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Scummo’s to leave Straya half-pregnant on Jerusalem

December 11, 2018 - 10:30 -- Admin

Via The Australian: The Morrison government is expect­ed to formally recognise Jerusalem as Israel’s legitimate capital following a cabinet meeting today, but may delay the ­relocation of Australia’s embassy from Tel Aviv. Senior government sources have confirmed a final decision was made by cabinet’s national securi­ty committee last night. It is believed the option favoured

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The future does not belong to emerging markets

December 11, 2018 - 10:15 -- Admin

Via Capital Economics: The conventional view of the long-term prospects for the global economy can be summarised as: EMs good, DMs bad. Like most things, however, we suspect that the conventional view is likely to be wrong. Last week we published our first Long Term Global Economic Outlook, which sets out forecasts for the major

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King energy wrecker whinges about wreckage

December 11, 2018 - 10:00 -- Admin

Via the AFR comes Australia’s BCA head and chief energy wrecker, Grant King: “In the last four terms of parliament, two under Labor and two under Coalition governments, we have lurched from one extreme to the other in terms of policy outcomes,” Mr King said on Monday night. “The most recent idea from government has been

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What crashed the ASX?

December 11, 2018 - 09:45 -- Admin

The Australian says: Escalating China-US trade tensions pummelled the Australian sharemarket yesterday, pushing the local bourse to record its third $35 billion-plus wipe-out in as many months. The benchmark S&P/ASX 200 index took a 129-point, or 2.27 per cent, dive to 5552.5 points, its lowest level since December 2016 and just shy of a two-year

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Goldman: Australian dollar to 75 cents

December 11, 2018 - 09:30 -- Admin

Via Goldman: AUD/USD has had a round trip since the G20 meeting last weekend, initially rallying on the US-China ‘truce’ before falling on weaker GDP data and perceived dovishness from the RBA Deputy Governor Debelle. In our view, Deputy Governor Debelle’s comment that although the next move is likely a hike “there is still scope

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Markets shift less short Australian dollar

December 11, 2018 - 09:15 -- Admin

DXY rebounded last night. CNY and EUR were weak: AUD lifted a little versus DMs: CFTC was out late and showed another small draw in shorts to -50.8k: And was mixed against EMs: Gold held its gains: Oil dumped again. It requires US output to slow: Base metals were weak: And big miners: EM stocks

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Macro Morning

December 11, 2018 - 09:03 -- Admin

By Chris Becker After a solid session of selling in Asia yesterday, European stock markets lost all their confidence later in the session as PM Theresa May lost her bolt on the Brexit vote, sending Pound Sterling down to a new low for the year. US stocks surprisingly came back strongly in the second half

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Daily iron ore price update (steel break)

December 11, 2018 - 08:59 -- Admin

Iron ore price charts for December 10, 2018: Spot down. Paper stable. Steel is breaking down. Mills margins will stay under pressure and it will hit bulks once past the new year restock.

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LvO talks per capita economy, immigration on Radio 2GB

December 11, 2018 - 08:45 -- Admin

This morning I spoke to Radio 2GB’s Luke Grant on Australia’s per capita economy and immigration’s impact, tearing apart the Property Council’s latest dodgy modelling claiming that NSW’s economy would be smashed if immigration into the state was halved. The interview begins 13.30 and ends at 24.20. Enjoy!

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Stink! AFR throws haymaker at MB for RBA

December 11, 2018 - 00:20 -- Admin

Via Jonathon Shapiro at the AFR late yesterday: Housing bears are famous for hearing what they want to hear. And last week, Reserve Bank assistant governor Guy Debelle made it very easy when he dared to suggest that “quantitative easing” was a policy option. For the bears, who appear to be revelling in each set of weak auction

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