DXY popped and dropped last night on strong JOLTS but mixed Fed comments. EUR was hit by weaker-than-expected inflation: AUD careened through the trap door to new lows: With CNY: Oil is ready to break again, but beware the OPEC meeting: Commodities are doomed: Miners too: EM stocks are breaking down: Junk too: Treasuries were
Westpac has the details. In finer detail the index rose 0.8% in April compared to our 0.5% forecast; we assume the market median would have been around 0.4% given the 6.4%yr forecast. We had observed a moderation in the average monthly increase from 0.9%mth through the last three months of 2022 to 0.1%mth through the
Since our inception, MacroBusiness has argued that the ‘Big Australia’ mass immigration policy is a productivity killer. Because of this mass immigration, Australia’s population has increased by more than six million people this century. At the same time, business investment has plummeted: As a result of the immigration boom, the stock of capital per worker
Global Macro / Markets / Investing: Wealth Taxes Result in Rich People Fleeing, Turns Out – Reason Companies Push Prices Higher, Protecting Profits but Adding to Inflation – NY Times JPMorgan Builds Unit for World’s Richest Families in Wealth Bet. 23 Wall focuses on 700 families worth more than $4.5 trillion – Bloomberg Goldman Sachs
CoreLogic’s dwelling value results for May have been released with values across the Australian capital cities soaring by 1.4% over the month – the third consecutive monthly increase: The jump in values was overwhelmingly driven by Sydney, where values surged by 1.8% over May: Melbourne (+0.9%), Brisbane (+1.4%), Adelaide (+0.9%) and Perth (+1.3%) also recorded
Nicholas Chevalier, Mount Arapiles and the Mitre Rock, 1863, National Gallery of Australia, Canberra AUD/USD EUR/USD USD/JPY GBP/USD WTI Brent Gold Australia 200 US S&P 500 UK 100 Japan 225 Evening Listening The Necks, In Session Sydney Opera House Portico Quartet Ensemble,
In her recent National Press Club address following the release of the Migration Review, Home Affairs Minister Clare O’Neil declared that Labor was not delivering a ‘Big Australia’: “I’m not someone who advocates for a big Australia in this conversation. What’s really important to me is that we’ve got these big national problems facing our
A few days ago, LVO took former RBA economist, Tony Richards to task for his biased take on the housing crisis. Richard’s argument was as follows. “For many decades following the Second World War, the percentage growth in the number of homes was well in excess of the growth in the Australian population”. “At the
China PMIs are out: In May , the Manufacturing Purchasing Managers Index ( PMI ) was 48.8% , down 0.4 percentage points from the previous month, lower than the critical point, and the level of manufacturing prosperity dropped slightly. Components are yuck across the board: The Services PMI was better but not great: Non-manufacturing business activity index was 54.5% , a decrease
So far, Albo is sailing along in the polls like it is the good times: However, it isn’t the good times at all: There has now been a material 15-point drop in confidence since Albo was elected so much of this is on his watch. The history of consumer confidence around elections is inconsistent but