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The last days of negative gearing will not be fun

July 26, 2017 - 00:15 -- Admin

At The Australian:   The federal government has launched a war on aggressive negative gearing strategies to depreciate the value of second-hand household items to save on tax, including air-conditioners, ovens, carpets and pool equipment. Draft legislation released by the federal Treasury for the first time reveals in detail sweeping proposed changes to rules on

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Another economist challenges MB on mass immigration

July 26, 2017 - 00:15 -- Admin

By Leith van Onselen After Rob Burgess’ fail last month, another economist has stepped up to the plate to challenge my view that Australia’s immigration program is way too high and is lowering Australian living standards. In The Guardian yesterday, Tom Westland penned an article entitled “Australians are getting poorer – but it has nothing

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Dual citizenship claims Canavan

July 26, 2017 - 00:14 -- Admin

Via the ABC: Resources Minister Matt Canavan has quit Cabinet after his mother told him he was an Italian citizen last week. The conservative Queensland senator was the minister for resources and northern Australia and is considered a rising star of the National Party. Deputy Prime Minister Barnaby Joyce will take over Senator Canavan’s Cabinet

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Commodities blast off as oil saves a day

July 26, 2017 - 00:14 -- Admin

DXY rebounded last night: AUD rose against DMs: Gold fell: Brent roared back on OPEC jawboning: Base metals rocketed. Copper broke out: Big miners flew: EM stocks tried but failed: As high yield rightly yawned: US yields jumped and the curve steepened: Same in Europe: And stocks hit record highs again in the US: OPEC jawboned.

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Of course APRA should regulate shadow banks, and hard

July 26, 2017 - 00:13 -- Admin

The credit-addled AFR comes out swinging for shadow banks today: Shadow banks will protest over the extensive new powers being given to the prudential regulator which may curb their lending, increase funding costs and threaten to exacerbate the severity of any housing market downturn. Big non-bank lenders such as ASX-listed Pepper Group, Resimac, Firstmac, Latitude

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Is Caterpillar’s great recession over?

July 26, 2017 - 00:06 -- Admin

From CAT (chart from ZH): CAT now expects FY revenue $42 billion to $44 billion, up $3 billion from the previous guidance provided in April, which was $38 billion to $41 billion, and well above the consensus estimate of $40.85BN . In April 2017, Caterpillar provided an outlook range for full-year 2017 sales and revenues

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Daily iron ore price update (surge)

July 26, 2017 - 00:05 -- Admin

Iron ore price charts for July 25, 2017:   Tianjin benchmark jumped $2.80 or 4.2% to $69.70. Paper is at new breakout highs overnight. Steel is holding up. Coking coal is along for the rise. A bunch of positives converged yesterday. Samarco is going nowhere: Brazilian iron ore pellet producer Samarco’s return to operations has been delayed

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China is slowing

July 26, 2017 - 00:04 -- Admin

Via Capital Economics:  Our China Activity Proxy (CAP) shows that growth in China remained strong in Q2, although our new seasonally-adjusted data point to a marked slowdown in momentum since the start of the year.  The CAP is our attempt to track the pace of growth in China without relying on the official

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Links 26 July 2017

July 26, 2017 - 00:01 -- Admin

Global Macro / Markets / Investing: Investor Makes Mammoth VIX Bet That Could Pay Out $265 Million – WSJ The biggest financial bloggers reveal their positions on bitcoin and cryptocurrencies – MarketWatch The Death of Equity Research Hasn’t Been Greatly Exaggerated – Integrity Research An important benefit to global investors is back after 20 years

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Macro Afternoon

July 25, 2017 - 16:42 -- Admin

by Chris Becker Another mixed day in Asia following the poor overnight lead with most bourses finishing in the red, save the local ASX200 on some short covering. The short term bounce in USD seems over already as Yen buyers stepped in, while the Aussie remains elevated. In mainland China the Shanghai Composite took both half

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