Via The Australian: Analysts have sounded a warning over short-term earnings at thermal coal exporters after a slump in demand sent prices to the lowest levels in more than a year. The slump came as Australian politicians engaged in another round of brawling over approvals for Adani’s 28 million-tonne-a-year Carmichael thermal coal mine in Queensland,
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Yuk: In short: lending down; NIM down; costs up; impairments up; profits down; dividend cut. This is not only a bank that needs to hike mortgage rates fast, it is a bank that needs rate cuts to absorb them just as fast. If this is a harbinger for broader banks then look out.
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Iron ore prices for April 10, 2019: Dancing on a pinhead now. New has Vale in more trouble, via Reuters: Prosecutors are planning to file criminal charges against Brazil’s miner Vale SA and its employees over the collapse of a mine-waste dam in January that killed hundreds of people, the Wall Street Journal reported, citing the
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By Chris Becker Overnight markets rebounded slightly with US equities leading the charge as the latest FOMC minutes repeated a “patient stance” while core inflation data was subdued, leading to falls in Treasury bond yields and the US dollar. The ECB held fire but again noted downside risks to growth, with the Euro and Pound
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Because what Australia needs is more deflation! DXY eased last night as EUR rose: AUD launched against DMs: But was mercifully weaker than EMs: Gold tacked on gains: Oil is parabolic: Metals are still soft: Miners too: EM stocks ground higher: US junk jumped: As Treasuries were bought: Bunds too: The lunatic RBA has killed
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Via New Daily: Scott Morrison is preparing to call a May 18 election as early as Thursday morning, hours after his ministers launched a blistering attack on Bill Shorten as ‘two-faced’ on the question of his relationship with a banned Chinese donor Huang Xiangmo. The Prime Minister flew out of Melbourne after 9pm on Wednesday
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Via Westpac today: The Australian dollar has held within a narrow range of USD0.704 to USD0.716 over the month. Key commodity prices, particularly iron ore, have been stable over the month with spot at around US$90/t. General expectations have been for this price to adjust downwards. For example the government’s forecast for the iron ore
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Via The Guardian: A poll commissioned by the activist group GetUp, which is targeting the seat, found that 64% of Kooyong residents said they would be more likely to vote for a candidate with a plan to address climate change by replacing coal with clean energy. However, a survey by Roy Morgan, published in the Australian Financial Review,
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By Leith van Onselen With yesterday’s release of dwelling construction data for the December quarter, it’s once again time to examine how Australia’s dwelling supply is tracking against population growth. The below charts track the following, which are based on the latest available quarterly data: Dwelling approvals to December 2018; Dwelling commencements to December 2018;
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Via the FT comes Martin Wolf: Will China emerge as a high-income country still ruled by a communist party state? If China were to achieve this, it would transform a world in which all large, high-income countries are currently democratic. It would reshape the global balance of power, not just economically and militarily, but also
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