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RBA throws another economist under the deflation bus

February 14, 2019 - 10:00 -- Admin

By Leith van Onselen With Australia’s consumer economy facing massive headwinds from the plummeting housing market and the likely reversal in the household savings rate: The RBA’s head of economic analysis, Alexandra Heath, has reached once more for the wage growth unicorn, claiming that rising wages growth will offset any fall in household consumption. From The

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One Nation implodes

February 14, 2019 - 09:45 -- Admin

Via The Guardian: The former One Nation senator Brian Burston has denied allegations that he sexually harassed a staff member and retaliated against Pauline Hanson, his former leader, by accusing her of making unwanted advances towards him. After Hanson used a speech in the Senate on Tuesday night to accuse an unnamed senator of “serious

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Macro Morning

February 14, 2019 - 09:33 -- Admin

By Chris Becker  Risk markets are still floating along on a positive sentiment vibe while the USD reversed course overnight, surging against the majors and knocking gold back to its lowest level in two weeks. Treasury yields continue to climb, now above 2.71% as the latest CPI print came in a little hotter than expected.

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Recessionberg tightens Hayne screw with new review

February 14, 2019 - 09:30 -- Admin

If you thought the banks were about release the spiggot on credit think again, via the AFR: The federal government has told the banks and regulators there will be a fresh industry inquiry in three years to ensure they have improved their behaviour and are treating customers better. Treasurer Josh Frydenberg wrote this week to

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Daily iron ore price update (cautious calm)

February 14, 2019 - 09:15 -- Admin

Iron ore prices for February 13, 2019: Everything down but easing. Who knows where we go next in the short term? So long as there are no more Vale shocks then I’d expect material downside over the next three months but that’s in the lap of the mining gods now.

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Australian dollar pumps and dumps as Europe tumbles

February 14, 2019 - 09:00 -- Admin

DXY was strong again last night as EUR puked lower: The Australian dollar was bashed back into place versus the USD but did better against other DMs: And EMs: Gold sagged: Not oil: Base metals remain worried: Big miners are not: EM stocks fell: Junk did better: Treasuries were hosed: Bunds too: Stocks added modest

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Mortgage crash signals heavy house price falls ahead

February 14, 2019 - 00:20 -- Admin

By Leith van Onselen Tuesday’s Lending to households and businesses release from the ABS revealed that total mortgage lending (excluding refinancings) tanked by 10.1% in the 2018 calendar year in rolling annual terms, driven by an epic 23.6% crash in investor commitments, whereas owner-occupied commitments fell by a more moderate 3.2%: As shown above, annual investor

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China delivers Aussie property death knell

February 14, 2019 - 00:19 -- Admin

This is not good. Via the AFR: China has introduced jail terms for operators of “underground banks” illegally helping tens of thousands of its citizens transfer money out of the country to buy property overseas, in a move developers warn is a big blow to Australia’s real estate market. China’s Supreme Court quietly introduced stiff

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Scummo bets his government on second September 11

February 14, 2019 - 00:10 -- Admin

From John Hewson at Domain, who keeps heading Scummo off at the pass: Scott Morrison is attempting to create some electoral victory from the jaws of his historic parliamentary defeat by launching a scare campaign being headlined as “Blame Shorten for boats”. Clearly, if any boats do arrive between now and the May election, the

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Links 14 February 2019

February 14, 2019 - 00:01 -- Admin

Global Macro / Markets / Investing: Wealth Inequality Is Way Worse Than You Think, And Tax Havens Play A Big Role – Forbes Bill Gates tweeted out a chart and sparked a huge debate about global poverty – VOX A hedge fund’s ‘mercenary’ strategy: Buy newspapers, slash jobs, sell the buildings – Washington Post Bill

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