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WA property crash (sort of) goes mainstream

May 12, 2015 - 09:49 -- Admin

The AFR has picked up one of MB’s consistent themes: Gavin Hegney, of Perth-based valuers Hegney Property Group, said supply of property had surpassed demand and home prices would likely drop in the coming year. Yep: Back the article: “People are using low interest rates to get ahead in their mortgage rather than upgrade,” he said. “We’ll give up 1 or

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What’s wrong with the Kiwi dollar?

May 12, 2015 - 09:19 -- Admin

by Chris Becker While the Aussie dollar has participating in the broad USD weakness, rallying nearly 5 cents to 80c against the USD, the same dynamic has not played out with the Kiwi. In fact the New Zealand dollar fallen more than four cents to 73c against the USD as the US Dollar Index lost

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Daily iron ore price update (port crunch)

May 12, 2015 - 08:47 -- Admin

Here are the iron ore price charts for May 11, 2015: We have ourselves a little divergence. Spot was strong again with Tianjin benchmark jumping 3.3% to $62.50. Paper markets are less enthusiastic with Dalian up but struggling to make new highs and sitting at 441 this morning. Singapore is also dancing on the spot. Rebar

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Macro Morning (swoony)

May 12, 2015 - 08:14 -- Admin

By Chris Becker The global bond rout continued overnight, even as the BOE made no changes to its six year record low interest rate policy, which saw Gilts sold off alongside Bunds and Treasuries, yields rising 6-8 basis points in big moves.  Stocks were hit, down 1% intrasession but came back for minor losses, but

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What will Hockey’s “greatest ever era” look like?

May 12, 2015 - 05:52 -- Admin

There was a great paragraph in Peter Martin’s weekend article: Private businesses are telling the Reserve Bank they are reluctant to invest until they see a durable pick-up in consumer spending. But spending, and the confidence that drives it, are fragile. Talk of a second tough budget could dent it. Some of the economists most worried

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Commodities hit bonds again

May 12, 2015 - 04:42 -- Admin

A solid take on the two big moves in global markets today from Barclays: The first half of Q2 has seen a strong rally develop in commodities prices. Brent crude oil is up 24% (after performing flat in Q1), copper 12% and even gold has risen a little. Despite the fact that agricultural commodities and

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Measuring the bond sell off

May 12, 2015 - 04:41 -- Admin

So, the bond bash resumed today for reasons discussed here. It’s feels big but is it? The answer is yes and no. In some markets the percentage moves are massive, such as Germany, where the 5 year has moved from -.15% to 0.1%, an astonishing percentage increase. But let’s face it, it’s hardly going to

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A Swan Budget for the ages

May 12, 2015 - 04:14 -- Admin

When Joe Hockey first assumed control of the Australian Budget he brought with him a much needed bout of bearishness. The Treasury under Wayne Swan had been missing bullish forecasts repeatedly for years and Hockey insisted that realism be injected into forecasting. As it turned out, Mr Hockey faced the same problem despite his best

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Daily LNG price update (the Great Game)

May 12, 2015 - 00:10 -- Admin

The Brent oil price was flat overnight at $65.62. The big news of the evening was a leaked OPEC report which was pretty bearish, from the WSJ: The Organization of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at $100 barrel again in the next decade, a pessimistic assessment that has the group

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Links 12 May 2015

May 12, 2015 - 00:01 -- Admin

Macro/Markets The $900 Billion Influx That’s Wreaking Havoc in U.S. Bills – Bloomberg Goldman Sachs Says Iron Ore Rally Presents ‘Window to Go Short’ – Bloomberg OPEC sees oil below $100USD for next decade - WSJ Western politics “Locust Years”- Mohammed El Erian (solid read) Europe PM Cameron says “nae” to another Scottish referendum vote

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