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Chinese credit enjoys soggy bounce

January 13, 2022 - 09:30 -- Admin

Chinese credit was out overnight and enjoyed a soggy bounce with TSF up 2.37tr yuan and banks 1.13tr: The flow of loans was up 34% year on year: The stock of loans was up a little to 10.3% M2 climbed to 9%: Year to date Chinese credit was down 10% for 2021: Once again, the

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Australian dollar roars as mighty greenback crumbles

January 13, 2022 - 09:00 -- Admin

DXY crumbled last as EUR roared: Australian dollar broke out: Oil is raging: Base metals too: Big miners are out of control: EM stocks bounced: But EM junk is going south. One of these two will be wrong soon: The US curve flattened: Which gave stocks a muted bounce: US inflation is still red hot.

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NSW and Victoria COVID deaths nearly reach 50

January 13, 2022 - 09:00 -- Admin

As the National Cabinet gets ready to meet at midday AEST time, some more sobering stats from the two most populous States sees daily deaths nearly pip the 50 level, with the deadliest day on record for NSW: As the RAT tests ramp up, NSW is recording nearly 100,000 new cases on its own –

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Macro Morning

January 13, 2022 - 08:30 -- Admin

The big bang shocked risk markets overnight with one of the biggest inflation prints in decades in the US sending the USD down – yes, down – against almost everything – with stocks tentatively moving higher. The Fed has a lot of catch-up to do although the bond market was benign in the wake of

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Morricessions cost Australia better part of $100bn

January 13, 2022 - 00:15 -- Admin

Like the astronomer scouring the heavens for new phenomena, the observer of economic history only very occasionally has the chance to put his name to something. I managed it once in 2010/11 when I coined the term “disleveraging” to describe the use of an external boom to deflate domestic credit excess. But it never took

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Links 13 January 2022

January 13, 2022 - 00:05 -- Admin

Global Macro / Markets / Investing: Hottest ocean temperatures in history recorded last year – Guardian Macroeconomic Research, Present and Past – NBER Oil prices shrug off Omicron slump, soar to 2-month highs – Reuters Developing countries at risk from global economic threats, says World Bank – Guardian Americas: Quebec to impose ‘significant’ financial penalty

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Macro Afternoon

January 12, 2022 - 17:00 -- Admin

The bounce is in and risk taking is going great on Asian stock markets after a very mixed start to the trading week with all bourses reporting in the green with solid sessions. The USD continues to be under pressure following the Fed Chair’s testimony overnight but this could come under jeopardy if tonight’s core

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Australia records more than 100K new COVID cases

January 12, 2022 - 14:30 -- Admin

Gold! Gold for Straya! With Queensland reporting more than 20,000 in the last 24 hours, on the back of more than 70,000 new cases for Victoria and NSW, the other State’s have piled in to make it a century… Here’s the full picture from the ABC: Victoria: 40,127 new cases (PCR: 21,693, RAT: 18,434) and 21 deaths; 946 in

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Power forecasting the inevitable decline of coal

January 12, 2022 - 13:30 -- Admin

I love predictions, especially about the future, and apart from the boffin masters at Martin Place with their inflation dart throwing workouts, the chaps at the IEA (International Energy Agency) are not having a good decade. Here’s their forecasts for US coal generation in the last decade vs actual electrical production: Versus solar additional power

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Global energy shock subsides with warm winter, supply flood

January 12, 2022 - 12:00 -- Admin

The global energy shock that came out of nowhere last year and has rocked markets and economies ever since is once again easing, this time on a mild northern winter: European gas consumption is down and storage has lifted unexpectedly: The US has also been warm which has helped enable a flood of LNG across

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