Hong Kong keeps burning, via Bloomie: Hong Kong police fired tear gas to disperse demonstrators who had earlier surrounded China’s main local government office, as an otherwise peaceful protest march turned tense late Sunday. Clashes broke out as police attempted to clear the remnants of the latest mass rally against the government and its now-suspended
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By Damien Boey at Credit Suisse: Over the past few days, we have witnessed some very confusing signals from Fed officials: Vice Chair Clarida suggested that the Fed should not wait until things get so bad to have a dramatic series of rate cuts. These comments followed and potentially reinforced dovish comments from the New
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Via Banking Day legend Ian Rogers: Arriving with baggage of his own making, Ross McEwan, NAB’s pick as its next chief executive, faces a complicated return to Australian banking. During his 4.5 years as CEO at Royal Bank of Scotland, McEwan’s handling of the bank’s recent legacy around “constructive defaults” may dog the new bank
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Liberal MP, Julian Leeser, has hosed calls to raise Newstart, arguing that the federal budget simply cannot afford it: An increase to the dole would have a major implication for the budget bottom line at a time when there is a need for strong fiscal management, a Liberal backbencher warns. Prime Minister Scott Morrison this
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Via Bernard Keane of Crikey: The $7.8 million underpayment admitted by George Calombaris’ MADE Establishment group of companies might be eye-popping for the extraordinary size of the rip-off carried out across the group’s restaurants, but it reflects business-as-usual across the hospitality sector. Restaurants, cafes and food services outlets are one of the worst sectors for
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Via Deutsche: Deutsche Bank notes that whereas discretionary investors have been cutting equity positioning as growth has slowed… … systematic strategy allocations – i.e., quants (sometimes also called “robots”) and the like – have been marching higher. To evaluate how various investor classes have been approaching markets, Thatte divides his suite of equity positioning and
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Terrific stuff today from Zero Hedge on China’s little Minsky moment: Ever since the unexpected failure of China’s Baoshang Bank in late May, which caused a freeze in the interbank market among smaller, less credible (and government backstopped) banks, and which sent rates on Negotiable Certificates of Deposit (NCDs), various bank bonds and assorted report rates sharply higher…
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New CoreLogic analysis shows that more than 200,000 properties across Sydney and Melbourne have slipped below $1 million since the housing market peaked in 2017: From The AFR: Median price falls in Sydney and Melbourne clipped between 11 and 14 per cent off property values, or about $136,000 in Sydney… The biggest percentage of falling
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The ScoMo miracle ain’t travelling too well for business. Via CBA: Winter chills hit spending Commonwealth Bank Business Sales Index Economy-wide spending stalled in June. The Commonwealth Bank Business Sales Indicator (BSI) was broadly flat in trend terms – the weakest monthly growth rate in over two years. Spending growth has decelerated for four
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From Westpac’s marvelous Red Book: The Westpac–Melbourne Institute Consumer Sentiment Index declined 4% over the three months to July, taking the Index to 96.5, a two year low. ― The fall is troubling given the context, coming despite several positives including interest rate cuts; income tax relief; reduced political uncertainty following the Federal election; and
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