Toll road giant, Transurban, continues to be hammered by plunging traffic volumes from COVID-19, with CEO Scott Charlton not expecting a return to normal volumes anytime soon: The toll road giant said average daily traffic on its toll roads for the week of June 14 fell 9 per cent in Sydney, 31 per cent in
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Has Peter Navarro gone off-reservation? At Reuters: White House trade adviser Peter Navarro said on Monday the trade deal with China is “over,” and he linked the breakdown in part to Washington’s anger over Beijing’s not sounding the alarm earlier about the coronavirus outbreak. “It’s over,” Navarro told Fox News in an interview when asked
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This entire debate is de-anchored and now revolves around tiny, not to mention corrupt, numbers like this: Opponents of Santos’ $3.6 billion Narrabri gas project have attacked assertions from the company and the state government about its benefits for jobs and energy prices, pointing to analysis provided to the NSW government that found manufacturing jobs
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This is an important piece not because it says anything we don’t already know but because it is by FMG and Chinese junket queen, Jennifer Hewitt. On last week’s cyber attacks: The decision for the Prime Minister to call this out – even without naming the Chinese government – will be politically self re-enforcing. Canberra
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Deloitte told its staff yesterday that it plans to cut its workforce by 7% because of the impact of COVID-19, despite its annual revenue growing by 10% to $2.5 billion. The job losses are expected to have the biggest impact on the professional services firm’s consulting and advisory businesses, with its external audit practice not
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In noted yesterday how Australia was facing a mortgage time bomb given 485,063 mortgages valued at $175.6 billion have been deferred for six month by Australia’s banks, representing around one in fourteen borrowers: I also noted how the expiry of these mortgage deferrals would coincide with the expiry of the Morrison Government’s emergency income support
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Via CBA: The CBA Flash PMIs indicate that business activity improved over June following the sharp contraction in activity overApril and May. The reopening of the economy has taken the PMIs into expansionary territory for the first time since January 2020. It is important to note that the PMI readings measure the change in
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Iron ore prices for June 22, 2020: Brazil had a better day but will likely get much worse yet: Chinese data remains crap outside of empty apartments: The following captures my view, from Platts: The iron ore supply shortage that has helped support high prices in recent months looks set to continue with Vale likely
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Via Bloomie: President Donald Trump plans to sign an order Monday temporarily halting access to several employment-based visas, affecting hundreds of thousands of people seeking to work in the U.S., a senior administration official said. The order will freeze new H1-B, H-4, L and most J visas through the end of the year, the official
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DXY was down sharply last night: The Australian dollar surged: Gold is still stuck right at the break out line: Oil hit new recovery highs: Base metals were mixed: Miners did better: EM stocks as well: Not junk: Bonds were firm: Nasdaq kept the bubble alive, at new all-time highs: The SPX/AUD correlation rolls on:
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