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Westpac leading index points to more recession

October 21, 2020 - 11:10 -- Admin

The new and improved bullish Bill Evans returns this morning: • The six-month annualised growth rate in the WestpacMelbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, rose from –2.28% in August to –0.48% in September. Momentum continues to show a significant

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Can a digital EUR challenge USD reserve?

October 21, 2020 - 11:00 -- Admin

Corss-posted from FTAlphaville: A European Central Bank research paper on the feasibility of the digital euro has garnered a lot of attention over the past couple of weeks. It would, as the FT’s Martin Sandbu writes here, appear as though the writing is on the wall and the eurozone will launch its own central bank-backed digital currency in

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Women turn on dirty Virgin Premier

October 21, 2020 - 10:40 -- Admin

Via Crikey’s Janine Perret yesterday: Any lingering doubts about Gladys Berejiklian’s judgment were put to rest yesterday after a sleazy interview with shock jock Kyle Sandilands. She obviously has none. Forget her political acumen over corruption allegations, or even her personal life choices — she’s now appears to be lacking even basic common sense as

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Australia’s fake left press contracts Murdoch Derangement Syndrome

October 21, 2020 - 10:20 -- Admin

It is a long-held tradition in independent media to despise the Murdoch Press. I have, myself, pioneered several mastheads at The Diplomat and MB in part designed to attack Murdoch’s legacy. It is true across other independent outfits as well. At Crikey and The Conversation, Murdoch hatred is a religion, for instance. But it is

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NSW stamp duty receipts lift on property rebound

October 21, 2020 - 10:00 -- Admin

According to the NSW Office of State Revenue, stamp duty receipts have shrugged off COVID-19, returning to growth. Annual stamp duty receipts rose for five consecutive months to September and have now risen 1.6% above the previous April peak: It’s a similar story for property transfers, which have also risen for five consecutive months and

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No spring launch for Aussie property listings

October 21, 2020 - 09:40 -- Admin

Earlier this month, SQM Research released its stock on market report for September, which revealed that for sale listings nationally declined by 1.2% over the month and by 7.4% year-on-year: CoreLogic’s latest Housing Market Update supports SQM’s data, showing all regions except Perth recorded falling new and total listings in the year to September: The next

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Daily iron ore price update (BTFD turn STFR)

October 21, 2020 - 09:00 -- Admin

Iron ore prices for October 20, 2020: Spot stable. Paper too. Chinese property sales remain questionable: The big news is Vale and it’s not good for prices: Here’s the production resumption timetable: That’s production increases of: 6mtpa more this year. 23mtpa in H1,21. 34mtpa in 2022. 17mtpa in 2023 20mtpa in 2024. 100mt over 2.5

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Depressionberg Unstimulus crashes jobs market

October 21, 2020 - 09:00 -- Admin

So says The New Daily: The Coalition says the economic recovery from COVID-19 is already underway and strong enough to withstand cuts to income support. But the latest data suggests the gamble might not pay off. “What we’re seeing in the figures is primarily JobKeeper-related. It’s people who were considered employed under JobKeeper but now

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Macro Morning

October 21, 2020 - 09:00 -- Admin

With less than two weeks to go until the US elections, risk markets are still swayed by any hopium around a further stimulus package from Congress, with further talks overnight pushing markets and then post-close futures this morning. Wall Street notionally closed higher but has slumped again this morning. Commodities have lifted however on the

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Looks like February 2020 and the Australian dollar is vulnerable

October 21, 2020 - 07:50 -- Admin

DXY was weak last night, EUR and CNY strong: But the Australian dollar was notably weak anyway: Gold is parked in neutral: Oil too: Metals went a bit silly: Miners bounced: EM stocks too: Junk is OK: Treasury curve keeps on steepening vis blue wave: Stocks tried but largely failed to rally: Westpac has the

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