Gay marriage may well be Tony Abbott’s final captain’s call, from the AFR: The push for change was defeated by 66 votes to 33 following a six-hour, marathon debate of Liberals and Nationals and effectively ends any chance of gay marriage being legislated during this term of Parliament. But it was much closer between Liberals. Of
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Here are the iron ore charts for August 11, 2015: Qingdao eased but Tianjin fell 0.7% to $55.90. Singapore is going sideways but Dalian fell to 371 overnight. Once we subtract 2% for the devaluation it’s not so very pretty. Rebar average has flamed out. CISA fast data for Chinese steel production collapsed another 2.7% in
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Another tough day at the office for Brent undoing much of its gains and settling at $49.87 as I write: WTI was worse, flirting with post-2009 lows. I’m still nervous that this baby is going to break towards $40 soon despite being very oversold. The news of the day was again bearish with the EIA
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From Barclays: New loans and M2 growth in July surprised to the upside, dominated by one-off measures to stabilise the stock market. RMB new loans totalled CNY1480bn in July, almost double expectations (consensus: CNY750bn, Barclays: CNY790bn). However, more than half of the new loans (CNY886bn from CNY-47bn in June) were extended to non-banking financial institutions,
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From Barclays on China’s July credit data: New loans and M2 growth in July surprised to the upside, dominated by one-off measures to stabilise the stock market. RMB new loans totalled CNY1480bn in July, almost double expectations (consensus: CNY750bn, Barclays: CNY790bn). However, more than half of the new loans (CNY886bn from CNY-47bn in June) were
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Global Macro / Markets / Investing: Roach Sees Currency Wars Just Getting Worse After Yuan Decision – Bloomberg Macroeconomics: The Roads Not Yet Taken – The Fiscal Times Monthly Oil Market Report – opec.org Americas: Meet the New King of Subprime Lending – Wall Street Journal What We Don’t Know About Canada Might Hurt Us
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Chris Weston, Chief Market Strategist at IG Markets Today saw the biggest cut to the CNY fixing on record, with the People’s Bank of China (PBoC) weakening the CNY daily reference rate by 1.9%. This has seen panic buying of the USD across Asian markets, and the offshore USD/CNH market has gapped up almost 1000
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From Laura Tingle, there appears to be a head of steam again building in Canberra: A special joint party meeting of Liberal and National MPs and senators has been called for 3.15 this afternoon, after an acrimonious meeting of the Liberal Party this morning. After a push by same sex marriage advocates for the debate to
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From Westpac: There are many business surveys out there and most have questions that are applicable to the labour market. To generate the broadest and deepest labour market indicator possible, Westpac compiles all the relevant indictors from these surveys into the proprietary Westpac Jobs Index. • The Jobs Index firmed slightly in July, lifting to
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From the PBOC: 1.Why choosing the current time to improve quotation of the central parity of RMB against US dollar? Currently, the international economic and financial conditions are very complex. The U.S. economy is recovering and markets are expecting at least one interest rate hike by the FOMC this year. As such, the U.S. dollar
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