This is fun. The rationales being proffered for this are silly. Steel production has rebounded in China, driven by accelerating accumulation of building materials, robust manufacturing demand and sustained strength in steel exports, broker Galaxy Futures said. Key steel producing regions Shanxi and Tangshan have started implementing output restrictions, Galaxy said. Although it is the
Victorians are suffering an acute case of Stockholm Syndrome regarding the state Labor government. Victoria’s nine-month lockdown during the Covid-19 pandemic was one of the longest and most severe in the world. It was also brought to us by the state government, whose incompetence with hotel quarantine and harsh enforcement should have scared voters away.
DXY is up and away. AUD appears to have locked in its double top. There may be a pop on Chinese yawnulus, but I expect disappointment. Sacking Powell is the only hope now. Lead boots are plodding downhill. Metals meh. Same same. Big mining bear locked in. EM is running against DXY. Junk funk. Long
Another data drive night with Wall Street pushed to record highs amid an expected initial jobless print and a slightly higher than expected retail sales print, which could have been affected by the inflationary push of tariffs. The USD gained against all the majors except gold with Treasury yields remaining high especially on the long
As China’s property sector continues to deteriorate with each passing day, reports of renewed stimulus for the sector emerge every few months from the Chinese press or policymakers. Each time it’s like watching an infomercial on daytime television: “It’s new. It’s improved. It’s better than ever.” Then, like many mail-order products that claim to achieve
Australians have experienced a record 6.1% decline in their real wages. Worse, the Reserve Bank of Australia’s (RBA) own forecasts suggest that real wages will only recover to December 2011 levels by mid-2026, by which time they will still be tracking 5.7% below their mid-2020 peak. Thursday’s labour force data for June, released by the
Currency markets pivoted to Asian releases today with the jump in local unemployment and a fall in Japanese exports hitting both the Australian dollar and Yen respectively. The Trump regime’s trade war is continues with “framework deals” for India and Europe the next hand-waving “framework” that is being floated while actual free trade deals outside
During the Covid-19 pandemic, New Zealand experienced one of the world’s largest house price booms, which pushed median home values to a record 11.2 times median household incomes, according to Demographia. Since then, New Zealand has experienced one of the world’s biggest housing crashes, which has significantly improved the nation’s housing affordability. On Tuesday, the
Markets are always right. Always right. CISA data is falling away. But don’t forget, no private sources have fully captured the official downturn in steel output, though CISA is now trying. Steel output cuts are underway. Why steel prices are going down and iron ore prices are going up, you will have to ask the
Albo’s great grovel of China has reached the level of nauseating. From The Australian: After his big day in the Great Hall with Xi Jinping, Anthony Albanese spent most of Wednesday leading a Gough Whitlam tribute mission. The Chinese government was delighted to assist. A huge section of the Badaling section of the Great Wall – about 80km northwest