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MacroBusiness Tuesday, July 9, 2024 - 13:30 Source

The Market Ear on Yardeni, who has been pretty good in the past few years. 6000 too conservative Yardeni says this slow-motion meltup has further to run and could see their 6000 SPX target for 2025 being too conservative. “Eric, Joe, and I aren’t raising our year-end target for the S&P 500 just yet. But

The post Stocks not high enough appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 9, 2024 - 13:00 Source

It’s goodbye from me and it’s goodbye from the economy, according to the NAB survey: Conditions going only one way: It’s going to get worse according to forward orders and capex: The jobs market just cracked: Led into the pit by the toilet state, Victoria: If the RBA hikes into this then a headline recession

The post NAB survey flushes toilet on Aussie economy appeared first on MacroBusiness.

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Renew Economy Tuesday, July 9, 2024 - 12:35 Source
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MacroBusiness Tuesday, July 9, 2024 - 12:30 Source

Bloombergo is up to its usual Chinese tricks: While expectations are low for groundbreaking structural reforms, investors are watching closely for any hints on policy direction to address a broad range of long-term issues including fiscal relations between central and local government, a downward spiral in the real estate market, the embattled private sector, the

The post More Chinese yawnulus? appeared first on MacroBusiness.

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Renew Economy Tuesday, July 9, 2024 - 12:21 Source
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MacroBusiness Tuesday, July 9, 2024 - 12:00 Source

Albo’s $12Gj gas price floor continues to deliver a new energy shock: As electricity follows gas higher: Hilariously, instead of fixing the gas market and converting our remaining coal fleet to run on the superior fuel, we are readying to close one of our few gas turbines: The scheduled shutdown of AGL Energy’s ageing gas-fired

The post RBA can rely on energy superidiot appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 9, 2024 - 11:30 Source

In July 2019, then head of the Greater Sydney Commission (GSC), Lucy Turnbull, outlined an “exciting” future for Western Sydney, which involved being crush-loaded with another 1.2 million people: GSC’s chief commissioner Lucy Turnbull… said places such as Parramatta and Bankstown represented the “future of Sydney and Australia” with a youthful and diverse population making

The post Don’t cry for renters, Lucy Turnbull appeared first on MacroBusiness.

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Your Democracy Tuesday, July 9, 2024 - 11:08 Source
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MacroBusiness Tuesday, July 9, 2024 - 10:56 Source

Westpac with the note. Sentiment remains stuck in the same deeply pessimistic range that has dominated for two years now. The July update shows that fears of persistent inflation and further interest rate rises are again weighing more heavily on the consumer mood, offsetting any boost from the arrival of the ‘stage 3’ tax cuts

The post Horrified consumers mull another interest rate hike appeared first on MacroBusiness.

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Renew Economy Tuesday, July 9, 2024 - 10:35 Source
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The Australian Independent Media Network Tuesday, July 9, 2024 - 10:31 Source

The United Kingdom election had a terribly unfair voting system which meant that while Farage’s Reform Party received 14.3% of the vote but only ended up with five seats. This is because the UK uses a simple majority system, which is often referred to as first past the post. The great advantage of the simple…

The post How Unfair Voting Systems Help Labo(u)r!! appeared first on The AIM Network.

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MacroBusiness Tuesday, July 9, 2024 - 10:30 Source

Melbourne’s population boom is decimating living standards across the city. It took Melbourne around 170 years to reach 3.5 million people at the start of this century. Since then, the city has grown by more than half to around 5.3 million people. Official projections from the state government have Melbourne’s population ballooning to 9.0 million

The post As Melbourne’s population booms, hospitals bust appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 9, 2024 - 10:00 Source

DXY firmed last night: AUD pulled back: North Asia is not helping: Commods all puked: Miners too: And EM: Plus junk: The curve flattened: Stocks only go up: Goldman assesses the big headwind for AUD ahead: USD: A little slower, a little lower.US economic activity has cooled further, supporting the case for the Fed to

The post Australian dollar taken hostage by White House appeared first on MacroBusiness.

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The Tally Room Tuesday, July 9, 2024 - 09:30 Source

Objections to the federal redistribution proposals for Western Australia and Victoria were published last week. Objections to the NSW proposal close this Friday.

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MacroBusiness Tuesday, July 9, 2024 - 09:30 Source

The iron ore jaws are still gaping, ensuring more falls ahead as Chinese steel prices buckle: Mad Dalain tried to base overnight: Coking coal too: Scuttlebutt has it right: However, the real supply and demand situation is not improving and therefore the higher price level touched last week would be hard to sustain, said analysts

The post Iron ore sucked down by steel freefall appeared first on MacroBusiness.

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Renew Economy Tuesday, July 9, 2024 - 09:09 Source
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MacroBusiness Tuesday, July 9, 2024 - 09:00 Source

Overnight markets reflected the poor start to the trading week here in Asia with Wall Street eking out a new high but only barely as European markets continued to digest the French election results. The usual post NFP light economic calendar gave currency traders no ammunition to push the majors around with the USD starting

The post Macro Morning appeared first on MacroBusiness.

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Renew Economy Tuesday, July 9, 2024 - 08:39 Source
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MacroBusiness Tuesday, July 9, 2024 - 08:00 Source

Last week, the Australian Bureau of Statistics (ABS) released dwelling approvals data showing that only 13,500 dwellings were approved for construction in May in trend terms: This level of approvals is 6,500 (32.5%) below the monthly run rate of 20,000 required to meet Labor’s target of building 1.2 million homes over five years. On Monday,

The post Housing industry rings alarm on construction recession appeared first on MacroBusiness.

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Your Democracy Tuesday, July 9, 2024 - 07:50 Source

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Your Democracy Tuesday, July 9, 2024 - 07:43 Source

With former secretary of the Department of Foreign Affairs and Trade Peter Varghese undertaking a review of taxpayer dollars spent on strategic policy work, Australia’s China hawks have argued a Canberra-based thinktank, the Australian Strategic Policy Institute (ASPI), cannot be touched.

 

Mega-thinktanks have one dangerous thing in common    By James Laurenceson

 

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MacroBusiness Tuesday, July 9, 2024 - 07:00 Source

Yarra Capital chief economist Tim Toohey warned that Australia is not creating enough jobs to soak up the large numbers of migrant workers arriving, which risks pushing the unemployment rate sharply higher. “Since mid-2023 a new phase commenced, whereby the strength in net migration was more than sufficient to supplant non-migrant workers in the workplace,

The post Australia’s job market collapses appeared first on MacroBusiness.

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MacroBusiness Tuesday, July 9, 2024 - 00:05 Source

The latest mortgage finance data from the Australian Bureau of Statistics (ABS) demolished the notion that investors are abandoning Australia’s housing market. There were $10,670 million worth of mortgage commitments in May 2024, up from 29.5% from the same month in 2023. By comparison, there were $18,127 million worth of owner-occupier mortgages (excluding refinances) in

The post Investors catapult house prices higher appeared first on MacroBusiness.

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MacroBusiness Monday, July 8, 2024 - 16:30 Source

A bit of a sour start to the trading week with Asian share markets generally lower across the region despite the positive lead from Wall Street on Friday night as the latest US jobs print came in slightly higher than expected. This volatility is mainly due to the aftermath of French elections and some PBOC

The post Macro Afternoon appeared first on MacroBusiness.

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The Australian Independent Media Network Monday, July 8, 2024 - 16:29 Source

George Washington’s last great experiment may get voluntarily flushed down a gold-plated toilet. We Australians are all well accustomed to Americans, but they are not like you and me. They don’t pronounce the ‘h’ in herb. They call it gas but it’s a liquid. Tuna fish. WTF? Cow mammal? They live within walking distance of…

The post How is this tangerine arse trumpet even in contention? appeared first on The AIM Network.

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Renew Economy Monday, July 8, 2024 - 15:08 Source
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MacroBusiness Monday, July 8, 2024 - 14:00 Source

The prospect of the cash rate remaining on hold for some time has prompted a growing number of Australians to refinance their mortgages with a new lender or switch to an interest-only loan. Finder estimates that around 500,000 Australians—about one in five borrowers—have switched to interest-only loans, while one in eight people has extended their

The post Australian mortgage holders “extend and pretend” appeared first on MacroBusiness.

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MacroBusiness Monday, July 8, 2024 - 13:30 Source

Bloombergo is getting excited: The typically risk-sensitive currencies were the top performers among a Group-of-10 peers last quarter, both climbing around 2% against the greenback despite a surge in volatility in global markets. Australia’s dollar closed 0.3% higher at 67.49 US cents on Friday, while New Zealand’s finished 0.5% stronger at 61.45 cents. Rate hike

The post Australian dollar bears lowest in three years appeared first on MacroBusiness.

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Renew Economy Monday, July 8, 2024 - 13:11 Source
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Renew Economy Monday, July 8, 2024 - 13:01 Source
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