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Stocks to boom or bust in 2024?

December 8, 2023 - 11:20 -- Admin

BofA says boom. Flat Mag. 7&flatP/Efor“S&P493” gets us to 5100 We forecast an all-time high for the S&P 500 in 2024, with a year-end target of 5000. But unlike this year during which the Magnificent 7 did 70% of the work, we expect broader leadership. Can the S&P 500 rally without the Magnificent 7 leading

The Victorian Government is a financial disaster zone

December 8, 2023 - 11:00 -- Admin

The Victorian Government is a disgrace. It completely bungled the Covid pandemic, resulting in one of the world’s longest and costliest lockdowns. It has also driven the state into a deep financial black hole, driven in part by excessive spending on poorly managed infrastructure whose costs have blown-out. Victoria has the nation’s largest state debt

Australian dollar goes to Washington

December 8, 2023 - 10:20 -- Admin

DXY eased last night:   JPY roared on hopes of shock rate hikes. Forlorn, in my view. AUD popped: Oil stopped falling for the day: Dirt kept going: Miners popped: EM doom: Junk better: Treasuries sold as stocks harked back to the AI boom: Tonight’s jobs report shapes as better post-car strikes. From BofA economists:

Australian apartment construction tipped to crash

December 8, 2023 - 10:00 -- Admin

Australian unit & apartment rents will continue to rise strongly in 2024 as record immigration-driven demand collides with falling rates of construction. The latest dwelling approvals data from the Australian Bureau of Statistics (ABS) showed that the number of units & apartments approved for construction fell to just 64,200 in the year to October, which

Good luck rescuing Chinese ponzi-developers

December 8, 2023 - 09:40 -- Admin

Some numbers courtesy of Barclays. How severe are the haircuts required? In our view, the absence of debt-principal haircuts for developers with highly leveraged balance sheets and unsustainable capital structures implies that repeated restructurings are likely in the future. By failing to address its level of debt, the issuer effectively kicks the can down the

Macro Morning

December 8, 2023 - 09:00 -- Admin

Risk sentiment is doing better as markets anticipate tonight’s US jobs report with US bond markets calming done after a drop in yields earlier in the week. Wall Street finally found a bid, helped by tech stocks while European bourses had a breather as the USD also fell back a little helping Euro pause its

‘Double-dip’ house price correction will please RBA

December 8, 2023 - 00:05 -- Admin

CoreLogic’s daily dwelling values index is showing that a two-speed market has developed across Australia’s major capital cities. As illustrated in the next chart, value growth has stalled across Melbourne and Sydney, which has dragged down growth at the 5-city aggregate level. By contrast, growth remains strong across Brisbane, Adelaide and Perth: Quarterly value growth

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