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US jobs bounce back

May 11, 2015 - 00:10 -- Admin

Some good news for the world on Friday night as the US jobs report hit expectations, from the BLS: Total nonfarm payroll employment increased by 223,000 in April, and the unemployment rate was essentially unchanged at 5.4 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health

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How Colin blew the boom

May 11, 2015 - 00:06 -- Admin

Over the weekend, The Australian did a good job of retracing Colin Barnett’s boom: …An early warning sign came when the government, just months after being elected, decided to splash some of its cash by agreeing to a new pay deal for WA’s teachers that made them the highest paid in the nation. Few begrudged the

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Daily iron ore price update (worse)

May 11, 2015 - 00:04 -- Admin

Here are the iron ore charts for May 9, 2015: The good bid for spot continues, strongly indicting restocking goes on.  However, wider markets are still much less convincing. Singapore 12 months swaps are stalled and backwardation is getting wider. Dalian 6 month futures look better and were up to 442 Friday night but rebar

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Daily LNG price update (frack is back)

May 11, 2015 - 00:03 -- Admin

Friday night saw a stable Brent oil price at $65.48. The big news for the evening was sharp slowing in the falling US rig count down just 11 to 894:   Some basins are now expanding rigs again, from Bloomie: For the first time in five months, a rig in the Williston Basin, where North

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China cuts rates as inflation still in hard landing

May 11, 2015 - 00:03 -- Admin

Over the weekend China released its April inflation figures and there was little to cheer about. The CPI is weak and the PPI unchanged from March at -4.6% suggesting no easing oversupply in the industrial economy or, put another way, ongoing hard landing: Note the previous undulations in the PPI post 2011 and how each

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How strong are China’s property greens shoots

May 11, 2015 - 00:02 -- Admin

From the FT: …developers surveyed by China Confidential, an FT research service, reported a surge in activity in April. Of 300 surveyed in 40 cities nationwide, 55 per cent reported an increase in sales from the previous month, taking the China Confidential Home Sales Index to 66.9 (a reading above 50 indicates growth). …While upgrader

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Links 11 May 2015

May 11, 2015 - 00:01 -- Admin

Macro/Markets/Investing Currencies’ Wild Ride to Get Wilder as U.S. Rate Rise Beckons – Bloomberg Why a second emerging market debt storm could be worse than the first – Telegraph Investors get stark reality check as global bond market comes unglued – Financial Post The global bond bubble is finally bursting – and here is why –

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Senate Affordable Housing Report debuts

May 9, 2015 - 10:15 -- Admin

The long awaited Senate Affordable Housing Report – 8 May 2015 was released late on Friday afternoon.  It is a very large (496 pages) pdf file. h/t Patrician & Stomper The nature of these things is for a lot of very interesting information, assumptions, biases and quotes to be buried deep in the various sections, with the

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ASX at the close

May 8, 2015 - 16:00 -- Admin

by Stan Shamu The selloff in the bond market finally came to a halt despite some early jitters and this played a big role in stabilising equities. While equities have been drifting higher in Asia, perhaps most of the attention was on the UK elections which dictated the pace in the sterling. With the uncertainty

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Getting the long bond wrong

May 8, 2015 - 14:58 -- Admin

From Chris Joye at the AFR: Tuesday’s otherwise unexpected (at least by most) jump in long-term rates was determined by much larger foreign forces. A little appreciated fact is that Australia’s three- and 10-year government bond yields, which are the market’s best guess as to where the cash rate will be on average over those periods,

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