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Weekend Reading 11-12 July 2020

July 11, 2020 - 00:01 -- Admin

Global Macro / Markets / Investing: IMF’s chief economist urges ‘equity-like’ governments support for virus-hit firms – Reuters The World Can Show How Pharma Monopolies Aren’t the Only Way to Fight COVID-19 – Counter Punch When Low Yields Can Be a Good Deal for Investors – Barrons Americas: Around 1.3 million people filed for first-time

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Macro Afternoon

July 10, 2020 - 15:30 -- Admin

Stocks are falling going into the close here in Asia as the trading week ends and markets gear up for earnings season on Wall Street next week. Gold is just hanging on to the $1800USD per ounce level as other undollars feel the rebound of the stronger USD on the risk aversion trade. S&P futures

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Westpac: Looming downside risks for US economy

July 10, 2020 - 15:20 -- Admin

By Westpac’s Elliot Clarke: Currently, the US economy finds itself between fiercely opposing forces. On the one hand is the rapid surge in jobs seen during May and June and the consequent swelling of recovery expectations. Opposing these forces however is the dramatic increase in the COVID-19 new case count this month to worrying new

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Victorian Treasurer unveils $6b emergency stimulus package

July 10, 2020 - 14:50 -- Admin

Victoria has received a grim economic forecast as it heads back into lockdown after the Andrews government reimposed stage three COVID-19 restrictions. State Treasurer Tim Pallas said the unemployment rate was expected to peak at 11% per cent with an extra 270,000 people unemployed after being revised up from 9%. Pallas has also revealed additional

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COVID-19 a “middle-class disaster”

July 10, 2020 - 14:30 -- Admin

Middle-class professionals in inner-city suburbs have been hit hardest by the COVID-19 downturn, according to consulting firm Taylor Fry. This is because income support like JobSeeker and JobKeeper don’t make up for losses of employment income: “You’ve seen in the last few weeks, thousands of jobs lost in accounting, legal and professional services firms,” [Taylor

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Melbourne’s COVID-19 infections explode

July 10, 2020 - 13:59 -- Admin

Melbourne’s COVID-19 infections have turned into an outright epidemic, with another 288 new infections recorded: Victoria now accounts for 97.5% of active cases: Take a look at the next chart: A public health disaster is unfolding in Melbourne.

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Will the earnings season snare US stocks back to reality?

July 10, 2020 - 13:30 -- Admin

by Chris Becker Save for the record high bubblicious NASDAQ, Wall Street is stalling out in the new financial year as the dual impact of the upcoming presidential election and the disastrous effect of the coronavirus takes hold. But good news everybody – earning season is around the corner! Wall Street goes through this every

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Aussie banks force distressed property investors to sell

July 10, 2020 - 13:00 -- Admin

Data from the Australian Prudential Regulation Authority (APRA) shows that banks have deferred 18% of small business loans worth $56 billion in response to the COVID-19 pandemic. Morgan Stanley has warned that that many businesses in Melbourne that have been forced to shut down for a second time may never re-open, particularly smaller ones. The

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Australian dollar falls as ANZ cuts GDP forecast

July 10, 2020 - 12:31 -- Admin

by Chris Becker Things aren’t looking up for the Australian dollar with ANZ out with another downgrade of local economic growth, looking at a 2% drop for the third quarter due to the lockdown in Victoria: with the whole of Melbourne metropolitan and Mitchell local government areas locked down, we estimate the rebound in activity

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COVID-19 mega-cluster builds in Melbourne

July 10, 2020 - 12:30 -- Admin

A disturbing development has emerged in Melbourne’s COVID-19 fight, with a mega-cluster forming: Victoria’s two largest ever coronavirus outbreaks have now been linked, forming one huge cluster that health authorities are scrambling to contain. Investigators say it is now clear the 113-case Al-Taqwa College cluster and the 159-case public housing towers outbreak have strong connections.

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