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Australian dollar hammered anew as stocks struggle

October 23, 2018 - 08:17 -- Admin

DXY is on the march again. CNY is weak at two year lows and EUR was soft as well: AUD was universally weak: Gold was soft: Oil flat: Base metals too: Big miners eased up: Chinese stocks held off the EM rout for a day: Junk was OK: Treasuries were flat: And bunds: Italy improved:

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ScoMomentum hurtles towards worst electoral wipe out since WWII

October 23, 2018 - 04:25 -- Admin

Via The Australian: Scott Morrison faces an epic challenge to restore confidence in his shattered government, with new polling analysis showing a collapse in support for the Coalition in every mainland state and across every demographic group since the leadership spill. Analysis of four Newspolls since the August 24 leadership spill casts a bleak picture

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NSW stamp duty receipts collapse

October 23, 2018 - 00:20 -- Admin

By Leith van Onselen The NSW Office of State Revenue has updated its stamp duty data for September 2018, which reveals that residential stamp duty receipts are crashing following a monumental five-year boom: As shown above, annual NSW residential stamp duty receipts ($6,517 billion) in September fell further from October’s all-time high of $7.516 billion;

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CoreLogic: Auction volumes and clearance rates have crashed

October 23, 2018 - 00:15 -- Admin

By Leith van Onselen CoreLogic has released its September quarter Auction Market Review, which revealed an epic decline in both auction volumes and clearance rates across Sydney and Melbourne. The below graphics summarise the situation: As you can see, the national capital city clearance rate declined by 14.2% in the year to September, with volumes

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Falling house prices push new car sales lower

October 23, 2018 - 00:10 -- Admin

By Leith van Onselen The Federal Chamber of Automotive Industries (FCAI) latest monthly sales data revealed that new car sales fell 5.5% in September from September 2017: According to the FCAI release: Sales in September fell across all states and territories compared to September 2017, other than Tasmania, which saw an amazing 21.9 per cent

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HSBC: Australian dollar to fall to 0.68 cents

October 23, 2018 - 00:10 -- Admin

Via HSBC on those arguing the USD is going to fall: Argument 1) Fed rates are near the peak and are already priced in What they say: Rates may be moving closer to neutral, but this is not the same as the peak rate. Doubts remain about when and how quickly other central banks will

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Links 23 October 2018

October 23, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: International investors back away from Saudi Arabia – FT The Secret Lives of Central Bankers – NY Times Bull Market’s Latest Hurdle: Slowing Sales Growth – WSJ Doubts grow over US equity outlook – FT No one is killing it in crypto (not even Woz) – FT Americas: The

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Macro Afternoon

October 22, 2018 - 17:01 -- Admin

Outside Australia it’s been a much better return to form for equities here in Asia, particularly in China which has extended its bounce from Friday in both Hong Kong and the mainland, mainly on the back of a proposed new tax plan for households to stimulate the economy. FX markets have been generally positive for

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Coalition Government quietly cuts R&D spending

October 22, 2018 - 14:20 -- Admin

By Leith van Onselen Back in December 2015, former Prime Minister Malcolm Turnbull launched his National Innovation and Science Agenda under much fanfare. According to Turnbull, this agenda “will invest $1.1 billion to incentivise innovation and entrepreneurship, reward risk taking, and promote science, maths and computing in schools”, and will include tax concessions and tax

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Canadian pot legalisation packs budget cone by $400m a year

October 22, 2018 - 13:45 -- Admin

By Leith van Onselen Recreational cannabis became legal in Canada on 17 October, in a move that is expected to raise $400 million a year for federal and provincial governments. Canada’s Prime Minister, Justin Trudeau, marketed the policy as taking profits away from organised crime and criminals: At the same time as Canada and nine

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