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Australian dollar roars as US stocks hit record highs

June 21, 2019 - 07:00 -- Admin

DXY was clubbed lower last night and CNY plus EUR jumped: The Australian dollar was mixed against DMs: And EMs: Gold soared but needs to break above $1400 to indicate more gains: Oil rocketed as the US mulls Iran strikes: Metals were higher: Big miners too: EM stocks jumped: Plus junk: The Treasury curve was

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Manufacturing jobs plummet to record low

June 21, 2019 - 00:15 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) yesterday released its quarterly labour force report, which breaks-down employment at the industry level to May 2019. Below are some key charts, which present the changes in employment aggregates on a trend basis. First, the quarterly change in employment by industry: Next, the annual employment

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CoreLogic weekly Australian house price update: universal losses

June 21, 2019 - 00:10 -- Admin

By Leith van Onselen In the week ended 20 June 2019, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, rose by 0.09% – the first weekly rise since August 2018: Values fell across all major markets: So far in June, dwelling values have fallen by 0.16%, with all

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International students face tougher English language requirements

June 21, 2019 - 00:09 -- Admin

At the beginning of the year, Victorian Premier Daniel Andrews wrote a letter to the National Tertiary Education Union promising to demand a federal government review of university English-language requirements amid concerns that many international students were struggling to participate in class and complete assignments, as well as placing undue strain on teaching staff: “International

Links 21 June 2019

June 21, 2019 - 00:01 -- Admin

Global Macro / Markets / Investing: Deutsche Bank Under Investigation for ‘Potential Money-Laundering Lapses’ – Daily Beast More spent on S&P 500 buybacks than all 2018 R&D – Axios Trump Moves From Trade War Toward Currency War – Bloomberg The World Now Has Three People Worth More Than $100 Billion Each – Bloomberg Asia stocks

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Westpac slices off a head of APRA wet lettuce

June 20, 2019 - 15:15 -- Admin

Via the AFR: Westpac has unleashed a fresh wave of property lending by relaxing serviceability conditions on low risk home loans, immediately increasing the borrowing capacity of aspiring home owners by as much as 8 per cent. A spokesman for Westpac confirmed the policy change saying credit officers would now have the discretion to approve principal

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Gas cartel is the sovereign risk, not Australia

June 20, 2019 - 15:00 -- Admin

Via The Australian: Australian energy producers have slammed a move by the Coalition to consider domestic gas reservation, arguing the interventionist measure wouldn’t lower prices for local users but would significantly increase the nation’s sovereign risk profile. …Cooper Energy, which is building the Sole gas project off the Victorian coast, said a reservation policy would

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CBA: Second rate cut in July

June 20, 2019 - 14:30 -- Admin

Via CBA: Lowe signals another cash rate cut is imminent Following Lowe’s speech today we are now expecting the RBA to cut the cash rate in July rather than August. We expect another 25 basis point cut later in year, probably November, taking the cash rate to 0.75%. Once again, the RBA have emphasised that

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Goldman launches US/China trade deal barometer

June 20, 2019 - 13:45 -- Admin

Via Goldman comes the market for anything: Given the assumption that the observed datapoints are normally distributed, barometer readings can be seen as the market-implied probability for a “trade deal” if one believes the historical highs (Jan 19) or lows (Mar 18) over the past 18 months are in fact reasonable representations of those outcomes.

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Lunatic RBA discovers underemployment, more cuts coming

June 20, 2019 - 13:32 -- Admin

Only eight years late comes Phil Lowe: I would like to thank CEDA for the invitation to address this lunch. It is a great pleasure to be back in Adelaide and to participate in another CEDA event. Those of you who follow the RBA closely would have noticed frequent references to the labour market in

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