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CBA Flash PMI edges up but sends big warning

April 18, 2019 - 10:13 -- Admin

Via the CBA Flash PMI: The Commonwealth Bank Flash Services Business Activity Index is designed to provide a timely indication of changes in business activity in the Australian service sector economy as a whole. Readings above 50.0 signal an improvement in business activity on the previous month, while readings below 50.0 show deterioration. Services business

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ABC 7.30 Report does negative mortgage equity

April 18, 2019 - 10:00 -- Admin

Digital Finance Analytics’ principal analyst, Martin North, appeared on the 7.30 Report last night where he and Stephen Koukoulas (‘The Kouk’) debated the threat of negative equity as Aussie house prices fall: New data from Digital Finance Analytics has revealed there are 3,900 households in this post code, where the owner has a mortgage higher

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More Chinese stimulus coming

April 18, 2019 - 09:45 -- Admin

Via Bloomie: Officials are drafting measures to bolster sales of cars and electronics, according to people familiar with the matter, who asked not to be named because they aren’t authorized to discuss the plan. That news coincided with data showing a 6.4 percent year-on-year expansion in the first quarter — beating economists’ estimates. China’s latest

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Scummo losing the tax debate

April 18, 2019 - 09:30 -- Admin

The world’s most boring election continues. Via The Australian comes the cost carbon mitigation: Australian businesses could be forced to spend more than $25 billion on international carbon credits to meet Labor’s 45 per cent emissions reduction targets by 2030, jeopardising one of Bill Shorten’s fundamental election pillars, which he declared would have no cost to

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Daily iron ore price update (falls ahead)

April 18, 2019 - 09:15 -- Admin

Iron ore prices for April 17, 2019:    Spot spanked on Brucutu. Paper more. Steel solid. Port stocks are climbing, 149mt last week, suggesting no shortage or ore. We might see some price strength as mills restock a little longer but the clear risk now is more price falls moving into May/June which is a

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Australian dollar still bid on Chinese stimulus

April 18, 2019 - 09:00 -- Admin

DXY was down last night with EUR and CNY up: AUD is still warm versus DMs: Mixed against EMs: Gold is struggling. I’m turning more favourable: Oil eased: Copper wants to chase Chinese stimulus: Big miners were soft as iron ore fell: Em stocks are grinding higher: Junk fell: Treasuries were bid: Bunds sold: Aussie

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Macro Morning

April 18, 2019 - 08:30 -- Admin

By Chris Becker  Another mixed session on stocks overnight with European bourses advancing again while Wall Street stalled due to a drop in health care stocks from the “Mediscare for all” and a slump in oil prices. The USD firmed slightly against the undollars, particularly gold which made another new daily low while CPI prints

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RBA’s dodgy negative equity analysis

April 18, 2019 - 00:16 -- Admin

Via the excellent Damien Boey at Credit Suisse: We think that the RBA will cut rates, probably in 2H. For further discussion of this view, please see our recent article “Can you feel the tension at the RBA” dated 20 March 2019. But we also think that officials are thinking about monetary policy with reference

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Australia faces increasing competition for international students

April 18, 2019 - 00:15 -- Admin

By Leith van Onselen While Australia may currently be a preferred destination for international students, as evidenced by nearly half a million student visas on issue at the end of 2018: Competition for international students is heating-up, both from competitor countries and the source nations. For example, the Canadian Government is planning to expand its

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Solving the RBA’s employment puzzle

April 18, 2019 - 00:14 -- Admin

Via Bill Evans at Westpac: The minutes of the April monetary policy meeting of the Reserve Bank Board have provided the clearest signal yet that the Bank would be prepared to cut the cash rate. Firstly, the final section “Considerations for Monetary Policy” states “a lower level of interest rates could still be expected to

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