By Leith van Onselen The Australian Bureau of Statistics (ABS) has released visitor arrivals and departures data for the month of April, which again posted turbo-charged net annual permanent and long-term arrivals. In the year to April 2018, there were 800,240 permanent and long-term arrivals into Australia – up 4% from April 2017 and an
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AUD is down through the morning: As DXY threatens breakout of an inverse head and shoulders bottom: Bonds are bid: XJO is down a little: But Big Iron is bashed (Dalian is shut): Big Gas is down: And Big Gold: Big Scum has caught a break as yields fall. This could be a tradable rally
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JPM runs a neat global bond curve index that is worth a mention: In particular, the yield spread between the 7-10 year minus the 1-3 year maturity buckets of our global government bond index (JPM GBI Broad bond index) shifted to negative territory this week for the first time since 2007. This can be seen in
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Via Domainfax: Opposition Leader Bill Shorten has warned that the Liberal Party would be “emboldened” by an election victory to sell the ABC, seizing on a Liberal policy vote on the weekend as a key issue at the federal byelections on July 28. The move came after cabinet ministers poured cold water on the idea
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Via The Guardian: Germany’s interior minister, Horst Seehofer, has signalled he is open to giving Angela Merkel more time to reach a deal with Germany’s EU partners over an asylum row that has threatened to bring down her government. As the German chancellor met leaders of her Christian Democratic Union (CDU) on Sunday in an
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Via the AFR: One Nation has declared it is not going to be a “lapdog” for the Turnbull government, sending an ominous warning as senior ministers concentrate their lobbying on Pauline Hanson to back its income and company tax cut packages during a frantic final fortnight of Parliament before the winter break and super Saturday
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The grey beards are in a near-panicked meltdown. Paul Kelly: The world has changed. Donald Trump and Kim Jong-un have substituted a diplomatic contest for military threats. Immediate signs suggest three winners: Trump, whose standing at home will rise after such narcissistic deal-making; Kim, whose tactical cunning has generated more options for North Korea; and
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Labor has a big problem, via Domainfax: Former Victorian premier John Brumby says diplomatic tensions between Canberra and Beijing need to be resolved or the Australian economy could face long-term damage, warning there is a particular danger of isolation if the United States and China ultimately settle their own economic and strategic differences. …”I think
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There is no end to it. Via The Australian: Oil giant ExxonMobil is considering a Victorian LNG import plant to replace rapidly declining Bass Strait gasfields, in a move that could draw in BHP to help build a floating terminal at less than half the cost of rival east coast gas import plans by AGL
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By Chris Becker Another interesting week on risk markets capped by a solid selloff in commodities on Friday night as the USD regained its strength. The international trade war is heating up, with the ECB somewhat ahead of the curve with its shock announcement of a defnitive hold in interest rate appreciation for at least
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