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ASX at the close

July 8, 2015 - 16:20 -- Admin

Chris Weston, Chief Market Strategist at IG Markets On a day like today it’s hard to know where to even start writing a market wrap, such are the trends and news flow. Greece and China dominate once again, but throw in massive falls in bulk and base metals and you are left with a worrying

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BofAML: China financial crisis risk rising

July 8, 2015 - 16:16 -- Admin

From BofAML via Zero Hedge: The A-share correction: The damage could spread far beyond the stock market A dent to market’s faith in government role We believe that the biggest damage caused by the A-share market’s roller-coaster ride since the middle of last year has been to investors’ faith in the government’s ability to manage asset prices

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RIO deep into the brown

July 8, 2015 - 14:45 -- Admin

As the day wears on the RIO share price wears with it, now down the better part of 3%, matching London. I put it to you that this is just the beginning. RIO may be the cheapest iron ore producer in the world but iron ore is about to spend several years being given away

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Contradictory arguments against limiting NG to new homes

July 8, 2015 - 14:09 -- Admin

By Gavin Putland, cross-posted from the Land Values Research Group Of all the proposed reforms to negative gearing, the one with the best chance of being supported by a major political party — hence the best chance of getting through Parliament — is to disallow or quarantine negative gearing on future purchases of established homes,

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Atlas sells rescuicide

July 8, 2015 - 13:41 -- Admin

From the ABC: Atlas has responded with a share market release today that outlines a number of contracts it has in place to secure floor prices, at least in the short term. The company said it has ‘put’ options for 400,000 dry metric tonnes of iron ore which guarantee a price of between $US53-54 a

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Johnny-come-latelies: Australian dollar to fall!

July 8, 2015 - 12:56 -- Admin

From the yesterday men at the AFR: BK Asset Management’s managing director of foreign exchange strategy Kathy Lien said: “Investors fear that the Greek crisis, sell-off of Chinese equities and decline in commodity prices could lead to a more dramatic slowdown in Australia, New Zealand and Canada’s economy.” Capital Economics Australian economist Paul Dales said: “Looking ahead, both

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BHP, RIO, FMG hit with futures plunge

July 8, 2015 - 12:37 -- Admin

Big iron ore is taking it in the team but not as much as it should or will with BHP and RIO only down 2% plus and FMG down 4%: Fundies are in state of shock, clearly, there is much further to fall ahead. Indeed, idiocy spreads have stalled owing to iron ore falling so much faster

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How much further down for China stocks?

July 8, 2015 - 12:12 -- Admin

Chris Weston, Chief Market Strategist at IG Markets Traders are getting used to extreme volatility in Chinese equities and there are signs that the Chinese authorities are becoming increasingly worried by the pace of the sell-off. It is clear that there is a massive deleveraging exercise underway after traders amassed RMB2.26 trillion of margin debt

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How the TPP pushes up pharmaceutical costs

July 8, 2015 - 12:02 -- Admin

By Leith van Onselen Another day, another warning about how the Trans-Pacific Partnership (TPP) trade agreement will force-up pharmaceutical prices, raising costs for consumers and taxpayers in signatory countries (including Australia). From John Brinkley, a US trade expert, writing at Forbes: Whatever Pharma Wants, Pharma Gets The governments of several TPP countries are incensed at

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