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Australian dollar still overvalued

May 19, 2020 - 10:13 -- Admin

Westpac A$ ‘fair value’ midpoint hits a fresh 19yr low last week below 0.61 as falling swap rates/ rising risk aversion more than offsets higher iron ore prices. The A$ thus remains expensive above 0.63 for yet another week. #ausbiz pic.twitter.com/170Uj6zk3Q — Robert Rennie (@Robert__Rennie) May 17, 2020 Iron ore will put a dent in

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Genworth downgraded on Scomoprime

May 19, 2020 - 10:00 -- Admin

Can anyone say “sovereign risk”: S&P Global Ratings today said it has revised its outlook on Genworth Financial Mortgage Insurance Pty Ltd. (Genworth Australia) and Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch) to negative from stable. At the same time, we affirmed our ‘A’ insurer financial strength and issuer credit ratings on both entities. We also affirmed the rating on Genworth Australia’s subordinated

What to do with world excess liquidity!

May 19, 2020 - 09:40 -- Admin

Via the excellent Damien Boey at Credit Suisse: Welcome to the world of excess liquidity. World excess liquidity is defined as the the ratio of money supply to nominal output, aggregated across economies. It is a widely used concept that gets toward the idea of scarcity—too much money chasing too few goods. Monetarists, who view the world

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Macro Morning

May 19, 2020 - 09:30 -- Admin

By Chris Becker  Here comes the breakout and the second phase in the relief rally as risk markets go ga-ga over a potential vaccine for the coronavirus, while lapping up all the central bank “we will throw the kitchen sink at risk assets” mantra that continues to be rolled out by all and sundry. The

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Why Labor can’t be trusted on China

May 19, 2020 - 09:00 -- Admin

I’m afraid it is an epochal stain that will keep it from power for decades. Labor cannot be trusted with China. Kevin Rudd is the exemplar: Former Labor Prime Minister Kevin Rudd has accused Scott Morrison of exposing primary producers to extra risk by taking the lead against China on a coronavirus inquiry while Beijing

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Australian dollar to the moon as world fakes it ’til it makes it

May 19, 2020 - 07:45 -- Admin

DXY was belted last night: The Australian dollar universally flew: Gold was dumped: Oil to the moon: Dirt too: Miners! EM equity to the moon: EM junk to the moon! Bonds belted: Stocks to the moon but only Nasdaq hit record highs: Everything went right, via Westpac: Event Wrap COVID-19 update: The global case count,

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Melbourne’s property correction has begun

May 19, 2020 - 00:15 -- Admin

Melbourne dwelling values are unambiguously falling according to the CoreLogic daily index: Melbourne dwelling values are down 0.8% from their 23 April peak and are on track to record their first monthly price fall since May 2019. At the same time, Melbourne is experiencing a rental bust, with a tenant ‘exodus’ causing rental vacancies to

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Australia should fight China with export tariffs

May 19, 2020 - 00:10 -- Admin

The Chinese Communist Party (CCP) continues to threaten Australia with tariffs for daring to seek an independent investigation into the Wuhan Coronavirus: David Littleproud is the second minister in successive days to admit to being unable to talk to high-ranking Chinese government officials as trade tensions between the two nations continue to fester. It comes

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International students are the “crack cocaine of academia”

May 19, 2020 - 00:08 -- Admin

Timothy M. Devinney – chair and professor of international business at the Alliance Manchester Business School – claims that international students are the “crack cocaine” of academia and that the Covid-19 pandemic offers universities a once-in-a-generation opportunity to, among other things, wean themselves off this financial drug: In the higher education sector, nearly all commentators

Links 19 May 2020

May 19, 2020 - 00:01 -- Admin

Global Macro / Markets / Investing: Zoom now worth more than 7 of the world’s largest airlines combined – Mazech Buckle your seat belts, the road ahead is going to be bumpy, warns El-Erian – Market Watch Some 42% Of Jobs Lost In Pandemic Are Gone For Good – Forbes Americas: Powell says jobless rate

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