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Inside the RBA’s corruption protection racket

December 3, 2018 - 09:45 -- Admin

Via The Age and the great work of Richard Baker and Nick Mckenzie: The night before the May 2009 story came out, then deputy governor of the Reserve Bank, Ric Battelino, rang The Age’s investigative team. “You’re not going to publish this are you?” a worked-up Battelino asked. …But even when the story was public

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Liberal Party enters energy death throes

December 3, 2018 - 09:30 -- Admin

From top to bottom, the Coalition vertical identity state is descending into energy chaos. At the political level the party is riven, via New Daily: In an extraordinary intervention, Malcolm Turnbull has slammed as ‘weak’ Scott Morrison’s attempt to prevent another embarrassing defection by rescuing rebel MP Craig Kelly from preselection defeat. The New Daily

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Daily iron ore price update (PMI trashed)

December 3, 2018 - 09:00 -- Admin

Iron ore prices for November 30, 2019: Spot down. Paper up. Steel struggling. Steel PMI trashed. Let’s look more closely at the latter: As a single industry PMI, the steel survey is much more volatile than any sector wide version. Nonetheless, it is a good guide to pivot points and trend changes. The key number

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Australian manufacturing PMI slumps

December 3, 2018 - 08:30 -- Admin

Via the AIG: Manufacturing sectors: Five of the eight sectors in the Australian PMI® expanded in November and three were broadly stable (trend). Growth was led by the printing & recorded media, food & beverages and non-metallic minerals (mainly building and construction-related products) sectors. The large metals and machinery & equipment sectors reported buoyant conditions

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Macro Morning (Trading Week)

December 3, 2018 - 08:30 -- Admin

By Chris Becker  Looking at Chinese stocks first, where last week saw the Shanghai Composite again fail to stabilise above tentative support at the 2600 point level, but at least there hasn’t been any new lows. The weekend news of a potential truce in the trade war between America may give some added spark to this depressed

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Canberra’s ship of fools now sailing world’s oceans

December 3, 2018 - 00:20 -- Admin

It was the usual press gallery echo chamber on the weekend. Leading us off was a Paul Kelly furiously ingratiating himself with the coming Labor Government: This is the week the zeitgeist of the nation turned against an embattled Coalition. The government has lost control of the parliament, cannot maintain discipline on its own side, confronts

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Scummo destroying Berejiklian Government

December 3, 2018 - 00:18 -- Admin

Via Domain: New polling for the Herald shows that Labor leads the Coalition 51 to 49 on a two-party preferred basis, with the internal federal Liberal chaos impacting how people will vote in NSW. But the polling also shows that one of Gladys Berejiklian’s key election issues- immigration- is a major concern for voters, with

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Melbourne’s ponzi economy is cruising for a bruising

December 3, 2018 - 00:15 -- Admin

By Leith van Onselen Over the weekend, Fiona Nield from the Housing Industry Association (HIA) penned an article warning that the Victorian economy is dangerously exposed to a housing correction. From The Age: The growth in construction activity over recent years has seen strong growth in the state’s construction workforce. More than one in 10

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Chris Joye climbs aboard the Big Australian Short

December 3, 2018 - 00:15 -- Admin

In the movie The Big Short, hedge fund manager Michael Burry (played by Christian Bale) is the man that looks inside sub-prime RMBS and discovers nothing but a mess of toxic assets. Chris Joye did something similar on Friday: One of our best “short” (as opposed to “long”) ideas this year has been to bet

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Australian dollar springs as US/China cold war thaws

December 3, 2018 - 00:14 -- Admin

DXY was up Friday night CNY and EUR down: AUD is breaking out all over the crosses but the strong DXY held it at bay: It also out did EMs: CFTC speculative positioning pulled in further to -54m contracts, still very short: Gold fell: Oil fell: Base metals rose: Big miners fell: EM stocks fell:

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