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Big miners slide as futures fly

June 2, 2015 - 13:45 -- Admin

BHP is down 2% and RIO 1.5% today for no apparent reason beyond weak leads in London. FMG is flat. To the indexes: The idiocy spreads are flat: And juniors mostly bleeding lower again: Dalian is down one from this morning at 440 but still up four from yesterday and 15 from Friday. The spot

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Westpac revises up GDP forecast on trade data

June 2, 2015 - 13:29 -- Admin

From Westpac’s Andrew Hanlan: Q1 GDP, we have rounded up our forecast to 0.7%qtr, 2.1%yr, from 0.6%qtr, 2.0%yr. Q1 net exports: +0.5ppts Net exports will make a sizeable positive contribution to Q1 GDP growth of 0.5ppts. That exceeds expectations (mkt median 0.0ppt, Westpac +0.1ppts). Export volumes surprised, up 5.0% vs Westpac f/c 2.8%. Import volumes

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Why shares are stuck in a rut

June 2, 2015 - 12:51 -- Admin

From Macquarie on equity market performance in May: The S&P/ASX300 Accumulation Index returned +0.4% in May (CYTD +9.0%), with Resources (+0.6%) and the Market ex Res (+0.4%) posting similarly modest gains. The Banks sector (-3.2%) was the notable underperformer for a second consecutive month amid ongoing capital concerns, with Retail (+5.8%) and Div Fins (+4.3%)

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ATO investigating 195 foreign-bought properties

June 2, 2015 - 12:45 -- Admin

Via AAP comes the following interesting development: The Australian Tax Office is investigating 195 properties that have possibly been purchased illegally by foreign investors. Acting second tax commissioner Neil Olesen confirmed the number at a Senate estimates hearing in Canberra on Tuesday but was unable to provide a breakdown of price ranges. “I wouldn’t be

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How Tony Abbott killed coal

June 2, 2015 - 12:41 -- Admin

From Citi: There is considerable international media reporting of the upcoming (5 June) vote by the Norwegian parliament on whether the approximately US$900bn sovereign wealth fund should exclude companies with more than 30% of their revenue from coal mining, and electricity generators with more than 30% of their generation from coal. The media reports that

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Trade balance to add to GDP

June 2, 2015 - 12:18 -- Admin

By Leith van Onselen The last of the partial measures feeding in to tomorrow’s headline GDP result for the March quarter was released today, with the ABS revealing that net export volumes will contribute 0.5 percentage points to GDP growth over the March quarter, down from the 0.7 percentage points contributed in the December quarter:

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Australia’s Chinese finger trap

June 2, 2015 - 12:00 -- Admin

The AFR’s Angus Grigg writes that it’s all good in China: So here’s a tip – if you want to form a view on China over the next year ignore the headline economic data and focus on reform. For it is reform and nothing else that will keep growth at elevated levels. Andrew Baston, the China economist at Gavekal Dragonomics,

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Australia’s terms-of-trade hammered

June 2, 2015 - 11:50 -- Admin

By Leith van Onselen Within today’s data dump of balance of payments data that feed into tomorrow’s national accounts release for March was the important news that Australia’s terms-of-trade has fallen another 2.9% (seasonally adjusted) and 1.9% (trend) over the quarter to be down by 11.1% (seasonally adjusted) and 10.8% (trend) over the year (see

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TPP hangs on a knife edge in US House

June 2, 2015 - 11:23 -- Admin

By Leith van Onselen The last realistic hope for scuttling the Trans-Pacific Partnership (TPP) trade agreement – the US House of Representatives vote on whether to grant President Obama so-called “Fast Track” authority so that the President can negotiate an agreement and have Congress pass it without amendment – is on a knife edge, with entrenched

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Consumer confidence flatlines

June 2, 2015 - 10:32 -- Admin

By Leith van Onselen The ANZ-Roy Morgan Research consumer confidence index was unchanged in the week ended 31 May, remaining at 113.5  – marginally above the long-run average of 113.2 (see next chart). According to chief economist, Warren Hogan, confidence is being upheld by positive reactions to the federal budget as well as continued house

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