Asian stocks are lower across the board without a lead from Wall Street that was closed overnight and in response to some PBOC bond shenanigans while currency markets were somewhat subdued as we all await for tonight’s NFP print. The Australian dollar remained below the 62 cent level as interest rate cut predictions continue to
Westpac says maybe. Retail sales posted another solid rise in November, up 0.8%mth. While annual growth is at 3.0%yr, nominal sales have tracked a 6% annual pace since April. Black Friday sales provided a clear boost to non food sectors. The November result likely understates this boost given the later timing of the event in
Goldman with the note. We estimate nonfarm payrolls rose by 125k in December, below consensus of+165k and the three-month average of +173k. Alternative measures of employment growth generally indicated a sequentially slower pace of jobcreation, and we estimate a seasonal headwind of roughly 50k. We estimate that the unemployment rate edged up to 4.3%, above
If there is a more intellectually bankrupt political force in Australia than the Fake Left, I have yet to find it. On the one hand, The Greens, Labor and their media cheerleaders demand ever-higher immigration while complaining about the direct fallout from it. It could take almost a decade for the average Victorian renter who
Chinese inflation has turned into a game of Where’s Wally? See if you can find him in the CPI. There’s a little pulse in the homewares section, which is being driven by stimulus trade-ins. Otherwise, Wally is dead. It’s much the same in the PPI. A tsunami of Chinese deflation is headed worldwide via goods
The gas import catastrophe begins this year. The chief executive of the country’s most advanced LNG import venture has rejected findings by the competition watchdog that gas consumers in southern states will be slugged with higher prices as they start to rely on imported fuel as early as 2026. …“We strongly reject the assumption that
The past 20 years have seen a proliferation of cafes around Australia. When I moved to the Melbourne suburb of Ashburton in 2006, there were only a few cafes on the High Street shopping strip. In the years leading up to the pandemic, the number of cafes on or near the High Street strip increased
CoreLogic’s head of research, Eliza Owen, published a report on Australia’s housing market, arguing that record low affordability is behind the nascent correction in values. “Home values and interest rates are too high for buyers”, Owen wrote. “Housing demand has slowed amid a growing gap between income, borrowing capacity, and home values, exacerbated by slowing
DXY is still poised for higher. AUD is now trading in the 61s. CNY was smashed by deflation. Gold is marking time. Oil has lost its mojo. Copper pop! Miner not! EM cactus. Junk is weighing everything down. As the yield bear steepening continues. Stocks were shut. Check this out. The Chinese long-bond yield is
Wall Street was closed for President Carter’s funeral with risk markets in a hold as we await tonight’s US non-farm payroll aka unemployment print which will shape the rest of January’s risk taking mood. No one is willing to bet against USD at the moment as it holds strong against almost all the undollars with