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The Abbott plan to see off global chaos

July 8, 2015 - 05:40 -- Admin

Presented without comment, your Prime Ministerial response to historic global threats, from his own website: PRIME MINISTER: Ok, do we have any questions? QUESTION: Prime Minister, how concerned are you about the problems in China and Greece, those economic problems spreading to Australia and especially the plunge in the Chinese stock prices? PRIME MINISTER: Michael,

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More super hypocrisy from Peter Costello

July 8, 2015 - 05:32 -- Admin

By Leith van Onselen What is it with the Abbott Government that has made it so quick to shun sensible superannuation reform? Yesterday, the Productivity Commission (PC) released a research paper, which made the eminently sensible recommendation to raise the preservation (access) age of superannuation to 65 – a reform that would bring it more

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One bright spot for the Aussie economy

July 8, 2015 - 05:01 -- Admin

By Leith van Onselen With the Australian dollar hitting a six year low overnight against the Greenback: Australia’s tourism industry must be licking its lips at the prospect of a return to its former glory. I showed last week how there is a strong negative correlation between the strength of the currency (measured against the

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Bogan exodus gives way to Chinese influx

July 8, 2015 - 05:00 -- Admin

By Leith van Onselen The Australian Bureau of Statistics yesterday released its overseas short-term arrivals and departures figures for May, which revealed a rise in the number of inbound tourists and a reduction of out-bound tourists. The number of short-term visitor arrivals rose by 0.6% in May in trend terms, whereas short-term resident departures fell

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Daily iron ore price update (margin call)

July 8, 2015 - 04:27 -- Admin

On 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: More charts to come. Is this a margin call situation for iron ore triggered by the Shanghai crash? We know that iron ore has been used in whacko commodity financing deals in China and

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Daily LNG price update (staggering)

July 8, 2015 - 04:23 -- Admin

Brent oil managed a little rebound overnight sitting at $57.10 as I write. The news was thin with nothing yet on the Iran deal. The indicative LNG contract price rallied to $7.99mmBtu: LNG news was also thin but a new report from the Carbon Tracker initiative is worth a look. Here are its demand scenarios:

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Atlas rescuicide presents “niggling doubts”

July 8, 2015 - 03:59 -- Admin

Understatement is usually amusing and today we discover a rich vein of it around the Atlas Iron rescuicide. From the AFR: Atlas Iron founder David Flanagan insists the struggling iron ore miner can come back from the brink of collapse to pull off a $180 million capital raising in the next week,…Atlas is rattling the tin on

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China outlaws stock pessimism

July 8, 2015 - 00:02 -- Admin

It is a a true real estate agent’s dream in China. From the FT: Beijing has taken steps to keep stocks on China’s two main indices afloat, including direct purchases of large-cap companies, a halt to initial public offerings and a cut to trading fees. But so far its efforts have failed to staunch concerns.

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Links 8 July 2015

July 8, 2015 - 00:01 -- Admin

Global Macro / Markets / Investing: The Hugely Profitable, Wholly Legal Way to Game the Stock Market – Bloomberg Why growth in finance is a drag on the real economy – VOX How crony capitalism is slowing global economic growth – aei.org We’re below the S&P 500’s 200-day moving average – The Reformed Broker Cracks

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ASX at the close

July 7, 2015 - 16:14 -- Admin

Stan Shamu for Chris Weston, Chief Market Strategist at IG Markets Calmer heads prevail While many market participants are still surprised about the fairly orderly response to the Greek ‘no’ vote, it certainly seems calmer heads have prevailed for now with a glass-half-full approach being taken. One of the key events following the referendum was

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