The Mad King of the East Coast Gas Cartel is up to her old tricks today: The Albanese government has given the green light to a new round of offshore gas exploration, consistent with its policy position that gas will be needed for several more decades to firm renewables during the energy transition, and enable
The Reserve Bank of Inflation Island is not happy: Rapidly rising building costs are keeping inflation in Australia higher than overseas, Reserve Bank of Australia governor Michele Bullock has warned, as the economy enters a “difficult” stage where demand remains too hot. “We’re not seeing the same progress [on inflation] as overseas,” she told an
Federal Housing Minister Julie Collins continues to lie about the housing crisis and blame the former Coalition government. According to Collins, Australia “doesn’t have enough homes and hasn’t for a long time”. “For a long time, we haven’t been building the homes that Australia needs and the former government wasted a decade in office while these
The latest employment report from Seek showed that the number of applicants per job ad surged by 3.0% in May (latest available) to be up 61.6% over the year: The surge in applicants per job ad follows a sharp softening in the number of job ads combined with strong labour supply courtesy of historically high
DXY was flat night: AUD was flogged again: North Asia is bifurcating with JPY up and CNY down: Oil down: Commodities down: Miners at the cliff’s edge: EM is fine: Junk is fine: The curve bull steepened: Stocks faded: The tactical future of the AUD lies in the US with the election and Fed cuts.
The Market Ear peers inside the correction. Anatomy of a semis pullback This chart shows Semis drawdowns relative to the S&P500. Outside of big fundamental / risk-off episodes (Fall’22), most ‘pulbacks’ are in the ~10% range +/-relative to the S&P (2021, 2H’23, 1H’24)….BUY BUY BUY….? GS Just another violent pullback On Semis, JPM TMT specialist
Chinese property sales are going nowhere: All cities down: Marginal progress on inventory: Completions down but not out: It’s all coming from the top: Chinese economists say they can’t tell whether their proposals are being heeded, with officials mostly nodding and taking notes in meetings, the people added. Comments from prominent analysts are deemed noise
It had to happen and it is. SGX iron ore futures cracked yesterday: Mad Dalian broke support: Coking coal is in the bottomless pit: It ain’t complex: Iron ore crumbled below $100 a ton as a policy meeting in China failed to deliver major stimulus, while supplies stayed strong. We still have the Poliburo meeting over
The Judo Bank flash PMI is pulling back but hardly swiftly. Flash Australia Composite PMI Output Index: 50.2 (June: 50.7), 6-month low Flash Australia Services PMI Business Activity Index: 50.8 (June: 51.2), 6-month low Flash Australia Manufacturing PMI Output Index: 46.3 (June: 46.8), 4-month low Flash Australia Manufacturing PMI: 47.4 (June: 47.2), 2-month high Business
Tech stock earnings dominated the risk flow overnight, leaving Wall Street with a flat finish while a surging German DAX was the only thing keeping European shares afloat as Euro and other major currency pairs fell back further under the weight of a stronger USD. All but Yen of course which continues to appreciate while