The ferrous complex mixed onAugust 3, 2021 as spot firmed a touch, paper fell sharply overnight and steel was walloped again: The Dalian contract rolled forward which gives you some idea how steep is the backwardation. In news, it’s all about confusion, added to by the AFR: The Chinese government’s mixed messages on carbon emissions have sent
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Via Markit: Employment OK. Full report.
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Equities bounced back on Wall Street as corporate earnings overshadowed everything else, although stronger US factory orders and more Fed talk supporting a gradual taper helped as well. Treasury yields however spell out the better picture and remain down at multi month lows while currency markets saw a big of USD strength eke back in.
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Forex markets were largely calm on August 4, 2021. The stubborn RBA lifted AUD but everything else stayed the course. DXY was firm as EUR eased: AUD lifted across the board. There is a base forming in AUD/USD that could be construed as short term bottom: Gold and oil sank: Base metals too: Big miners
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Hello lockdowns, via AIG: Employment still OK. Full report.
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The Australian Bureau of Statistics (ABS) yesterday released data showing that thousands more Australians have ditched Sydney and Melbourne and moved to Queensland. As shown in the next table, 8,169 residents left Sydney and 8,273 residents left Melbourne over the March quarter. By contrast, Brisbane gained 3,274 residents from the rest of Australia: The next
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For years we have argued that Australia’s international education industry is really an immigration play, whereby migrants effectively purchase access to work and live in Australia by studying at an Australian institution. The immigration play has been developed jointly by the federal government and education industry via: The federal government offering the most generous work
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Global Macro / Markets / Investing: Transitory inflation could mean higher prices for years, not months, and Powell’s stance could complicate his future as Fed chief, Mohamed El-Erian says – Business Insider How the Great Forgiving of Debt Will Save Us From Ourselves – Carbon Radio Oil prices fall on worries over China economy and
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The good start to the trading week as stumbled already here in Asia with the fallout from last nights US ISM manufacturing print and growing concerns over COVID spilling over once again as equities pullback. Bitcoin is following the risk mood, struggling to gain traction after the false breakout to start the week as the
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The RBA statement today: At its meeting today, the Board decided to: maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances of zero per cent maintain the target of 10 basis points for the April 2024 Australian Government bond continue to purchase government securities at the rate of $5 billion a
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