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Articles from MacroBusiness

Shanghai opens, crashes 8%

July 8, 2015 - 11:46 -- Admin

The Shanghai stock market opened and crashed 8% but has since recovered to -6%: Chinext is the laggard, down only 2%: But perhaps there are no tech stocks left to sell. From the AFR: More than half the stocks listed on Chinese sharemarkets were suspended from trading ahead of the opening bell on Wednesday, as

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Australian dollar into the 73s as bonds run

July 8, 2015 - 11:43 -- Admin

Markets continue to follow the MB script today with the Aussie now into the 73s: As bonds are bid strongly with yields falling sharply back from last month’s false panic: The slope remains absurdly out of step with economic prospects as the long end is being held up the Fed: But even US yields are

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Household financial confidence falls sharply

July 8, 2015 - 11:11 -- Admin

By Martin North, cross-posted from the Digital Finance Analytics’s Blog: The latest edition of the DFA Household Finance Confidence Index was released today. The latest data to end June shows there was a fall over the last month, the score moved from 94.6 to 89.0, the lowest score since the index started in 2012. A

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MWU warns on temporary Chinese labour

July 8, 2015 - 10:59 -- Admin

By Leith van Onselen The Manufacturing Workers Union (MWU) has taken to the airwaves today warning that Australian workers could be excluded from jobs by the Australia-China Free Trade Ageement (FTA), which they claim allows the importation of workers for some major projects without the need for labour market testing: New South Wales secretary Tim

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Car industry commences the big cull

July 8, 2015 - 09:58 -- Admin

By Leith van Onselen With Ford, Holden and Toyota each winding down their automotive assembly operations over the next two years, the industry body representing vehicle part manufacturers has folded. The Federation of Automotive Products Manufacturers (FAPM), which has around 120 members, has been liquidated and merged with the Victorian Automobile Chamber of Commerce (VACC),

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Macro Morning (volatility grows)

July 8, 2015 - 09:06 -- Admin

By Chris Becker The selective memory of the central powers in Europe looks set to kick out Greece unless a deal can be done before Sunday, which is freaking out German bank stocks as bonds are quickly snapped up in a rush to safety. US markets were a little more sanguine, actually rising as the trade

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The great Australian bust is upon us

July 8, 2015 - 08:02 -- Admin

Sorry to say it but our luck has run out. Recession is coming and it will be before 2017. There are five forces coming together that are about slam the economy to the ground. 1. China hard landing China is in a hard landing. It may be that China can keep the consumer afloat despite the Shanghai crash but the

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Iron ore and steel have entered a screaming bloody crash

July 8, 2015 - 07:00 -- Admin

Here are the iron ore charts for June 7, 2015: The Qingdao iron ore price tumbled 5.12%, or $2.68, to $49.60. Benchmark Tianjin spot collapsed $2.30, or 4.4%, to $49.70. 12 months swaps took out record lows. Dalian, phew Dalian, fell limit down yesterday but then cratered 8% overnight, another 30 points, to 349 also a record low.

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Do not trust markets on Grexit

July 8, 2015 - 06:18 -- Admin

From the FT: Athens is to submit a new proposal to eurozone authorities for a third bailout by Wednesday morning after Greek negotiators stunned some eurozone finance ministers by arriving at their meeting without a revised economic reform proposal. Despite the apparently abortive start to what had been billed as a last-ditch effort to salvage

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Say bye bye to first home buyer specufestors

July 8, 2015 - 05:48 -- Admin

By Leith van Onselen The rise and rise of the first home buyer (FHB) investor is coming to an end, with the nation’s second biggest bank and biggest lender to property investors announcing that it would lower its maximum loan-to-value ration (LVR) on investor mortgages to 80%. From The Canberra Times: Westpac will from Wednesday

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