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Fed repriced on fading US inflation

May 23, 2017 - 05:09 -- Admin

Except DXY which keeps breaking lower as Fed expectations reset. Euro hit new highs: Commodity currencies rallied: Gold too: Brent softened: Base metals rose: Big miners too: EM stocks a little: US high yield joined in, EM not so much: US bonds were flat: EU spreads closed: US and EU stocks lifted: And the bonus

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Peter Dutton deploys Howard’s immigration ‘bait-and-switch’

May 23, 2017 - 00:15 -- Admin

By Leith van Onselen Over the weekend, Immigration Minister, Peter Dutton, launched a crackdown on 7,500 so-called “fake” refugees living in Australia, vowing to deport those that do not lodge an application for protection by October. From ABC News: Immigration Minister Peter Dutton has given 7,500 asylum seekers living in Australia until October to lodge

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S&P downgrade greeted with stunned silence

May 23, 2017 - 00:15 -- Admin

In the past, whenever any international body has questioned Australia’s shiny bubble it has been greeted with great howls of protest and scorn from all corners. Yesterday and today we saw S&P downgrade Australia’s entire financial system, indeed country via the BICRA score (if not yet sovereign): Yet the silence in response is deafening today.

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Gotti warns of Melbourne off-the-plan settlement crisis

May 23, 2017 - 00:15 -- Admin

By Leith van Onselen Robert Gottliebsen (aka “Gotti”) has switched his focus to the Melbourne development market, where he believes a settlement crisis could hit both the off-the-plan apartment and house markets as speculative local and Asian buyers engaged in ponzi finance become unable to settle. From The Australian: [There are] some 15,000 Melbourne apartments

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Would specufestors rather lose immigration or negative gearing?

May 23, 2017 - 00:15 -- Admin

As things stand specufestors are going to lose negative gearing in 2019. Labor is miles ahead in the polls and the Coalition dead as the Dodo so long as One Nation steals 20% of its primary vote. As I argued yesterday, the only way the Coalition can get back in the running for the election

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Pathetic Labor plays politics on bank levy

May 23, 2017 - 00:10 -- Admin

By Leith van Onselen Yesterday, Labor gave a perfect example of why I hate politics so much. Instead of offering bipartisan support for the Turnbull Government’s 0.06% levy on the big banks’ liabilities, it offered the following dross during Question Time. The Guardian’s politics blog broke-down Labor’s shenanigans: And the below summary from The Australian’s

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My endless Adani

May 23, 2017 - 00:06 -- Admin

Let it go: Indian coal aspirant Adani has delayed an investment decision on its Carmichael coal mine after claiming the Queensland Government did not clarify the royalty regime the mine would operate under. Adani has been keen for the Queensland government to delay the start of royalty obligations on the coal mine it hopes to

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Daily iron ore price update (FMG trouble)

May 23, 2017 - 00:05 -- Admin

Iron ore price update for May 22, 2017: Tianjin spot added $1 to $62.70. Paper flamed out overnight. Steel is off the hook at new highs and rebar margins are the highest in history. Obviously this can’t last. Mills will produce like mad until they fall. Tough to see iron ore resuming its fall until

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How fast will China slow?

May 23, 2017 - 00:04 -- Admin

Via SCMP: In a latest sign of the heat in China’s red-hot property market, an auction of nine plots of land scheduled for Monday in Jiaxing, a city about an hour’s drive from Shanghai, attracted at least 425 bidders. As a result, the authorities had to change the venue of the auction from a conference

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Links 23 May 2017

May 23, 2017 - 00:01 -- Admin

Global Macro / Markets / Investing: Think Twice About Going Cashless – Bloomberg Precaution, mercantilism, and the real exchange rate – VOX Commodity Traders Are Stuck in a World Where Everybody Knows Everything – Bloomberg Blockchain Technology in Emerging Markets – News BTC Here’s Why the Fed Will Stay Central to Markets – WSJ Are You Really Crazy Enough to

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