From Bill Evans on assignment in Europe: Over the last two weeks I have visited policy makers; central banks; real money managers; hedge funds and corporates in Europe and London. Of course there have been a range of views but in this note I will try to draw out some of the more interesting and
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Via the AFR: A US recession could occur within the next two years according to former US bond trader Charlie Jamieson, who says the flattening of the bond yield curve is a signpost of possible trouble ahead. Speaking on a panel on global macro at Livewire Live 2018, Mr Jamieson, executive director at Jamieson Coote
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Man, this guy is bloody crooked, via The Australian: “My message to the retailers is unless they get prices down and they pick up their act, you will see more intervention because that is what the public will demand of their political leaders,” Mr Frydenberg told ABC Radio National. …Mr Frydenberg also lashed AGL specifically,
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By Leith van Onselen We wrote last week how home values have fallen fastest across the top 25% of properties by value. Now, CoreLogic has once again gone a step further and assessed home price growth across each decile, which confirms that values have fallen fastest at the premium end of the market: Across the
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By Chris Becker European stocks soared overnight as the Euro tumbled in the wake of the ECB meeting where Super Mario surprised all by announcing absolutely no rate rises for at least 12 months, most likely foreshadowing the next series of trade wars with the US. Wall Street did relatively well, although bank stocks continued
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Via The Australian: Labor’s policy to crack down on negative gearing and double capital gains tax is a “dog of a policy” that takes an axe to the housing market instead of a scalpel, the assistant treasurer says. Michael Sukkar told 2GB Radio this morning that a report on the policy measures by property consultants
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Via Domainfax: Banks would have to bluntly warn parents planning to guarantee their children’s business debts that they risk losing their home, and that many small businesses end up failing, under proposals to the royal commission. …However, the major banks are resisting further change, arguing current laws and the industry’s revamped code of conduct give
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By Leith van Onselen With the release this week of the ABS lending finance data for April, it’s an opportune time to once again chart how capital city house prices are tracking against both investor and total housing finance. As readers no doubt already know, housing finance has historically been strongly correlated with values, therefore
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Whoa! Karen Moley at the AFR awakes: Australian banks are being squeezed by higher borrowing costs as the US Federal Reserve accelerates its interest rate hikes and drains liquidity from global financial markets while the Hayne royal commission makes it difficult for them to raise home loan rates. …Analysts estimated that the spreads paid by
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EUR cratered last night and DXY took off: AUD was slammed against DMs: And weaker than EMs: Gold held on: Oil was flat: Base metals mixed: Big miners fell: EM stocks look ominously poised for lower: As EM junk leads the way down. Even worse for EM, US junk is recovering! US yields rose bu
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