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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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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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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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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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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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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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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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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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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