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Global fundies get bullish (sort of)

July 18, 2019 - 10:00 -- Admin

Via BofAML: The BofAML July Global Fund Manager Survey The nut: dovish Fed & trade truce have caused investors to reduce cash and add risk; but expectations of EPS recession & debt deflation still dominate FMS investor sentiment and the summer “pain trade” remains up in stocks & yields; note since the uber-bearish June FMS,

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Housing Minister: Do buy now!

July 18, 2019 - 09:45 -- Admin

For a long time MB campaigned for a national Housing Minister to address affordability. Careful what you wish for, via The Australian: Housing Minister Michael Sukkar has urged first-home buyers to try to snap up a property now, ahead of the government’s signature loan deposit scheme starting next year, warning that housing prices are likely

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Welcome to Slavestralia

July 18, 2019 - 09:30 -- Admin

At Domain: Staff at a restaurant in Chinatown were paid as little as $5 an hour, slept on milk crates in the kitchen and were sacked via social media, according to a complaint to the workplace watchdog. A union has alleged to the Fair Work Ombudsman that Hochi Mama workers were underpaid by thousands of

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CPC foghorn threatens Aussie LNG exports

July 18, 2019 - 09:15 -- Admin

Via the Global Times, Communist Party of China foghorn: The progress and functioning of Russia’s Power of Siberia pipeline could be a bad omen for Australian liquefied natural gas (LNG) exports despite record volumes recorded in recent months. Chinese state-owned oil major China National Petroleum Corp (CNPC) and Russia’s Gazprom agreed on certain details about

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Macro Morning

July 18, 2019 - 09:00 -- Admin

By Chris Becker  The US earnings season is putting several headwinds in the way of an ever-rising stock market with US bourses falling overnight in disappointment. European markets fell as well as the prospect of a hard Brexit becomes more likely, with Treasury yields falling again in response. Looking at the action in Asia yesterday

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Daily iron ore price update (Hedland hurl)

July 18, 2019 - 09:00 -- Admin

Reuters has the wrap: The most-active DCE iron ore contract closed down 1.2% at 899.5 yuan a ton, while the rest of China’s ferrous complex edged higher. “You may see some correction today, or maybe tomorrow, but generally speaking, the uptrend is intact, with demand still supporting the prices,” a Shanghai-based trader said. China’s government

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Australian dollar falls as global stocks tank

July 18, 2019 - 07:26 -- Admin

DXY eased last night as CNY and EUR firmed: The Australian dollar was down across the board: Gold jumped: Oil was bashed again: Metals are amusing: Miners were soft: EM stocks are stalled: Junk was mixed: Treasuries big bigly: Bunds biggerer: And Aussie bonds: Stocks were hit as earnings were crapola: Westpac has the wrap:

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Will a current account surplus rip the Australian dollar higher?

July 18, 2019 - 05:28 -- Admin

Via New York fundie Exante: Australia is standing out globally. The improvement in the current account is extreme when the positions of other countries such as Korea are collapsing in the wrong direction. There are some internal economic weaknesses and everyone is focusing in the RBA but underneath the surface this improvement in flows could

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Foreign property buyers bounce off the lows

July 18, 2019 - 00:16 -- Admin

Via NAB: The trend decline in foreign buyers of Australian residential property over 2018 and into early-2019 can be attributed largely to the crackdown on capital outflows in China in recent years and to local state government charges on foreign buyers and stricter lending limits by Australian institutions. But this trend reversed in Q2 with

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NSW stamp duty crash deepens

July 18, 2019 - 00:10 -- Admin

The NSW Office of State Revenue has released stamp duty data to June, which reveals a massive $1.65 billion (24%) decline over the past year and a $2.3 billion (31%) decline since stamp duty receipts peaked in October 2017: The latest retracement in stamp duty receipts follows a sharp 23% decline in property transfers in

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