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Now ANZ wants out of the ponzi

June 11, 2015 - 03:24 -- Admin

By Leith van Onselen Last week, it was Westpac demanding the government reform the tax system to remove the bias away from property speculation: The current CGT discount was introduced in 1999 and allows individuals to discount a realised capital gain by 50 per cent provided they have held the asset for 12 months. Superannuation

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Australian dollar leaps on RBA bubble confession

June 11, 2015 - 03:04 -- Admin

Not much need to go into it in detail but here is what happened to the Australian dollar overnight: The US dollar also weakened but the crosses show the broad based strength: This doesn’t change the outlook for a falling dollar given it’s fate will ultimately be sealed by a weak economy, not least because the

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Daily iron ore price update (a new leg up)

June 11, 2015 - 00:54 -- Admin

Here are the iron ore charts for June 10, 2015: Spot is on a tear with Tianjin benchmark added $1.20 or 1.9% to $65.10. It has a very bullish looking inverted head and shoulders bottom in place and has more upside by the looks of it. It is now dragging up paper markets too with Dalian

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Iron ore downgrades rain

June 11, 2015 - 00:39 -- Admin

Late yesterday Moody’s added to WA’s building woes: Moody‘s Investors Service has revised the outlook on Western Australian Treasury Corporation’s (WATC) Aa1 ratings — backed by the State of Western Australia — to negative from stable. At the same time, Moody‘s has affirmed its debt and issuer ratings at Aa1. WATC’s Euro Medium Term Note Programme’s (P)Aa1 rating and

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Daily LNG price update (bounce)

June 11, 2015 - 00:05 -- Admin

Brent oil jumped again last night to $65.51 as US DOE data showed a big draw on crude stocks: It would have been more had it not been for production, which is still rising: That can’t go on much longer, which of suggests upside for the price. Check out these charts of production in the

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Deflation knocks at China’s door

June 11, 2015 - 00:02 -- Admin

Cross-posted from Investing in Chinese stocks. Caixin: Is China Knocking on Deflation’s Door? Yu Yongding, a CASS professor, recommends that China adjust its economic structure and that the government take a cautious approach to economic stimulus. Under the current structure, Yu said, banks prefer to issue low-risk, high-return loans to state-run companies. That means any

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Links June 11, 2015

June 11, 2015 - 00:01 -- Admin

Macro & Markets Internal and external balance – Michael Pettis…a superb read… Central banks can save the world – Reuters, Hadas Rout Extends to Corporate Bonds as Borrowing Costs Increase – Bloomberg What Level Will the Bund Yield Breach Next? – WSJ Global airlines to shrink size of allowable carry-on bags – CBS BP sees

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ASX at the close

June 10, 2015 - 16:42 -- Admin

Chris Weston, Chief Market Strategist at IG Markets There is little conviction in equity buying at present and clearly a catalyst is missing that would provide the confidence needed. Still, I don’t feel that sentiment is shot to pieces even though certain developed markets have pulled back by 10% or more and others (such as

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RBA “acutely” concerned about “crazy” Sydney property

June 10, 2015 - 15:15 -- Admin

From the Q&A of Captain Glenn’s speech today: “What is happening in housing in Sydney I find acutely concerning for a host of reasons many of which are not to do with monetary policy…I think it is a social problem.” “Yes I am very concerned about Sydney and some of what is happening is crazy, but we

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Unemployment expectations jump

June 10, 2015 - 13:46 -- Admin

From Westpac, the recent bump breaks the improving trend seen so far this year:   Full chart pack here with some pretty bizarre comparisons with hours worked.

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