On Monday, Seek released data showing that the number of applicants per job ad is running around 60% above pre-pandemic levels, pointing to much higher unemployment: Justin Fabo from Antipodean Macro has created another version of the above chart, which plots Seek’s applicants per job ad data against the number of unemployed: As you can
The Market Ear on when robots panic. So close Stocks are trading on the weaker side and we are very close to some very important levels. Just a few points lower CTAs will for the first time this year start selling in size. Furthermore, we are now not that far off in bonds from the
Rebar futures firmed a little but SGX fell marginally: Dalian likewise: There’s not much to drive this on as still-ruined steel margins get wrecked by the dirt price rebound, and steel demand wilts. BofA: There’s plenty of iron ore in China: Plenty everywhere: And a lot more coming: Given the coming Chinese completions cliff in
Wall Street tumbled and the USD soared back to strength on the back of a way too hot CPI print overnight, pushing the risk complex into dangerous territory. With the inflation genie nowhere near back in the bottle, bond yields spiked and the USD pushed all the undollars over, including gold which had been robust
DXY went bang! AUD was smashed: Led by North Asia: Oil held up. Old gold would normally crash right about now: Commods hit turb: Miners were hit: EM cowered: Junk signalled risk off: As yields jackknifed: Stocks fell but look at risk of more: US inflation came in hot at 0.4% month on month and
Australian home values continue to power on, with CoreLogic’s daily dwelling values index rising by 0.5% over the past 28 days at the 5-city aggregate level: The managing director at SQM Research, Louis Christopher, has warned that “with prices rising so strongly, along with strong migration figures and a falling supply of new homes, the
Another mixed trading session across stock markets in Asia today with the fallout of Fitch’s re-rating of China’s outlook to negative impacting domestic shares while local markets are putting in mild upticks despite the flat result on Wall Street overnight. Risk sentiment is fragile going into tonight’s US CPI print which follows on from Friday’s
Goldman with the note. We expect a 0.27% increase in March core CPI (vs. 0.3% consensus), corresponding to a year-over-year rate of 3.70% (vs. 3.7% consensus). We expect a 0.29% increase in March headline CPI (vs. 0.3% consensus), which corresponds to a year-over-year rate of 3.37% (vs. 3.4% consensus). Our forecast is consistent with a
Aussie legend Dick Smith still making sense in a nonsense Australia: I’m running ads in The Australian, Daily Telegraph and Sydney Morning Herald this week. I believe it’s important our leaders tell us where we will end regarding population growth. Most people agree that we should have a plan. It will be interesting to see
The latest results from PropTrack show that Brisbane dwelling values have soared by 63% since the start of the pandemic in March 2020: The price appreciation is so extreme that Brisbane’s median dwelling value is now on par with Melbourne’s and will soon surpass it: The Oxford Economics Residential Property Prospects report, released this week,