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Macro Afternoon

March 29, 2017 - 17:30 -- Admin

by Chris Becker Asian markets were generally positive today after last nights solid lead from Wall Street. Oil was the only commodity to put on any meaningful gains while the USD continued to gain strength against the majors. The Shanghai Composite is putting in a scratch session coming back after the long lunch break dead still at

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Mad dash for banks as Big Iron buckles

March 29, 2017 - 14:42 -- Admin

Dalian is struggling again. Pointedly so when one considers the risk of coking coal disruptions: Big Iron is hanging on: Big Gas is up with oil, stupidly: Big Gold is down with gold sensibly: Big Debt is flying: The rate hikes appear to have triggered a dash for trash, from Brain Wilson at CLSA: While

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Brisbane apartments have their Lehman moment

March 29, 2017 - 14:26 -- Admin

No hiding it now, via the AFR: A marketer is offering discounts of up to 39 per cent on apartments in a newly-completed residential development in a sign that Brisbane’s apartment oversupply may be biting. Two-bedroom apartments in The Hudson development on Albion Mill marked down from $805,000 to $490,000, three-bedroom penthouses cut from $1.2

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RBA not deserving of “gold star” award

March 29, 2017 - 14:13 -- Admin

By Leith van Onselen Professor John Taylor, who created the Taylor Rule for determining monetary policy, has awarded the RBA the equivalent of a ‘gold star’ for its management of the economy over the past 25 years. From The AFR: [Taylor] delivered the praise for the RBA at a conference in Hong Kong. In response

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Switzer does the housing bubble

March 29, 2017 - 13:44 -- Admin

LF Economics’ co-founder, Lindsay David, appeared on Switzer today to discuss Australia’s housing bubble (watch video here). On the segment, Lindsay David notes multiple evidence of a housing bubble, most notably “Australian house prices have risen in real terms by 131%, whereas real wages have risen by 38%… and real rents have only increased by

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Carrying capacity is central to the immigration debate

March 29, 2017 - 12:55 -- Admin

Cross-posted from Independent Australia: We need to recognise Australia’s very limited human carrying capacity before it’s too late, writes Sue Arnold. THE AUSTRALIAN‘S Greg Sheridan writes that, as a nation, we would be better off with 40 million people ‘rather than 28 million elderly people’, who apparently ensure a declining economy. No surprises there. The 2016 State

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WA feels wrath of falling mining investment

March 29, 2017 - 12:09 -- Admin

By Leith van Onselen The ABS has released engineering construction data for the December quarter of 2016, which revealed a 2.1% seasonally adjusted fall in the value of work done over the quarter, a 18.1% fall over the year, and an ongoing reduction in the construction pipeline. According to the ABS, private sector engineering construction

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I come in praise of Virat Kohli

March 29, 2017 - 11:20 -- Admin

From the Herald Sun today: VIRAT Kohli has saved his biggest disgrace for last as he pushed India’s victorious captain off centre stage and bitterly declared his ‘friendship’ with Australian players dead forever. Despite being injured, Kohli donned the whites as soon as champagne corks were popping and in an extraordinary display of selfishness strode

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IMF on why high household debt is a problem

March 29, 2017 - 10:55 -- Admin

By Leith van Onselen The IMF has released a new working paper entitled “Excessive Private Sector Leverage and Its Drivers: Evidence from Advanced Economies”, which provides a quantitative assessment of the gaps between actual and sustainable levels of debt and identifies the key factors that drive excessive borrowing. Below are some key extracts: High private

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Is global oil rebalancing?

March 29, 2017 - 10:43 -- Admin

From Citi:  Will OPEC (and non-OPEC producers) extend their production cut? For now, the group says it will continue to observe market conditions and meet again in late April; Citi expects group coherence to ultimately prevail, and production cuts (as needed to support prices) to be extended in 2H’17 (see Energy Weekly, 21 March

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