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MacroBusiness Tuesday, May 19, 2015 - 12:47 Source

A couple of charts from Morgan Stanley. Steel mill inventories are off their lows:   But port stocks are still falling: It’s the top chart that has the correlation with the iron ore price and stocks still remain low versus recent ranges. More stocking ahead if the range holds but there’s no saying that it

The post Where’s the Chinese iron ore restock at? appeared first on MacroBusiness.

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Tuesday, May 19, 2015 - 12:08 Source

Transfield staff faced tough questions this morning about the Nauru detention facility, but frustrated a senate committee by deferring scores of answers.

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MacroBusiness Tuesday, May 19, 2015 - 12:00 Source

The Minutes are out: Minutes of the Monetary Policy Meeting of the Reserve Bank Board Sydney – 5 May 2015 Members Present Glenn Stevens (Governor and Chair), Philip Lowe (Deputy Governor), John Akehurst, Roger Corbett AO, John Edwards, Kathryn Fagg, John Fraser (Secretary to the Treasury), Heather Ridout AO, Catherine Tanna Others Present Guy Debelle (Assistant

The post RBA minutes dovish appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 11:46 Source

From The Pascometer today, which has truly malfunctioned now: The 2015 Sydney housing boom has achieved the dubious distinction of bubble status, replete with rampant FOMO (fear of missing out) and key parts of the market departing from gravity as values rise by hundreds of thousands of dollars in a few weeks. Gravity’s power to

The post How the Sydney bubble will pop appeared first on MacroBusiness.

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Renew Economy Tuesday, May 19, 2015 - 11:27 Source

The IMF has more than doubled its estimate of global fossil fuel subsidies to $US5.3trn/year. More than the health spending of all the world's governments.

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MacroBusiness Tuesday, May 19, 2015 - 11:18 Source

By Leith van Onselen The latest ABS labour force data for April painted a dour employment picture in Queensland’s mining regions. Across the regions as a whole, unemployment rose to 6.8% in the 12 months to April – the highest reading in 11 years (see next chart). It has been well documented on this site

The post QLD regions crash down capex cliff appeared first on MacroBusiness.

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

For many of us, our smartphones are an integral part of our being, containing not just everything we need to communicate but depths of personal information, from our daily schedules to our finances. While last summer the Supreme Court ruled cell phone information is private and therefore protected, that's irrelevant to anyone trying to steal the sensitive bits stored on one.

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

On Saturday, Colombia's president announced that the country would stop airdropping carcinogenic herbicides to kill coca plants, the raw material for cocaine. Luckily, the head of Bogota's Quindio Botanical Garden has a new plan: unleash a slew of coca leaf-eating moths to achieve the same goal, without the use of chemicals.

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

In an earlier era, colliding with a boat's propeller could have been the end of a sea turtle's life. This is not that grim dark era, so a sea turtle found with a broken jaw was rescued and then brought to Pamukkale University's Sea Turtle Research, Rescue and Rehabilitation center in Denizli, Turkey. Thanks to a collaboration with Turkish company Btech Innovation, the turtle received a custom-designed, 3D-printed titanium jaw.

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

In the most recent installment of Marvel's Avengers franchise, the artificial intelligence Ultron is hell-bent on exterminating humanity. In Ultron's own words, "I was designed to save the world," but the robot ultimately concludes that when it comes to humans, "there's only one path to peace: your extinction."

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

A week ago Monday, Princeton professor Ed Felten accepted a job at the White House as Deputy Chief Technology Officer. It's a long title for a simple mission: translating complex questions about technology into useful advice for the president. How did Ed end the first week on the job? Writing up a brainteaser, and asking people to answer it on Twitter.

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

Chile's Atacama Desert is one of the driest places on the planet; some parts haven't seen rainfall for centuries. But the region is often shrouded in a dense fog locally called camanchaca, from which local flora harvest what little water they need to survive.

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Popular Science Tuesday, May 19, 2015 - 11:02 Source

Cicadas are a species most keenly felt by their absence. After years underground, their larvae crawl forth to the surface, shed their skins, and take to the sky in a great racket. Weeks later, all that remains are their empty bodies--a testament to the swarm that was. Developed by the Naval Research Laboratory, the lightweight, disposable Cicada drones are a similar beast: many flying all at once, turning to just brittle shells blowing in the wind once the battle is over.

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Tuesday, May 19, 2015 - 11:02 Source

I commend the Senate inquiry into Nauru on APAC, and the responses by the Transfield ‘service providers’ whose language resembles the prose of Kafka, or, worse, Phillip Ruddock. I will put up on Ellis Gold from time to time transcripts …

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Renew Economy Tuesday, May 19, 2015 - 10:25 Source

Solar giant Yingli drops a bombshell, saying it may be unable to meet its outstanding obligations, which currently stand at more than $1.6bn.

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Tuesday, May 19, 2015 - 10:16 Source

The differences between rich violence and poor violence - and their outcomes - couldn't be more stark, writes Stuart Rees.

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MacroBusiness Tuesday, May 19, 2015 - 10:07 Source

Not much news for a few days on the oil patch but it lit up again last night. Brent fell to $66.25 and it looks like the rally is stalling as headwinds mount. The first is OPEC appears set to keep pumping, from Reuters: The Organisation of the Petroleum Exporting Countries (OPEC) is unlikely to implement

The post Daily LNG price update (toppy) appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 09:36 Source

By Leith van Onselen The Australian is reporting today that the Trans-Pacific Partnership (TPP) trade agreement, which enters its final stages of negotiation, could require that Australia allow access to US beef imports that are potentially contaminated with Mad Cow disease: The US has previously suggested increasing Australia’s access to its sugar markets in return

The post Coalition in new beef over TPP trade deal appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 09:33 Source

From the AFR: “Not all inquiries are bad because it can create transparency, but this is a ridiculous waste of taxpayers’ money,” Mr MacKenzie told ABC on Tuesday. Mr MacKenzie denied BHP Billiton was acting in an anti-competitive manner and added that in 2012 the company cancelled investment for 180 million tonnes of iron ore because

The post BHP slams Twiggy inquiry (updated) appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 09:26 Source

By Chris Becker The rally in bonds was short lived overnight as 10 year US Treasuries fell 9 points while European yields rose particularly in the periphery with Greek yields shooting up over half a percent on the continued negotations on its debt crisis. The US dollar rallied alongside US stocks after Apple surged on

The post Macro Morning (more records) appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 09:22 Source

Here are the iron ore price charts for May 18, 2015: Qingdao spot was weak but Tianjin benchmark was even weaker down 3.2% to $59. This despite the Dalian bounce, though it has weakened again overnight and is now at 419. Singapore is trading sideways and rebar average plumbing new depths of Hell signaling weak

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

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The Melbourne Urbanist Tuesday, May 19, 2015 - 09:13 Source

Should Melbourne Metro have a station at Sth Yarra?

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MacroBusiness Tuesday, May 19, 2015 - 07:33 Source

What a political economy we find ourselves in! It’s a wreck and a ruin. Populist to a fault. Totally without facts. Run by dills. Powered by lies. Churning out ignorance. Witness the iron ore inquiry. The Australian says: It’s true that the big operators will be able to increase pressure on smaller Australian producers such

The post An iron inquiry of lies, dills and ignorance appeared first on MacroBusiness.

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Tuesday, May 19, 2015 - 07:26 Source

Prime Minister, have you stopped the boats?

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Tuesday, May 19, 2015 - 07:17 Source

It is worth noting what the fall of Ramadi means.

It means more and more teenagers will flock to the ISIS cause and fewer and fewer Iraqi soldiers fight with vigour for the Shi-ite gangsters who for ten years looted Baghdad and drove the entire professional class into exile.

It means more soldiers will desert, more armies fall back, more territory be captured, more women be forced into ‘marriage’ with the victors.

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MacroBusiness Tuesday, May 19, 2015 - 06:35 Source

By Leith van Onselen SQM Research has released its rental vacancy data for April, which registered a 0.2% increase in vacancies nationally with vacancies also up 0.1% over the year (see next chart). As shown above, every jurisdiction with the exception of Hobart recorded a rise in rental vacancies. Clearly, the commodities bust is weighing

The post Rental market continues to weaken appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 06:34 Source

Cross-posted from The Conversation: Reining in the rising costs of an ageing population is politically perilous, as successive federal governments have discovered – and it’s about to get even harder as the proportion of older voters rises. As the latest budget shows, the age pension is Australia’s single biggest welfare payment. It costs $44 billion

The post Can Australia afford the grey gouge? appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 06:34 Source

By Leith van Onselen You would be hard pressed to find a bigger racket than Australian pharmacies. How many any other industries in Australia have had laws implemented that ban new entrants from opening within 1.5 kilometers of an existing business? How many other industries allow only registered professionals in the field to own and

The post Coalition caves in to rent seeking pharmacies appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 06:19 Source

From Mac Bank via FTAlphaville: Margin positions in the Chinese equities market have continued to rise in the past month, since we wrote our first Twilight Zone note on April 20. Since then, margin positions have risen by 9.2% MoM to RMB1.9 trillion, or an unprecedented 8.9% of the market capitalization of the combined free float

The post Roll up for the amazing Chinese stock bubble! appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 19, 2015 - 00:22 Source

From the WSJ: China is reversing course on a major effort to tackle its hefty local government debt problem, marking a setback for a priority reform aimed at getting its financial house in order. The move could provide the economy with some short-term help. But it restores a backdoor way that enabled local governments to

The post China presses stimulus panic button appeared first on MacroBusiness.

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