Blogotariat

Yesterday, Sydney’s housing correction hit a new milestone, with dwelling values down 9.0% from their mid-February peak according to the CoreLogic daily dwelling values index: As shown in the next chart, this is the second fastest correction in CoreLogic records dating back to 1980, behind the 1982-83 episode: However, Sydney’s current correction began slowly, only

The post Sydney house prices sink to new low appeared first on MacroBusiness.

Finding a formatting mess when I looked this up on Troppo, I’ve reposted it here for the record. I’m a bit embarrassed by my wooden speaking style.

Rather than import so many warm bodies to feed this bottomless pit, let’s export Gerry Harvey to China. He wants to go: There’s some laughter from Australian billionaire Gerry Harvey when he suggests that China’s one-party led dictatorship is a model Australia should aspire to if it wants to get things done. But there’s more

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Oil enjoyed a nice little pop last night as Vladimir Putin asked OPEC to fund his war: Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint said on Tuesday. The meeting will take place

The post Putin asks OPEC to fund his war appeared first on MacroBusiness.

Federal housing minister, Julie Collins, continues to wax lyrical about Labor’s housing and homelessness plan, claiming she is incredibly passionate about “making sure that more Australians have a safe place to call home”: Ms Collins said she was working with state and territory governments and the construction sector on the issues. Before the May election,

The post Labor’s housing and homelessness plan is a joke appeared first on MacroBusiness.

Retail trade for August is out and is still firm at 0.6% month-on-month and 19.2% year-on-year: Households goods are still booming despite falling house prices: Same for NSW: The question is, how much of this is inflation and how much is actual volume growth? Also, there is a correlation between the recent bounce and with

The post Aussies spend on but buying more or paying more? appeared first on MacroBusiness.

Pantheon with the note. I don’t think so. Restarting stalled projects is one thing. Overturning “houses are for living in not speculation” is another.  But you never know your luck in the big city! Property Stimulus Starts to Show in the Data, but Much More is Needed China’s property sector is yet to pull out

The post Green shoots for Chinese property appeared first on MacroBusiness.

Coolabah Capital’s Chris Joye notes “that the great Aussie housing crash is stabilising in the vanguard cities of Sydney and Melbourne”, albeit values nationally are still plummeting at a 16% annual pace (and 22% across Sydney). However, the “bad news is that only a portion of the RBA’s 225 basis points of rate hikes have

The post Australia’s housing bloodbath eases appeared first on MacroBusiness.

As noted many, many times, Goldman Sachs has been the leading Wall Street salesman for commodities in the last year. It has stuck to this narrative all the way through the correction, telling everybody to keep catching the falling knife. Today it finally gives in, which is probably bullish, though my own view is that

The post Oops! Goldman gives up on commodities appeared first on MacroBusiness.

The Market Ear with the latest on equity market sentiment. —————————————————————————— Protection ain’t easy You buy protection when you can, not when you must. Premium is usually much cheaper in times when “you can…” The crowd tends to do the inverse though. VIX term structure is shifting higher today again. Note the backwardation now becoming

The post “Canaries aren’t singing” appeared first on MacroBusiness.