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ASX bath of blood drains into bank rip

May 27, 2020 - 12:43 -- Admin

The Australian dollar is pulling back a little from the overnight surge: Bonds are firm: XJO is holding: Underneath the bonnet, however, there is considerable action. Big Iron is copping it: Big Gas marches on: Big Gold is bashed: But Big Banks have launched as Australia’s virus victory percolates: The financials index has very a

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Sailing barley ships show limits of Chinese power

May 27, 2020 - 12:40 -- Admin

Via The Australian: Australian barley on its way to China has been diverted mid route to Japan and the United Arab Emirates following China’s decision to impose punitive trade tariffs on the grain. Four ships carrying Australian barley have changed course or cargo after rising trade tensions led to China — Australia’s biggest barley buyer

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ScoMo: No extension to JobKeeper

May 27, 2020 - 12:20 -- Admin

Speaking to Sky News this morning, Prime Minister Scott Morrison pushed back against union calls to extend JobKeeper payments beyond its legislated late-September expiry date: “These are temporary measures and it is important that we get the economy out of ICU as quickly as we can. we can’t have Australians living on borrowed money for

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Australian construction work fell in Q1

May 27, 2020 - 12:05 -- Admin

The ABS has released data on the value of construction work done for the March quarter of 2020, which registered another 1.0% seasonally-adjusted decline in total construction activity over the quarter – the seventh consecutive quarterly decline – and a 6.5% decrease over the year: However, the result beat analysts’ expectations of a 1.5% decline

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Scomoprime brims over

May 27, 2020 - 12:00 -- Admin

Via Banking Day: Demand for guarantees under the Morrison Government’s First Home Loan Deposit Scheme now exceeds capacity after the limit of 10,000 borrower reservations was reached last week. Data collated by the National Housing Finance and Investment Corporation – the government agency tasked with managing the program – show that 5,500 guarantees have been

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UBS: Consumers ready to spend, borrow

May 27, 2020 - 11:40 -- Admin

Via the excellent George Tharenou: JobKeeper revised down materially from 6.5mn to 3.5mn = $60bn less spending Australian authorities found reporting errors which saw the number of people on JobKeeper revised materially down from 6.5mn to 2.9mn. The expected peak was also cut sharply from 6.0mn to 3.5mn; reducing the fiscal cost by $60bn, from $130bn

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Sydney becomes “biggest tenants market in 20 years”

May 27, 2020 - 11:20 -- Admin

If you’re looking for a new rental property now could be the time to upgrade to that waterfront view, with prices across the city suffering from a ‘covid-crunch’. @RuthWW #9News — Nine News Sydney (@9NewsSyd) May 24, 2020 Speaking to Nine News, SQM Research’s managing director, Louis Christopher, describes Sydney’s rental market as “very

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China recovery inches up

May 27, 2020 - 11:00 -- Admin

China recovery inches up, via Capital Economics: Empty apartments are back!

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Working from home will kill CBDs. And that’s a good thing

May 27, 2020 - 10:40 -- Admin

Robert Gottliebsen has warned that the shift to working from home (WFH) could suck the life out of Australia’s CBDs. Gottliebsen claims the nation’s CBDs and their valuable infrastructure will stagnate if some semblance of normal working activity does not resume. He also argues that WFH leads to much less personal interaction, makes it harder

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Supply side inflation easing

May 27, 2020 - 10:20 -- Admin

Via the excellent Damien Boey at Credit Suisse: Activity bottoming out. May purchasing managers indices (PMIs) for Australia and major economies reveal a bottoming out process in train. PMIs everywhere are rising sharply off their historical lows. To be sure, PMIs are diffusion indices, meaning that their level corresponds with a rate of change in activity, and sufficiently high readings are necessary to

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