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MacroBusiness Friday, May 8, 2015 - 08:30 Source

By Chris Becker Last night market action was headlined by the UK general election, where  it looks like the Tories have re-gained office, according to exit polls, which sent the pound surging by more than 1% against the USD and the crosses. A big surprise in revenue from Alibaba helped US tech stocks (plus the

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The Tally Room Friday, May 8, 2015 - 08:27 Source

8:27am – Polls have now closed in the UK election, and over the course of the day we will be getting results from each constituency.

I won’t be providing a constant thread of updates but will occasionally post updates through the day.

The main exit poll has predicted a result of:

  • Conservative – 316
  • Labour – 239
  • SNP – 58
  • Liberal Democrats – 10

If this poll is right, the Conservatives should be able to form a slim majority with the support of the Lib Dems, the DUP, or both. It also suggests an almost-complete SNP wipe-out in Scotland.

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MacroBusiness Friday, May 8, 2015 - 07:43 Source

By Leith van Onselen In the week ended 7 May 2015, the Core Logic-RP Data 5-city daily dwelling price index, which covers the five major capital city markets, rose by 0.12% (see next chart). Values rose in three major capitals and fell in two (see next chart). Since the beginning of the year, home values

The post RP Data weekly Australian house price update appeared first on MacroBusiness.

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MacroBusiness Friday, May 8, 2015 - 07:02 Source

Bonds and stocks crash! Australian dollar rockets! Budget toast! Jobs market improving! Iron ore busts, no booms! RBA cuts, no hikes! Pass the popcorn! The financial press and its many market sources are all over the shop this week trying to explain the volatility that is consuming the Australian economy. As usual most of it is

The post How to cut through Australian volatility appeared first on MacroBusiness.

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MacroBusiness Friday, May 8, 2015 - 06:55 Source

From the AFR: Former Federal Treasury secretary Ken Henry says he’s thriving on the cut and thrust of the corporate world and will be “decisive” as the new chairman of National Australia Bank. “You don’t get rewarded for sitting on the fence,” Dr Henry said on Thursday. NAB chairman Michael Chaney, who will step down after

The post Ken Henry is too big to fail appeared first on MacroBusiness.

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Friday, May 8, 2015 - 00:16 Source

Extract from Australian Newspaper History Group May 2015 newsletter:82.1.1. Jewish newspaper and a whistleblower The Australian Jewish News (AJN) has made a senior journalist redundant after he passed on information that helped a royal commission and led to the resignation of Australia’s most senior Rabbi (Australian, Media section, 2 March 2015).

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Friday, May 8, 2015 - 00:15 Source

Clarence Valley Council has placed a Draft Unreasonable Complainant Conduct Policy on public exhibition on its website here.Every resident and ratepayers should read this 16-page draft and accompanying documents because under its provisions the general manager and senior staff will get to decide that you should be considered an unreasonable complainant and denied a service or services if, amongst other things, they consider you to be putting a complaint to them that is based on incomprehensible, false or inflammatory, trivial or delirious argument or b

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MacroBusiness Friday, May 8, 2015 - 00:06 Source

Here are the iron ore charts for May 7, 2015: Prices pulled back as expected though Tianjin benchmark only fell marginally to $60 even. But other markets are signalling a more decisive top. Singapore 12 month swaps are not interested in going higher. Dalian 6 month futures were soft yesterday but weaker still overnight down

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

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MacroBusiness Friday, May 8, 2015 - 00:05 Source

Brent oil was bashed lower last night to $65.62 as markets apparently fretted about Iran: Iran is “talking big,” said Phil Flynn, senior market analyst at the Price Futures Group. Iran produces about 2.7 million barrels a day, but Oil Minister Bijan Zangeneh said Thursday that if sanctions are lifted this year, the country could be

The post Daily LNG price update (LNG as iron ore) appeared first on MacroBusiness.

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MacroBusiness Friday, May 8, 2015 - 00:02 Source

From Investing in Chinese Stocks. Bifurcation is still in effect in China’s housing market, but it is becoming more extreme, at least in terms of the forecasts. One analyst is calling for a 15% increase in first-tier home prices this year (an annualized gain of more than 20%), meanwhile housing sales are flat to falling

The post More Chinese property bifurcation appeared first on MacroBusiness.

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MacroBusiness Friday, May 8, 2015 - 00:01 Source

Global Macro / Markets / Investing: Bond markets shift into reverse – The Economist What Wall Street expects interest rates to do this year - BI Americas: 17 million Americans now insured under Obamacare – Bloomberg (more hurdles to come!) Buffett feels hedge fund chill at conference – Bloomberg (the hypocrisy is strong in Omaha)

The post Links 8 May 2015 appeared first on MacroBusiness.

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The Australian Independent Media Network Thursday, May 7, 2015 - 19:47 Source

“I say to the Australian people directly, now is the time to borrow and invest,” said Joe Hockey.

Well, I went to the bank yesterday, in an attempt to do what the Treasurer said, and unfortunately the conversation went something like this:

Me – Hi, I’m here to borrow and invest.

Bank Person (who, hereafter will be refered to as BP, which may confuse some older Scouts) – Invest in what?

Me – I don’t know. Mr Hockey wasn’t all that clear on that.

BP – So let’s get a few of your details, what’s your name?

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George Monbiot Thursday, May 7, 2015 - 18:47 Source

The return of Britain’s otters offers a glimpse of rewilding’s great rewards

By George Monbiot, published on the Guardian’s website, 7th May 2015

I spent last week travelling with my family across the Scottish Highlands, meeting land managers to discuss possibilities of rewilding. The speed of change there is astonishing, and opportunities for a mass restoration of living systems are emerging faster than I could have imagined even a year ago. I’ll be writing about this in a few weeks, when Rewilding Britain is launched.

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The Australian Independent Media Network Thursday, May 7, 2015 - 16:27 Source

Academic teaching conditions are student learning conditions

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MacroBusiness Thursday, May 7, 2015 - 16:03 Source

Chris Weston, Chief Market Strategist at IG Markets Tide turns for the greenback Bond market weakness has been a key theme across the US and European markets. This has now clearly started having an impact on equities with confidence being sapped out of the market. Janet Yellen’s comments warning that long-term rates are very low

The post ASX at the close appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 15:20 Source

From David Scutt: We applied monthly movements in the Australian jobs report over the past five years but adjusted them to reflect the size of the US labour force. The relative stability of the non-farm payrolls number — reported in grey — is about as far-removed from the volatility found in the Australian jobs equivalent

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MacroBusiness Thursday, May 7, 2015 - 14:56 Source

by Chris Becker The RBA just released this “snapshot” of the Australian economy, I guess as a preview of its SOMP (Statement on Monetary Policy) to be released on Friday. Snapshots are great for the low attention span crowd, but even they could do the math quickly and note the average house price to earnings

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Thursday, May 7, 2015 - 14:42 Source

There’s little doubt that “spiralling health costs” will get plenty of Budget Bingo hits when Treasurer Joe Hockey delivers the 2014-15 Budget next Tuesday, 12 May. Here then is a very timely article from Mary Barry, CEO National...

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MacroBusiness Thursday, May 7, 2015 - 14:34 Source

Jeez: Fortescue has begun sacking hundreds of workers as it ditches its boom-time eight days on, six days off roster for 14 days on, one week off to cut costs. “It is a nonsensical injury from the iron ore price wars,” Mr Forrest said.”The two multinationals, now one, are continuing a strategy and we, all

The post Forrest blames RIO as he sacks workers appeared first on MacroBusiness.

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MacroBusiness Thursday, May 7, 2015 - 14:27 Source

Victoria’s tunneling for pork takes another turn today, from the ABC: A proposed road tunnel through Melbourne’s west appears to be in line for federal funding after Prime Minister Tony Abbott indicated he supported the idea “if it stacks up”. …Victorian Premier Daniel Andrews said he was “delighted” by the Prime Minister’s comments, after doubts

The post Infrastructure by media appeared first on MacroBusiness.

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Renew Economy Thursday, May 7, 2015 - 14:23 Source

Australian network operators have had an epiphany: it's actually about the consumer, not them. But what about the business model?

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Renew Economy Thursday, May 7, 2015 - 14:23 Source

Australian network operators have had an epiphany: it's actually about the consumer, not them. But what about the business model?

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Prosper Australia Thursday, May 7, 2015 - 14:07 Source

The Abbott government has agreed to spend $250 million on the 2016 census and to replace the Australian Bureau of Statistics computer systems, parts of which are 30 years old. The census is a critically important national statistical tool. It measures population and housing – essential for evidence-based policy, government and private sector demand projection […]

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Prosper Australia Thursday, May 7, 2015 - 14:07 Source

The Abbott government has agreed to spend $250 million on the 2016 census and to replace the Australian Bureau of Statistics computer systems, parts of which are 30 years old. The census is a critically important national statistical tool. It measures population and housing – essential for evidence-based policy, government and private sector demand projection […]

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MacroBusiness Thursday, May 7, 2015 - 13:58 Source

From the IMF’s new Regional Economic Outlook: Asynchronous monetary policies in major advanced economies in response to divergent cyclical conditions have contributed to large and rapid exchange rate realignments. Robust growth and the prospect of higher interest rates in the United States, coupled with the start of quantitative easing in the euro area and further

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MacroBusiness Thursday, May 7, 2015 - 13:51 Source

Big iron ore is down today with BHP leading the way at minus 1.5%, RIO is down 0.7% and FMG is up slightly. The indexes: The idiocy spreads are closing once more, except for FMG: The juniors: Dalian is down 7 points at 435, right on cue as we passed over $60. We will be under it tomorrow.

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Thursday, May 7, 2015 - 13:46 Source

As Christine Milne steps aside, the Greens will present a new challenge on Labor's left flank, writes Ben Eltham.

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Renew Economy Thursday, May 7, 2015 - 13:40 Source

Just as important as how cheap batteries are getting is another crucial question: how much battery do you need?

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Thursday, May 7, 2015 - 13:35 Source

Senator Richard Di Natale, former GP and public health specialist, was widely described as “little known” in the mainstream media when he was elected leader of the Greens yesterday. But he is well known in health circles, where his...

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Renew Economy Thursday, May 7, 2015 - 13:34 Source

Tesla says demand for batter storage products "just nutty"; cites Australia and Germany as countries where household system will be economic.

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