View from the pit
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Chinese steel demand set to fall
Via Macquarie: China’s latest macro-release this week gave an ambiguous picture on the health of the economy. Conflicting signals from June and July numbers, between macro and micro data, and with respect to liquidity vs money supply are just some of the issues. We see the property market slowing in 2H but FAI picking
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NAB: Aussie dollar headed for 83 cents
Via NAB forex: The positive outlook that we have identified in the recent months has shifted to a new level upon the July breakout close above key resistance levels. Both price and momentum triggers remain positive at a LT level. Recent negative price and ST/MT momentum triggers highlight risk of a further correction towards 0.7710/30.
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High Court unlikely to “assist” Baaaarnaby
A good piece from The Australian today by Roger Wilkins who is a former secretary of the federal Attorney-General’s Department: On a literal interpretation of section 44, it seems pretty clear that Joyce was not qualified to be elected. He was a citizen of a “foreign power”: New Zealand. The section says the “citizen of a
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Profits season misses
Via UBS: Reporting Season Progress Report Underwhelming Guidance Sees FY18 Estimates Crimped So far 73 members of the ASX200 have officially reported (47 large caps and 26 small caps). This represents c40% of ASX200 companies due to report in August though large-cap reporting season has now edged past the half way mark. Overall we believe
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As usual, inequality apologists ignore wealth
By Leith van Onselen The Australian’s David Uren has penned an article today supposedly exposing “Labor’s inequality lie”. Uren sites unpublished data from the Household Income and Labour Dynamics of Australia (HILDA) survey, which shows that the percentage of people who are not able to pay their rent or mortgage on time has fallen from
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Daily iron ore price update (red hot)
Iron ore price charts for August 17: Tianjin benchmark rocked nearly 6% to $75.70. Paper calmed overnight. Steel lagged. Coals are pouring it on. This is a terms of trade bonanza for Australia right now.
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Macro Morning
By Chris Becker Markets ran for safe havens overnight in the wake of an awful terrorist attack in Spain and the realisation that yes, the US president is nuts and he’s not going anywhere or will get anything substantive done by a now impotent Republican Congress. And this is before Mueller’s investigation really gets
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Markets crumble as Trump’s neo-Nazi scandal threatens agenda
DXY held small gains last night: The Aussie fell against DMs: And was mixed against EMs: Gold signaled more risk for USD weakness: Brent held on: Base metals unwound the hysteria a little: EM stocks took a hit: US high yield did too. EM was better: US yields fell sharply: Europe a little less: Stocks
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Turns out the Nats are all from somewhere else
Via The Australian: Malcolm Turnbull is facing an escalating Labor attack over the stability of his government after a third cabinet minister owned up to being a dual citizen by descent, shocking observers with another test in the High Court that could reshape the ministry. Nationals deputy leader and Regional Affairs Minister Fiona Nash last
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