Wall Street was closed overnight, while the USD remained weak against the major currencies on firming expectations of a slower pace of Fed rate rises. Euro remained at a monthly high above the 1.04 level as the Australian dollar advanced but is still shy of the recent weekly high. The action on bond markets was
Here is the truth about not having enough gas to use as your decarbonisation transitional fuel: South Australian households and businesses will foot a $20 million bill to prevent AGL Energy from closing part of the state’s biggest power station next year, and instead run it for another three years to stave off electricity shortages.
In question time on Wednesday, Immigration Minister Andrew Giles boasted how the Albanese Government was remedying “a decade of cruelty and a decade of neglect” from the former Coalition Government and had processed 3.4 million visa applications since June. Giles also promised that the contrived “one million visa backlog” would be reduced to 600,000 by
CoreLogic’s daily dwelling values index, which measures home price changes across the five major capital city markets, declined by 0.23% in the week ended 24 November. This was the 29th consecutive weekly decline in dwelling values. The decline in dwelling values was again led by Brisbane (-0.54%), Sydney (-0.24%) and Melbourne (-0.14%), whereas Adelaide and
Global Macro / Markets / Investing: Jeff Bezos’s Charitable Giving Is Another Billionaire Scam – Jacobin Theranos Case — Elizabeth Holmes Sentenced to 135 Months in Prison for Fraud – Medium Credit Suisse forecasts $1.6bn loss as wealthy clients withdraw funds – FT Top economist Mohamed El-Erian says we’re not just headed for another recession,
Asian stock markets are broadly positive in response to the continued bounceback on Wall Street overnight with traders trying to look through the US Thanksgiving and Black Friday shenanigans. The USD remains weak against the currency majors from overnight where a softer than expected PMI print saw Euro and others surge against King Dollar, the
Independent economist Tony Alexander believes Wednesday’s 0.75% official cash rate increase by the Reserve Bank of New Zealand (RBNZ) will further “scare off” home buyers and will “exert some extra downward pressure on house prices”. Alexander, therefore, believes the “turning point” for New Zealand’s housing market has been pushed back from Autumn to Winter 2023. ___________________________________________________________________________________________
The latest polling from Roy Morgan Research suggests the Andrews Victorian Government will win a third term on Saturday, but with a reduced majority. The ALP on 55% (down 2% points since early November) has an election-winning lead over the L-NP Coalition on 45% (up 2% points), on a two-party preferred basis: The polling suggests
The Market Ear kicks us off. Summer squeeze set up continues to play out In mid October we pointed out that the set up was looking very similar to the summer squeeze set up (here and here). We have followed the trajectory well. We are still waiting for SPX to touch the 200 day moving
The Canberra Times’ Crispin Hull has taken the Albanese Government to task for opening the immigration floodgates, approving 600,000 visas a month since its election. Hull describes this rate of approval as “sausage-machine stuff which means applications cannot possibly be given the scrutiny they deserve”. As has come amid widespread reports of visa rorting and