Goldman wraps yesterday’s rate cut. The PBOC cut the 1-year MLF rate by 20bp with RMB 200bn liquidity injections this morning (July 25th). In our view, this move is a dovish surprise due to the unusual timing of the MLF loan extension (typically on the 15th of each month) and a larger-than-expected rate cut (vs.
All it took was breaking below $100, a Chinese rate cut and whoosh: Mad Dalian to the rescue: Coking coal not so much: Alas, Shanghai rebar futures kept falling, which is all that matters. Global pig iron output is not well, via World Steel: Global pig iron production by the blast furnace method amounted to
Wall Street was again the big downer overnight although a lot of volatility at the close shows the struggle between tech and industrial stocks as earnings profiles are quite different this season. European shares continue to take a hit as well while Euro moderated somewhat against USD as currency markets reduce somewhat in volatility despite
More volatility. The Market Ear investigates. NASDAQ – must hold coming up NASDAQ has traded inside a big trend channel since October lows. We have seen tech move from the upper part to the lower part of the channel in basically two trading weeks. We crushed the 50 day yesterday, and are taking out the
DXY is holding firm: AUD is being obliterated: North Asia couldn’t save it: Oil up, gold down: Copper is like a daily comedy show: Big miners dead cat bounced: EM false break? Don’t get too bearish. Junk is serene: Yields fell: Stocks down the lift: Credit Agricole wraps us up: According to our models, global
The Department of Home Affairs has released temporary visa data for the June quarter of 2024, which showed that there were 2,353,000 temporary visa holders in Australia, excluding visitors, at the end of 2023–04: This represented an all-time record for June and an increase of 220,000 on 2022–23 levels. As illustrated below by Justin Fabo
Earlier this year, CBA released data showing how Australians over 60 drove consumption spending across the Australian economy. As illustrated in the following chart, Australians aged 60 and over increased their spending by more than CPI inflation in the year to March 2024, whereas Australians aged under 60 cut their spending in real terms: Younger
Asian share markets all not quite in bath of blood territory but risk is spooked out there as traders weigh up a slowing down China amid a politically charged US and Europe not inspiring confidence either. There could be some upside tonight with better expected earnings for tech stocks for Wall Street, but that remains
Albert Edwards of Societe General with the note. The June US CPI data surprised investors not just because of the benign data but also because of the unusually extreme reaction it triggered within the equity market. To wit, smaller stocks surged higher but US Tech and the mega-cap ‘Magnificent 7’ took a blow. With the
IEEFA with the note. Iron ore’s demand profile set to change in response to steel decarbonisation The current pipeline of announced low-carbon steel projects sees nearly 100Mt of new DRI capacity coming online by 2030 (Figure 1). China already has two commercial-scale DRI-based steel plants up and running. DRI plants can run on green hydrogen rather than gas to