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Daily LNG price update (up)

May 1, 2015 - 09:21 -- Admin

Brent oil surged again last night to $66.77 as the US faced off with Iran in the Straits of Hormuz, shale production hopes rose and the US dollar was hammered again. Clearly the path of least resistance remains up. And I expect the rally to persist at least until we see a bottom in US

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Mortgage growth approaches all-time highs

May 1, 2015 - 09:11 -- Admin

By Leith van Onselen Yesterday’s private sector credit aggregates data, released by the RBA, revealed a strengthening of mortgage growth to 7.3% in the year to March 2015 (see next chart). Often when reading commentary from the RBA on the Australian housing market, we hear that mortgage credit growth is well below the early-2000s experience,

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Macro Morning (King carnage)

May 1, 2015 - 09:09 -- Admin

By Chris Becker As the USD weakens, corporate earnings results “surprise” on the downside in the US, while the bond sell off continues in Europe, confidence is seeping out of risk markets as we head into the “Sell in May” season. Recapping Asia yesterday, the Chinese markets fell around 1% taking off some heat after

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May rate cut is go

May 1, 2015 - 05:14 -- Admin

Predicting month-to-month interest rate movements by Bubble HQ has become bloody difficult in recent times as the Martin Place bubble managers flip flop between concern for the economy and concern for the bubble. This has rendered me rudderless in making judgements in the short term – though the long term remains very clear – and so

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Wake up APRA!

May 1, 2015 - 05:13 -- Admin

As I pointed out yesterday, most major banks are giving the bird to APRA and its 10% ceiling on investor mortgage growth. Mac Bank today reckons the regulator will act: New figures showed the banks expanded loans for property investments in the year ended March by 10.4 per cent, the highest rate since 2008 and more than the

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Get set for QEverywhere!

May 1, 2015 - 04:54 -- Admin

Courtesy of Zero Hedge comes Albert Edwards of Society Generale and his latest “one area though where Abenomics has undoubtedly failed is that the Bank of Japan has not achieved its 2% core inflation target. When the BoJ started QE in April 2013 they stated that they wanted to hit their 2% inflation target for

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Chinese investment in Aussie housing rockets

May 1, 2015 - 04:53 -- Admin

By Leith van Onselen The Foreign Investment Review Board (FIRB) has released its Annual Report for 2013-14, which registered an explosion of applications from foreigners to purchase Australian real estate. According to FIRB, there was a 94% increase in real estate approvals in 2013-14, which nearly doubled to 24,000 (see next chart). The lion’s share

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ACTU is right to oppose 457 worker visas

May 1, 2015 - 04:52 -- Admin

By Leith van Onselen The ACTU has lodged a submission to the Senate inquiry into temporary work visas calling for a wind-back in the number of temporary visas granted, which it claims is depriving locals of job opportunities. From The Canberra Times: “We need to focus on creating job opportunities for Australians, we must ensure

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Why Australia must protect its AAA rating

May 1, 2015 - 04:51 -- Admin

By Leith van Onselen Fairfax’s Jonathan Shapiro has penned a ‘dummy’s guide’ on Australia’s AAA credit rating, which included an analysis of whether losing this rating actually matters: The cost of a credit rating downgrade is hard to quantify, especially for a government. In theory, a lower credit rating should lead to borrowers demanding a higher

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Vic Government mulls East-West Link 2.0

May 1, 2015 - 04:49 -- Admin

By Leith van Onselen After dumping the flawed East-West Link project, the new Victorian Labor Government is now considering building a new $5.5 billion “Western Distributor”  that would link the western suburbs with the City Link toll road. From The Age: Premier Daniel Andrews has revealed he is seriously considering an unsolicited bid by CityLink

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