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China kicks the can a little

June 16, 2014 - 00:18 -- Admin

From Westac’s Phat Dragon on Friday’s late China data dump: As of May, the major sectors regards fixed investment stacked up like so, with the numbers in parentheses being the end- 2013 growth rates. Manufacturing 14.2%ytd (18.5%); real estate 14.7%ytd (19.8%); transport infrastructure 21.9%ytd (17.2%); utilities infrastructure 17.0%ytd (18.4%). The story is simple. Manufacturing and [...]

Team Abbott’s tax cut donut

June 16, 2014 - 00:16 -- Admin

Team Abbott largely rode to power by tearing apart the climate change consensus and targeting the carbon price. It seems pretty clear that it did so based upon a  mix of skepticism about climate change and political opportunism.  But it also made a lot of the likely investment upsides from removing the carbon and mining [...]

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The Australian dollar is not a safe haven

June 16, 2014 - 00:15 -- Admin

The firmness of the Australian dollar is once again generating irrational analysis: Australia’s dollar is emerging more like a “safe haven” asset, with the currency continuing to strengthen in the wake of heightened volatility across global financial markets. Fears of another war amid growing instability in Iraq have battered market sentiment and spurred buying of [...]

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Australia ramps the risk as banks borrow abroad

June 16, 2014 - 00:13 -- Admin

How long is the memory of a nation? Six years it seems. From the AFR: …the nation’s lenders have raised more than two-thirds of a combined $51 billion of funding in the offshore markets so far in 2014, according to Thomson Reuters. At the same point in 2013, the banks had raised just $35 billion, of which just [...]

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Red Book: Consumers licks their wounds

June 16, 2014 - 00:12 -- Admin

For those in the know, Westpac’s Red Book is the bible of Australian consumer attitudes. The June edition executive summary follows: The Westpac–Melbourne Institute Index of Consumer Sentiment rose 0.2% in Jun, essentially stabilising after the sharp post-Budget decline in May. At 93.2 the Index remains lodged firmly in pessimistic territory. ― The absence of [...]

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RP Data Weekend Australian property update

June 16, 2014 - 00:11 -- Admin

Click to view RP Data’s latest weekly housing market update, which provides a useful snapshot of the housing market as at 8 June 2014. 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; and New [...]

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Uber’s $6 billion flag fall

June 16, 2014 - 00:10 -- Admin

Leith has covered in detail Uber’s assault on the Australian taxi industry. In every State the taxi industry has been repeatedly flagged as in dire need of substantial reform, particularly its monopoly on licensing. These attempted reforms have never been particularly successful, which I would argue is entirely due to political connections of taxi licence owners, though public pressure [...]

Who is destabilising Iraq?

June 16, 2014 - 00:09 -- Admin

Find below a couple of backgrounder videos on the group that is in the process of seriously destabiling Iraq, the Islamic State in Iraq and the Levant (ISIS): Share on Facebook Share on Twitter Share on Reddit + -

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Macro Morning

June 16, 2014 - 00:05 -- Admin

by Chris Becker Monday mornings are always the worst time of the week for Asian markets as the lead from the US and Europe is a couple days old and we have to absorb any news/events/releases over the weekend – i.e no handholding. The dominant stories are Iraq and Ukraine – which should see energy [...]

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Links 16 June 2014

June 16, 2014 - 00:03 -- Admin

Global Macro / Markets: Counting the long-term of the financial crisis  - The Economist Macro hedge funds boost equity exposure to highest in 3 years – ZH US petroleum production hits 40 year high – FT US to evacuate Iraqi embassy - NYT Americas: Stanford follows Princeton to offer loans to parents - nuts – [...]

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