DXY to the moon: AUD through the trap door: North Asia with it: Oil and gold eased: Dirt puked: Miners too: EM yawn: Junk has abandoned the rally: As yields jackknife: Stocks only go up: Data and Fed speakers were all over the place, but it was generally a positive message. The JPM global PMI
PropTrack has released some stunning charts showing that Australia’s median housing affordability is the worst in at least 30 years: As shown above, the decline in affordability is broad-based, impacting both higher and lower-income earners. The next chart from PropTrack also shows that a median household in Australia can only afford 13% of homes sold
‘A Midsummer Day’, Jane Sutherland, 1893, National Gallery of Victoria AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 Japan 225 UK 100
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Asian share markets are somewhat positive in the wake of the tech lead rally on Wall Street from Friday night following the latest US non farm payroll print, but also had to absorb the weekend attacks throughout the Middle East. The USD is still strong following the upside surprise in the jobs print with the
The Reserve Bank of New Zealand was one of the world’s most aggressive central banks, commencing its interest rate tightening cycle in October 2021 and hiking the official cash rate (OCR) by 5.25% over this cycle: As illustrated in the below chart from Justin Fabo at Antipodean Macro, average New Zealand mortgage rates continue to
Another step forward for the Pilbara killer today: Guinea’s National Transition Council approved a joint venture between Rio Tinto Plc, China-backed Winning Consortium Simandou and the government that seeks to develop the world’s biggest untapped iron ore reserve. I expect iron ore to be already dying before then. This will finish it off.
The progressive propaganda sheet formerly known as The Guardian is up to old tricks again today: Hundreds of Australians experiencing homelessness are dying more than 30 years prematurely in a nationwide crisis fuelled by despair, critical housing shortages, a breakdown in health provision, violence on the streets and failures of the justice system. A 12-month
Throughout 2023, we saw various headlines indicating that investors were selling their properties, exacerbating the rental crisis by reducing availability. PropTrack Director of Economic Research Cameron Kusher, for example, warned in November that “investors continue to exit the market, which is keeping the overall stock of rental properties low”. Thomas McGlynn, CEO of the Sydney-based
Justin Fabo at Antipodean Macro published the below chart showing that Australia has recorded the lowest labour productivity growth among advanced nations, ahead of second worst Canada: The divergence between Australia and the United States is especially stark, as illustrated in the below chart produced last year by Alex Joiner at IFM investors: As you
US bank credit is off and running: Large and small: Yea on year has bottomed: There is a problem ahead. If the Fed does not cut rates in March, it will end its bailout facility for small banks. If it does so there could either be a resumption of deposit outflows or a reduction in