Anyone who has read this site for any length of time knows that there are stages in every iron ore cycle that repeat like clockwork. Today we are entering the “cocounts” stage in which the equity market ignores the bleeding obvious in the ongoing collapse of iron ore prices. Shanghai rebar has broken seven-year support
I’ve been saying watch out below for sometime now and here we have it as the NASDAQ suffers its worst one day loss in over two years as Tesla and other tech stock earnings underperformed to say the least. The rest of Wall Street flopped as well with European shares taking a hit as Euro
Young Sydneysiders have no housing future. The city’s median house price has passed $1.6 million, according to Domain: As a result, it will take a typical single school leaver 46 years to save a 20% deposit on a median Sydney house, according to Finder: To nobody’s surprise, a new study from the University of
DXY is holding: AUD was smoked again: JPY is confirming risk off: Oil and gold held: Copper bull oh dear: Big miners are in all sorts: EM false break: Junk still happy with fundamentals: The curve steepened: Stock were smashed: Charlie McElligott has a good read through on the price action: Risk sentiment remains fragile,
Canadian unemployment is climbing sharply as labour supply piles up amid a deteriorating economy. Canada’s official unemployment rate jumped to 6.4% in June, the highest level (outside the pandemic shock) in almost seven years. The unemployment rate has jumped by 1.0 from a year ago and by 1.6% from the cycle low —an increase typically
Albo is the perfect prophylactic and Australia has stopped breeding. KPMG: KPMG Australia analysis shows the country is in the midst of a baby recession as births across the country fall by 4.6 per cent year on year. The number of births in 2023 was the lowest since 2006 as cost-of-living pressures impact the feasibility
Asian share markets all finished in the red as overnight signalling from risk markets continues to provide a sour mood across the complex. US politics continued to dominate risk taking, with Wall Street pulling back overnight as European shares look equally shaky. The USD remains strong against the majors except Yen which continues to appreciate
Last week’s benign Q2 CPI print has New Zealand’s economists urging the Reserve Bank to commence an interest rate easing cycle. New Zealand’s economy is experiencing its heaviest economic contraction in decades. Real per capita GDP fell for six consecutive quarters to Q1, down 4.3% from the late 2022 peak. That decline was larger than
The Penington Institute’s CEO, John Ryan, says cannabis has become an integral part of the criminal economy, and he contends that the drug is a health problem rather than a law and order problem. “It’s shocking … how integrated it is to criminal networks. It’s an own goal for us. Police are already really busy.
CBA senior economist Belinda Allen has written up an interesting analysis of spending habits by CBA customers over the 2023-24 financial year. The analysis shows that lower-income renting households have been the most negatively impacted by the rising cost of living and have slowed spending the most. On the income side, the average CBA household’s