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Articles from MacroBusiness

The mining boom was not over after all

August 22, 2017 - 00:25 -- Admin

The RBA famously described the China mining boom as a three phase event: The mining boom can be viewed as a confluence of events that have boosted mineral commodity prices, mining investment and resources production. This combination of shocks has boosted the purchasing power and volume of Australian output. It has also led to large

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4 Corners does an average job on the bubble

August 22, 2017 - 00:20 -- Admin

I’m sure many of you watched the 4 Corners housing bubble take last night, here. It was nothing terribly new but did a reasonable job of summing up the issues: record household debt; dodgy broker incentives; over-exposed banks; macro-economic risk, and over-extended supports such as monetary policy. It was basically a decent cautionary tale. What

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Instos dump Terror Bank

August 22, 2017 - 00:07 -- Admin

And why wouldn’t they, sheesh, from Banking Day: Institutional shareholders are reviewing their equity exposures to Commonwealth Bank amid deepening concern that the valuation premium on the company’s stock will continue to erode. Many of Australia’s largest super funds and listed equity trusts – including Australian Foundation Investment Company, Argo Investments and Australian Super –

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Judith Sloan doubles down on her gas mates

August 22, 2017 - 00:06 -- Admin

Like a moth to the flame, Judith Sloan just can’t leave the energy crisis alone: If sticking with the damaging renewable energy target and committing to a wildly excessive emissions reduction target under our commitment to the Paris climate agreement are not ideological, I’m a monkey’s uncle. …You only have to think about it for

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Who’d a thunk it? Fortescue a yield play!

August 22, 2017 - 00:06 -- Admin

Via Bell: Outstanding earnings growth FMG has reported an earnings result for FY17 that has come in below market consensus and our estimates, despite profit growth of 112% yoy to US$2.1 billion (US67cps or A85cps for current P/E ratio of 6.5x). The exception was the declaration of a A$0.25/sh final dividend, for a total FY17

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Daily iron ore price update (searing)

August 22, 2017 - 00:05 -- Admin

Iron ore price charts for August 21, 2017: Tianjin benchmark poured it on, up $3 to $78.10. Paper lifted overnight. Coking coal is having more trouble post-futures limits. Reuters has more: The Dalian Commodities Exchange on Friday said it will limit the daily purchases and sales of contracts for delivery in January and February to

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Chinese capital outflow continues to stall

August 22, 2017 - 00:04 -- Admin

Via Capital Economics:  Net capital outflows from China edged up in July, but this was due to seasonal factors. Adjusting for these, outflows actually eased last month to a five-month low, helped by more rapid foreign investment into the country. Looking ahead, while outflows are likely to persist, we think they will remain manageable.

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Links 22 August 2017

August 22, 2017 - 00:01 -- Admin

Global Macro / Markets / Investing: Trump’s market honeymoon to turn into a risky divorce – FT Yellen, Draghi head to Jackson Hole amid inflation concern – Bloomberg Americas: Trump targets tax reform to reconnect with lost GOP base – FT US readies to cash in on solar eclipse tourism – FT Secret Service runs

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Macro Afternoon

August 21, 2017 - 16:56 -- Admin

by Chris Becker The week begins meekly with a mixed reaction to Wall Street’s sombre Friday session. All major markets were basically unchanged, with stocks in Japan falling on a higher Yen, bond yields advancing slightly and commodities little changed. In mainland China the Shanghai Composite is up 0.4% to 3282 as it has a better

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