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Morgan Stanley says catch mining’s falling knife

January 19, 2015 - 14:00 -- Admin

For MS today: Short-term volatility is exacerbating the mining cycle at this time. However, as we look to 2016, the nature of the cycle suggests that in hindsight now will be viewed as the wrong time to capitulate. Exposure to companies with quality assets and sound fiscal position should be increased. Mining equities already capturing in spot prices: Further EPS downgrades […]

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China housing in-depth

January 19, 2015 - 12:55 -- Admin

From Phat Dragon: The new market across every tier remains visibly weak. Developers continue to discount aggressively to clear their stock on hand and sellers are maintaining abundant supply in the secondary market in the vast majority of cities. As in October-November, consolidation remained a tier one story in December. Beijing has now recorded three […]

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Monthly inflation pulls a donut

January 19, 2015 - 11:10 -- Admin

TD Securities monthly inflation for December is out and pulled a donut for the month and 1.5% for the year, crashing from 2.2% in November. The trimmed mean reading was 0.1% month on month  and +1.7% year on year: Inflation absent. Share on Facebook Share on Twitter Share on Reddit + -

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The first home buyer investment boom

January 19, 2015 - 07:15 -- Admin

Cross-posted from Martin North’s DFA blog. DFA analysis shows that more first time buyers are leaping into investment property instead of purchasing a property for owner occupation. This short video explains why. From our surveys, we found that: 1. Most first time buyers were unable to afford to purchase a property to live in, in […]

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NASA: 2014 the warmest year on record

January 19, 2015 - 07:02 -- Admin

From NASA: The year 2014 ranks as Earth’s warmest since 1880, according to two separate analyses by NASA and National Oceanic and Atmospheric Administration (NOAA) scientists. The 10 warmest years in the instrumental record, with the exception of 1998, have now occurred since 2000. This trend continues a long-term warming of the planet, according to […]

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China explores housing bailouts

January 19, 2015 - 06:55 -- Admin

Cross-posted from Investing in Chinese Stocks: The Ministry of Housing is working on a couple of ideas to reduce housing inventory. One is to let (debt strapped!) local governments buy commercially built housing and turn it into public housing. This is a nice bailout for developers, but where do cash strapped governments get the cash? […]

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Pettis: Debt will keep slowing China

January 19, 2015 - 06:54 -- Admin

Exclusively from Michael Pettis’ newsletter: There is an implicit divide among economists covering China, for example, about how debt affects growth expectations. For the sake of convenience, I will refer to economists who systematically ignore or deemphasize balance sheet constraints in their China growth forecasts as the “bulls”, and those who always emphasize these constraints […]

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