

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The Australian Independent Media Network Thursday, May 7, 2015 - 02:38 Source

At the recent Queensland election, responding to Campbell Newman’s threat that a hung parliament is a hung Queensland,  Bob Katter made the astute observation that a hung parliament would more likely result in a minority government, a situation similar to almost every other constitutional democracy in the world. Now personally I’ve always thought Katter a bit of a nutter, in the nicest possible way of course, but in this instance I believe he hit the nail squarely and firmly on the head.

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MacroBusiness Thursday, May 7, 2015 - 01:10 Source

From FTAlphaville comes a series of quotes from bond bears awakening from slumber. Jen Nordvig of Nomura: The size of bond moves today should not be underestimated. For example, the moves in the Italian 30-year bond today were substantially larger than anything seen in the Euro-crisis! (in price terms, which is what matters for PnL). Importantly,

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North Coast Voices Thursday, May 7, 2015 - 00:18 Source

BBC News Election 2015 - results will appear on the website from 10pm on Thursday 7 May, London time (7am on Friday 8 May 2015 Sydney time)BBC The World Service - radio election special.U.K.

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North Coast Voices Thursday, May 7, 2015 - 00:16 Source

The Australian Privacy Commissioner has determined that metadata produced by journalist Ben Grubb’s mobile phone activity is personal information and ordered Telstra to allow him access to this type of data.Unfortunately, changes* to the Commonwealth Privacy Act 1988 may mean that this determination might not support futures challenges in cases where a telecommunications company refuses access to an individual’s own metadata.Ben Grubb and Telstra Corporation Limited [2015] AICmr 35 (1 May 2015): Determination and reasons

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North Coast Voices Thursday, May 7, 2015 - 00:15 Source

Since the Abbott Government came to power in September 2013 information from government departments has been somewhat more difficult to obtain.Websites have been redesigned in such a way that data is often buried layers deep with no obvious links on the home page, telephone queries are often answered more guardedly than before and now it seems that Freedom of Information (FOI) requests are being answered within an acceptable time frame but with those answers more likely to be a Yes, but or an outright No to releasing information if the Office of the Australian Information Commissioner (OAIC) 

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MacroBusiness Thursday, May 7, 2015 - 00:10 Source

Mr Andrew Forrest believes he has won a battle in the iron ore war, from the AFR: “As soon as one company said they were going to listen to the market it was a massive change in the jargon from ‘we don’t care about the price of iron ore we are going to keep on

The post Twiggy has a bad day appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 00:08 Source

Here are the iron ore price charts for May 6, 2015: The overnight price of Qingdao iron ore jumped 3.7% to $60.89, as expected. Tianjin benchmark was less extravagant, up 1.7% to $60.10. Paper markets are still in support with Dalian technically better positioned than Singapore, however the former reversed 5 points overnight to be at

The post Daily iron ore price update ($60) appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 00:08 Source

I’ve missed a couple of sessions over several days Brent oil broke to new highs then consolidated last night to $67.47. Libyan and Saudi tensions provided support Wednesday and last night the US finally saw crude oil inventories falling, from the DOE via John Kemp: As you can see this is the seasonal pattern. It is part

The post Daily LNG price update (how high?) appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 00:05 Source

Cross-posted from Investing in Chinese Stocks. Yesterday, a headline article at iFeng discussed a possible crash in May and right on cue, stocks dropped. Today, Xinhua News published four articles today telling investors not to panic and to BTFD. Article 1: China’s Slow Bull 常规降温遭过度解读 A股将慢牛 Over 1000 stocks fell more than 4% on Monday,

The post Official China media panics to prevent panic appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 00:04 Source

From Capital Economics via FTAlphaville: The level of reserves is unaffected by changes to the RRR. It also doesn’t change when new deposits are created through the issuance of bank loans. When a bank credits a borrower with a new deposit, it doesn’t have to “lock” anything up. Instead, the relationship runs in the other

The post Understanding Chinese QE appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 00:01 Source

Global Macro / Markets / Investing: Fed Chair Yellen “kills the music”, say equities too high, and they drop! ZH Charting the big moves in the markets – Bloombergs (reads like my TW piece on Monday…) Oils rebound is extending, how far can it go? FT (I do remember saying a 50% rally is not

The post Links 7 May 2015 appeared first on MacroBusiness.

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The Failed Estate Wednesday, May 6, 2015 - 22:16 Source

It’s now four years since the US journalism academic Jay Rosen decried at the Melbourne Writers’ Festival about the “cult of savvy” in political journalism and the treatment of politics as a game for insiders. What’s changed since? Not much, … Continue reading →

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The Australian Independent Media Network Wednesday, May 6, 2015 - 19:58 Source

After today’s shock Greens leadership change, new leader Richard Di Natale has been quoted as saying he wants the Greens to be ‘the natural home of progressive mainstream Australian voters’. Fine. I can see where Di Natale is going with this. This is code for ‘I want the Greens to challenge Labor as the left-wing major party’. The Greens have always wanted to replace Labor and now Di Natale is being more straight talking about this than previous Greens leaders Milne and Brown.

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Wednesday, May 6, 2015 - 17:15 Source

After a fast moving day of politics the Victorian Senator is now the head of his party, but don't expect him to be reading any Marx into Hansard.

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Wednesday, May 6, 2015 - 16:23 Source

There was much relief and rejoicing in March when Health Minister Sussan Ley and Assistant Minister Fiona Nash announced that funding for 112 Aboriginal and Community Controlled Health Organisations (ACCHOs) had been secured for the next three...

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MacroBusiness Wednesday, May 6, 2015 - 15:57 Source

Chris Weston, Chief Market Strategist at IG Markets You always know when global markets are seeing moves from funds into cash and many of the year’s consensus trades are being unwound that Chinese markets will rally. This phenomenon has played out again today, which is interesting after yesterday’s monster moves lower in the Shanghai Composite

The post ASX at the close appeared first on MacroBusiness.

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Renew Economy Wednesday, May 6, 2015 - 15:51 Source

If the Saudi's can diversify from fossil fuels, anyone can: That was the frank message delivered to the Abbott government by UNFCCC chief Christiana Figueres, in a speech urging them to show leadership on climate action. Greg Hunt's response? ...

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Wednesday, May 6, 2015 - 15:50 Source

A recent rise in anti-social behaviour is due in part to a lack of government investment, says a local councillor.

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Renew Economy Wednesday, May 6, 2015 - 15:42 Source

Hope grows of resolution to renewable energy target this week. That - and the prospect of cheap battery storage - will be bad news for coal generators.

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Renew Economy Wednesday, May 6, 2015 - 14:29 Source

ACT launches EOI process for up to 50MW of 'next generation' solar with storage to be located in or around the ACT.

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MacroBusiness Wednesday, May 6, 2015 - 14:20 Source

by Chris Becker Are European stocks turning Japanese? The very high correlation between the USDJPY and the Nikkei 225 stock market has long been observed, where a weakening Yen supports higher stock prices (and vice versa, obviously): And now it looks as long positions in USD unwind and QE begins in Europe, which is ultimately

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Renew Economy Wednesday, May 6, 2015 - 14:20 Source

New Greens leader Richard di Natale is a former GP and champion of science, the political status of which, he says, has been distorted by lobby groups.

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MacroBusiness Wednesday, May 6, 2015 - 14:07 Source

From COMMSEC: The apparent consumption of alcohol consumed in the form of beer fell from 4.04 litres of pure alcohol per person (aged 15 years or more) to 4.01 litres in 2013/14. It was the lowest result in 68 years. Consumption of full-strength beer fell from 3.32 litres to 3.28 litres; mid strength lifted from 0.58

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MacroBusiness Wednesday, May 6, 2015 - 13:33 Source

Cross-posted from The Conversation. While wind and solar power have made great strides in recent years, with renewables now accounting for 22% of electric energy generated, the issue that has held them back has been their transience. The sun doesn’t shine at night and the wind doesn’t blow year-round – these are the mantras of

The post Tesla battery begins end for fossil fuels appeared first on MacroBusiness.

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MacroBusiness Wednesday, May 6, 2015 - 13:16 Source

BHP and RIO are both down marginally and FMG is up a few percent as iron ore shares struggle to keep pace with racing futures. To the indexes: The idiocy spreads are a little wider, though the RIO/BHP “moron cross” has reversed with the rising oil price:   Juniors are unchanged: Dalian futures are unchanged

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MacroBusiness Wednesday, May 6, 2015 - 13:02 Source

From HSBC the China services PMI up 0.6 points to 52.9: The latest set of PMI data indicated that Chinese service sector companies had a strong start to Q2, with activity and new orders both rising solidly in April. However, a downturn in manufacturing operating conditions led to a weaker expansion of overall business activity

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North Coast Voices Wednesday, May 6, 2015 - 12:45 Source

Photo from @ninemsmText of an email sent out by Australian Greens Senator Christine Milne on 6 May 2015:Dear [redacted],I've just stepped out of a meeting with my Party Room colleagues to send you this note. They are 10 of the best politicians I have ever known.

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MacroBusiness Wednesday, May 6, 2015 - 12:07 Source

March retail sales are out and have come in a little softer than expect at 0.3% versus 0.4% expected and down from 0.7% in February.  The annual rate of growth is still a respectable at 4.4%: In monthly terms the big winner was Department Stores: By state it was yesterday’s mining heroes doing the lifting:

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