Articles from MacroBusiness

Daily iron ore price update (smashed)

Iron ore prices for August 15, 2018: Spot down. Paper caught contagion overnight. Steel is fine. At some stage in the next three months we’re going to see a goodly selloff. The question now is will that be a buying opportunity for 2019 as Chinese stimulus pours in or the beginning of the end for

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How much longer can China keep building ghost cities?

With the news yesterday confirming that Chinese property markets are again off to the races: Let’s ask the trillion dollar question: how long can they keep building ghosts cities? The answer comes in two parts. The first might upset a few readers because the answer is “forever”. Or, at least as long as they want

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Links 16 August 2018

Global Macro / Markets / Investing: Tesla Directors Do Damage Control After Elon Musk Tweets – NY Times Goldman Sachs Had No Mandate When Musk Tweeted – Bloomberg ‘Mega-Round’ Investors Shower Start-Ups With Millions – NY Times Cryptocurrency Market Plumbs New Depths in 2018 – WSJ The biggest policy mistake of the last decade –

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Macro Afternoon

The reversal in mood has been short lived with a big selloff in Chinese stocks leading the region down, with only Australian shares not joining in. Although the Turkish Lira is firming, with a positive Wall Street lead overnight and European stocks looking positive going into the open, the negative mood couldn’t be forestalled here

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Ministers for sale

By Leith van Onselen If you want a textbook example of everything that is wrong with Australian politics, look no further than this, via The AFR: Big four accounting and consulting firm PwC Australia is hosting a full-day, $12,500 a head, fundraising event for the Liberal Party at its Sydney offices where guests can “nominate

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HIA: housing starts to fall 15% over 3 years

By Leith van Onselen Last month, BIS Oxford Economics projected that housing starts will fall 22% from 2018’s estimated figure of 219,000 to 171,350 in 2020. Today, the Housing Industry Association (HIA) has updated its housing starts forecasts, projecting a smaller 15% fall over three years: “The fall in house prices will dampen demand for new

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Buy Coles, short Wesfarmers

Some thin-sliced Chanticleer today: …perhaps the best supporting evidence for Scott’s big Coles spin-off comes when you examine the returns on capital each division of this conglomerate is producing. At Bunnings, which will officially be crowned the flagship of the Wesfarmers fleet after the Coles demerger, return on capital was a staggering 49.4 per cent, up from 41.8

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Aussie energy future born in Whyalla

It may come as a shock but the former One Steel/Arrium dog is now the birthplace of the Australian energy future, via the AFR: British billionaire Sanjeev Gupta expects to begin construction of the Cultana solar energy project which encompasses 780,000 solar panels near the revived Whyalla steelworks early in 2019 as part of a broader $1.37

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NSW Parliament passes weak Airbnb legislation

By Leith van Onselen The NSW Legislative Council last night passed the Fair Trading Amendment (Short-Term Rental Accommodation) Bill 2018. The Hansard transcript of the debate can be found (introduction) here and (arguments) here. The new rules are summarised by 7News: Under the policy, anyone who commits two serious breaches of the code within two

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Australian dollar breaks, ASX hits new high

AUD breaks again: Mid-71s looming as crucial support. Long bond yields are falling too as wages go precisely nowhere: ASX lovin’ it: Dalian is sniffing at those Chinese house prices: Big Iron is down anyway: Big Gas looks toppy: Big Gold is in trouble as DXY powers: Big Mortgage is enjoying falling yields but CBA

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