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Articles from MacroBusiness

The bull case for oil is dead

May 2, 2017 - 08:34 -- Admin

Brent oil has sunk to back to its lows: The culprit last night was Libya: Libya’s oil production has risen above 760,000 barrels per day (bpd), its highest since December 2014, the National Oil Corporation (NOC) said on Monday. Chairman Mustafa Sanalla said in a statement the NOC was working on plans to increase production

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Macquarie forecasts ASX 10000

May 2, 2017 - 07:57 -- Admin

Via the AFR today comes some serious chutzpah: Australia’s sharemarket could jump by as much two thirds over the next decade, underpinned by a booming superannuation sector and the nation’s status as a “growth haven”, according to a new report by Macquarie Research. Jason Todd, head of Australian macro-economic research at Macquarie, said Australia’s super

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Mining bust 2.0 is coming

May 2, 2017 - 06:15 -- Admin

Via the WSJ: China is making yet another attempt to rein in its overleveraged financial system, threatening to hamper the economy at a time when credit growth is already decelerating. Investors outside the country don’t seem to care, but they should. China probably isn’t going to create another global financial scare as it did in

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IT sector illustrates skilled migration abuses

May 2, 2017 - 00:15 -- Admin

By Leith van Onselen The notion that ‘skilled’ temporary 457 visas are designed to overcome skills shortages is easily dis-proven by looking at Australia’s information technology (IT) sector, which is the biggest user of such visas. Yesterday, News.com.au published an illuminating article profiling a skilled Australian IT worker that has arrived home from working as

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Canadian bank run contagion begins

May 2, 2017 - 00:13 -- Admin

Via Bloomberg: Home Capital Group Inc. extended declines after the Canadian mortgage lender reported additional deposit withdrawals, prompting one of its biggest rivals to seek a C$2 billion ($1.5 billion) credit line to stem any contagion across the country’s financial markets. Home Capital fell 13 percent to C$6.96 in Toronto, bringing its two-week drop to

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Vacancy tax firms for Federal Budget

May 2, 2017 - 00:13 -- Admin

By Leith van Onselen A vacant homes tax looks certain to be included in the upcoming Federal Budget. From The Australian: According to Sky News, the measure could see foreigners pay fees as high as $5000 per property if their house or apartment is left empty… The revenue measures will be used to fund other

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One quarter of households in “mortgage stress”

May 2, 2017 - 00:12 -- Admin

From Martin North: Digital Finance Analytics has released new mortgage stress and default modelling for Australian mortgage borrowers, to end April 2017.  Across the nation, more than 767,000 households are now in mortgage stress (last month 669,000) with 32,000 of these in severe stress. This equates to 23.4% of households, up from 21.8% last month.

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NZ Investor lending down 30% Year-on-year

May 2, 2017 - 00:10 -- Admin

By Leith van Onselen Data released yesterday by the Reserve Bank of New Zealand (RBNZ) revealed that property investor lending has cooled materially since the RBNZ implemented new loan-to-value ratio (LVR) restrictions targeting investors, which officially came into effect on 1 October, although banks began informally applying the rules since they were first announced in

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RBA commodity index commences big decline

May 2, 2017 - 00:10 -- Admin

By Leith van Onselen The RBA has released its commodity price index for April, which registered a 3.5% decline in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 2.0% decline in Australian dollar terms: Preliminary estimates for April indicate that the index decreased by 3.5 per cent (on a

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Links 2 May 2017

May 2, 2017 - 00:01 -- Admin

Global Macro / Markets / Investing: Banks can offer fintech an olive branch – Financial Standard Corporate CEOs have failed to engage with startups – Venture Beat The five universal laws of human stupidity – Quartz This Is Rebalancing? – Bloomberg A New Rule Could End Up Punishing the Wrong Banks – Bloomberg Oil Price Optimism Wears Off as Texas

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