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China trade still soft

July 13, 2015 - 12:18 -- Admin

China has released its June trade figures and the news is still soft. Export came in slightly better than expectations at 2.1% and imports were well ahead of expectations but still awful at -6.7%: The trade balance was still in impressive surplus at around $45 billion: Not much here to get excited about for internal

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Shanghai rebound continues

July 13, 2015 - 11:59 -- Admin

Shanghai is open and off to the races once more with a gun to its head:   Where it stops is anyone’s guess.

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Sydney investor bubble continues to grow

July 13, 2015 - 11:50 -- Admin

By Leith van Onselen Sydney’s speculator frenzy has reached truly gargantuan proportions, with today’s Lending Finance data for May, released by the ABS, once again obliterating all records, with both the value and proportion of mortgages going to New South Wales investors surging to another all time high. As shown below, the value of investor

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ACCI slams TPP

July 13, 2015 - 11:03 -- Admin

By Leith van Onselen With Trade Minister Andrew Robb claiming that the Trans-Pacific Partnership (TPP) trade agreement could be concluded “in a matter of weeks”, Australian Chamber of Commerce and Industry (ACCI) chief executive, Kate Carnell, has today called for greater transparency in negotiations whilst labelling DFAT’s consultations on the TPP a sham. From ABC

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Here comes the LNG profit hit

July 13, 2015 - 11:01 -- Admin

From the AFR: …the June quarter numbers about to be reported by energy companies will make the hit clear, with UBS forecasting June quarter LNG prices slumping as much as 35 per cent from the March quarter, despite a modest recovery in oil prices. UBS analyst Nik Burns said sales for the larger oil and

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Greece writhes

July 13, 2015 - 10:34 -- Admin

From ekathemerini: Greek Prime Minister Alexis Tsipras is set to begin a bruising week by clearing out party rebels opposed to an austerity package that will have to go through parliament within days, people close to the government say. With Greece’s future in the eurozone in the balance and European partners demanding immediate action to

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Treasury Secretary John Fraser calls for tax reform

July 13, 2015 - 10:17 -- Admin

By Leith van Onselen Australian Treasury head, John Fraser, gave a speech on Friday to the 2015 Australian Conference of Economists, whereby he pushed the case for tax reform: Unless we lift productivity growth, through reforms across all sectors of our economy, we face a future of stagnant and possibly declining living standards – a

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RP Data weekly housing market update

July 13, 2015 - 10:09 -- Admin

Click to view Core Logic-RP Data’s latest weekly housing market update, which provides a useful snapshot of the housing market as at 12 July 2015. This week’s report includes: Latest weekly dwelling value results; Auction results & clearance rates; Latest median house & unit prices; Average time on market & vendor discounts; Mortgage market activity;

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More on big iron profit damage

July 13, 2015 - 09:54 -- Admin

From RBC: We think the near term outlook for the majors remains difficult. We expect iron ore to remain weak over H2, while other key commodities such as oil, copper, metallurgical coal, and aluminium are all facing near term headwinds. Our preference for RIO (Sector Perform) over BHP (Underperform) is based on its more attractive

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The infrastructure PM who builds…nuthin’

July 13, 2015 - 09:40 -- Admin

From Westpac: • The ABS quarterly survey “Engineering Construction Activity” provides an update of the infrastructure sector, including details on commencements and the work pipeline. Here we provide an overview of the sector. • Activity: Infrastructure construction work is in the midst of a downturn, from record highs, as the mining boom transitions from the

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