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Weekend Links, 16-17 February 2019

February 15, 2019 - 22:30 -- Admin

Willunga Landscape, Horace Trenerry, 1947, Art Gallery of NSW   Macro & Markets Hedge Funds Play Tug-of-War With the Volatile Australian Dollar – Bloomberg One Weird Trick for Avoiding Bad Chinese Bonds – Bloomberg Brazilian mine tragedy will not be the last tailings dam disaster – Reuters, Home China’s coal imports surge, but prices tell

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Macro Afternoon

February 15, 2019 - 17:00 -- Admin

Not a good finish to the week here in Asia with all stock markets reporting a loss as pessimism around any trade deal between the US and China builds, with Trump’s focus on domestic issues and creating an “emergency” as political theater. The USD has reversed again with gold prices lifting slightly. The Shanghai Composite

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Bull or bear market rally?

February 15, 2019 - 14:00 -- Admin

Via Damien Boey at Credit Suisse: Overnight, we received very disappointing US retail sales data. Headline nominal sales fell by 1.2% over the month, their sharpest monthly decline since the financial crisis. Notwithstanding ongoing strong job creation, consumption weakened on the back of low confidence and market turbulence.   We estimate that year-ended growth in

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If you don’t want urban sprawl, don’t run high immigration

February 15, 2019 - 13:30 -- Admin

By Leith van Onselen Today, the Victorian Government will announce that it is rezoning 50,000 housing blocks and creating 12 new suburbs in Melbourne’s key growth zones in order to cater for Melbourne’s bulging population. The areas that will be opened up for development are: Beveridge North West Wallan South Wallan East Merrifield North/Kalkallo Basin

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Minsky’s nightmare: China’s 65m empty apartment problem

February 15, 2019 - 13:00 -- Admin

Via Nikkei: A massive building boom across China, including in tier-two cities like Jinan, has left as many as 65 million empty apartments across the country, according to estimates by Gan Li, a professor at Southwestern University of Finance and Economics in Chengdu. Sales volumes in 24 cities tracked by China Real Estate Index System fell

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Labor’s banker smash fires up ASIC

February 15, 2019 - 12:15 -- Admin

Do not expect any loosening of credit in this cycle, via AFR: The corporate regulator’s chief prosecutor, Daniel Crennan, QC, has warned the government has empowered him to pursue “extremely harsh civil penalties and criminal sanctions against banks, their executives and others” after the Senate passed tough new rules for white-collar offences. Corporate executives could

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And now for Domainmageddon?

February 15, 2019 - 12:00 -- Admin

Here’s the DHG wrap: And the segment split: The biggest issue is in the print revenue: Less people spending less on glamour ads, I guess. Then there’s the write down which sounds lie the tip of the iceberg and an outlook that ain’t much to celebrate: Dour stuff with the risk of considerably worse ahead.

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Consumer groups slam mortgage broker forum

February 15, 2019 - 11:30 -- Admin

By Leith van Onselen Consumer groups have lashed the mortgage broking industry for pretending to care about reform while vigorously lobbying politicians to protect their commissions. From SBS News: The consumer groups that were part of a forum with the mortgage-broking industry have quit en masse, citing a lack of progress and willingness to change.

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Auckland house prices continue to fall

February 15, 2019 - 11:15 -- Admin

By Leith van Onselen The REINZ has released its house price data for January, which revealed a 2.9% seasonally adjusted rise in the national median house price, with prices up just 5.2% year-on-year: Outside of Auckland, seasonally adjusted house prices rose by 2.3% in December, with prices up 9.7% year-on-year. Looking at the major cities,

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