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Articles from MacroBusiness

Big Iron roars as Terror Bank sinks

August 21, 2017 - 13:52 -- Admin

Banana Man is once gain in control in China: Big Iron is loving it with FMG up 7%: Big Gas is also up with oil: Big Gold is stable. I remain a seller on the bold hope that the Trump Administration is at the lows (for now): Big Bubble is getting caned, especially Terror Bank

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Earnings season leaves market uneven

August 21, 2017 - 13:06 -- Admin

by Chris Becker In case you were wondering why the ASX200 hasn’t gone anywhere in recent weeks, reporting season is underway for end of year financial results. Deutsche Bank considers “the picture so far has been disappointing”, while Citi sees the upside in resources but the rest of the market “uneven”. From DB first: Industrials

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When will coking coal roll?

August 21, 2017 - 11:30 -- Admin

Via Macquarie:  Spot HCC prices have increased by a further ~$19/t to $195/t since our last update on July 27, as Chinese mills restocked coking coal tapping into a tight seaborne market. Seaborne prices have spiked, but with the physical arb between domestic and seaborne prices now largely closed and steel prices topping out,

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Dick Smith destroys immigration spruiker Professor Macdonald

August 21, 2017 - 11:18 -- Admin

MB has noted a number times the strange transformation leading immigration spruiker, Professor Peter McDonald’s from population hawk to dove. McDonald co-authored a 1999 federal parliamentary research paper, entitled “Population Futures for Australia: the Policy Alternatives”, in which he explicitly noted that it is “demographic nonsense to believe that immigration can help to keep our population young”, while also recommending “a

Hanson-Young vs Hanson-old cat fight

August 21, 2017 - 11:03 -- Admin

Forgive the sexist imagery but two of my least favourite women today sum up a lot of what’s wrong with politics today: Greens Senator Sarah Hanson-Young has accused Pauline Hanson of “doing ISIS’s work” as she criticised the One Nation leader for wearing a burka in the federal parliament. Senator Hanson-Young told the One Nation leader the “next

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Where Trump goes, the USD follows

August 21, 2017 - 10:46 -- Admin

by Chris Becker Reporting and analysing the demise of the Trump Presidency is not hard work, but it bears well in protecting your portfolio. While a handful of US stocks have benefited since the election, leaving most other markets in limbo, currency-land has been upended as the realisation of a stalemated Congress that cannot enact

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Fortescue turns cash pump

August 21, 2017 - 10:18 -- Admin

The remarkable turnaround is now complete: That’s a huge payout ratio, turning the stock into a cash pump if the iron ore price holds up. Of course it won’t, but with gearing so thoroughly reduced it can ride out the volatility by borrowing at the troughs to support the dividend. It should make the stock

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4 Corners summons the housing bears

August 21, 2017 - 10:05 -- Admin

Via the ABC, foreshadowing tonight’s 4 Corners program which has summoned every bear in town (with the exception of MB): A decade of housing price rises, low interest rates and relatively easy credit has left Australians carrying the second-highest level of household debt in the world. And despite efforts to tighten lending and to address

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UBS: Wages going precisely nowhere

August 21, 2017 - 09:54 -- Admin

Why would anyone listen to the RBA? Via UBS: Wages finally trough, but pick up set to disappoint Over the past ~6 years, the RBA found their “forecasts for wage growth have been persistently too strong” with outcomes “surprisingly low” (Figure 2). This has been a key driver of persistent GDP growth downgrades, and the

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