SHFE and SGX both firmed yesterday: Mad Dalian doesn’t care about the stimulus bust: So long as steel prices rise, iron ore can too. There has been a renewed surge in exports: Helping stabilise output: But this hangs on cheap prices, so the rally is self-defeating once again. Iron ore imports remain firm on the
The post China steel dominance climbs appeared first on MacroBusiness.
It’s more of the same for Chinese credit. Total social financing was RMB 3760bn in September, up 8.0% year over year vs. 8.1% in August. Under the bonnet, M1 is still in hell, M2 lifted a little: Households barely budged, bank loan growth is still falling, it is all government bonds: Nothing here to crow
The post China weakens into weak stimulus appeared first on MacroBusiness.
Breakouts aplenty on risk markets overnight with Wall Street making another record high, pulling along European equities again while the USD pushed Euro and other currencies into submission while oil prices broke down as Israeli “promised” not to target Iranian oil wells. This should translate to more bids here in Asia across stocks at least.
The post Macro Morning appeared first on MacroBusiness.
I spotted a South African food store just outside of Noosa when we were last up there, and was so intrigued I just had to check it out.
There was lots of Biltong, as you’d imagine, and a heap of weird biscuits and lollies I’d never heard of before. But the thing that caught my eye was this in the barbecue section.
DXY is up and away: AUD is getting hosed: North Asia too as CNY gives way: Oil and gold are under pressure: Metals too: Big miners are still in a downtrend: EM stocks yawn: Junk good: Yields eased: Stocks to the moon: A quick on China shows what’s driving AUD weakness. CNH can’t break out:
The post Australian dollar choked by China appeared first on MacroBusiness.
The bombing of the Basque town of Guernica, in Spain, in 1937 “heralded a terrible new age of warfare” that, almost 90 years later, remains graphically notorious as a “wanton man-made holocaust”. Over the last twelve months, Israel has made exceptional progress towards crafting a similar enduring understanding of the hellscape it has created in Gaza.
Sameer Chopra from CBRE says apartment prices in Australia have not kept pace with construction costs over the last five years. CBRE forecasts that Australian apartment supply will only average around 50,000 units annually between 2025 and 2029. This is around half the 2017 peak and well below the rate required, given population growth. Chopra
Christian apologist and math academic Professor John Lennox has challenged the views of evolutionary biologist Richard Dawkins on the issue of ultimate justice.
The two academics have debated in person before, but Lennox quoted Dawkins when addressing the issue of suffering, in his latest email circular as President of the Oxford Centre for Christian Apologetics (OCCA).
The heads of six Australian states will miss a reception for King Charles III when he arrives Down Under, while the British monarch has said he would not oppose the former prison colony declaring itself a republic.
Funding cuts to the BBC World Service have allowed Russian and Chinese media outlets to spread “unchallenged propaganda” across the Global South, the director-general of the British state media giant has complained.
Builder Jason Janssen, chairman of Home Builders Action Group, has described the utter “decimation” of the home building industry in the wake of federal and state government Covid housing stimulus and the subsequent surge in construction costs. “Unfortunately a lot of builders took on too much work as part of the stimulus and they are
The common view from politicians and so-called experts is that minority government is dreadful. I don’t agree. Nor, it seems, does former Rudd and Gillard ministerial advisor Sean Kelly. In an article in today’s Age newspaper, Kelly says:
By Bert Hetebry As I recall, the opening scene of the 2005 movie “Pierrepoint: The Last Hangman” see a woman who had been executed, hanged, removed from the hangman’s rope and prepared for burial. The care, the gentleness of that scene belies the violence of the death which had been ordered as punishment for murder.…
The post What is Justice? appeared first on The AIM Network.
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.
I’m now using Substack as a blogging platform, and for my monthly email newsletter. For the moment, I’ll post both at this blog and on Substack. You can also follow me on Mastodon here.
Over the eight decades following the end of World War II, the US has taken part in dozens of land wars, large and small. The outcomes have ranged from comprehensive victory to humiliating defeat, but all have received extensive coverage. By contrast, the US Navy’s admission of defeat in its longest and most significant campaign in many decades, has received almost no attention. Yet the failure of attempts to reopen the Suez Canal to shipping has fundamental implications for the entire rationale of maintaining a navy.