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It’s time to move beyond GDP and focus on wellbeing

February 21, 2018 - 09:00 -- Admin

By Leith van Onselen New Zealand’s Labour-led coalition government plans to be the first in the world to measure its success against how it does socially, culturally and environmentally, rather than relying on GDP – a rather useless measure that most economists and policy makers focus on. From By the 2019 Budget, it would

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Stocks choke on stronger US dollar

February 21, 2018 - 07:57 -- Admin

DXY bounced lats night and suddenly has a potential double-bottom in place: AUD was weak against DMs: And mixed against EMs: Gold was whacked: Oil too: Base metals rolled: Big miners got hosed: EM stocks too: And junk: Treasuries sold and curve flattened: Same for Bunds: European stocks rallied but US fell: Nothing much on

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Global synchronised growth…except Straya…

February 21, 2018 - 00:25 -- Admin

JPMorgan’s Sally Auld did a terrific job of flushing the Great Southern Dunny yesterday: Introduction One of our key research themes for 2017-2018 has been the persistent desynchronization of the Australian economy from global growth dynamics. We first addressed this issue in a research piece last year (see Managing reflation expectations in Australia, S. Auld and

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Another ANU immigration booster emerges

February 21, 2018 - 00:21 -- Admin

By Leith van Onselen MB has noted a number times the curious transformation of leading immigration spruiker, ANU’s Professor Peter McDonald, from population hawk to dove. McDonald co-authored a 1999 federal parliamentary research paper, entitled “Population Futures for Australia: the Policy Alternatives”, in which he explicitly noted that it is “demographic nonsense to believe that immigration can help to keep

Societe General: Australian dollar up and away!

February 21, 2018 - 00:20 -- Admin

Via Soc Gen: Familiar FX/rate/volatility correlations are failing as the global economy moves out of the post-financial-crisis phase of absurdly cheap money. The combination of rising US yields, rising equities and a falling dollar reflects a more synchronised global recovery that is luring money away from the dollar, something we last saw for a sustained

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Sydney’s housing downturn confirmed by rental data

February 21, 2018 - 00:12 -- Admin

By Leith van Onselen SQM Research has released its rental vacancy series for January, which revealed a 0.2% fall in the national vacancy rate over the month and a 0.2% decline over the year: Over the year, decreases in vacancies were recorded in Adelaide (-0.4%), Perth (-0.7%), Melbourne (-0.1%), Canberra (-0.1%), Darwin (-0.6%), and Hobart

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Links 21 February 2018

February 21, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Just a Little More Inflation Could Rock Bonds – Bloomberg Bitcoin Thieves Threaten Real Violence for Virtual Currencies – NY Times Boom Turns to Bust for Millennials Across Advanced Economies – Bloomberg Hedge Funds Turn Short on Tech Just as Stock Rally Takes Off – Bloomberg Coinbase Runs From

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Macro Afternoon

February 20, 2018 - 16:34 -- Admin

The poor showing in European stocks overnight has led to a mild selloff on Asian stock markets, not helped by the still closed Chinese bourses. The USD slipped against the Aussie dollar on the release of the latest RBA minutes but the Yen weakened, however it did not help Japanese stocks as expected. Caution is

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Super Group joins the retail rout

February 20, 2018 - 13:53 -- Admin

Via AFR: Shares in Super Retail Group slumped 15 per cent on Tuesday as weaker than expected first-half profit and full-year guidance compounded doubts over the $135 million acquisition of adventure wear retailer Macpac. Super Retail Group, which owns  Rebel Sport, Super Cheap Auto, BCF and Rays, confirmed the acquisition of New Zealand-based Macpac after reporting a disappointing 3 per cent fall in December-half net