Judo Bank flash PMI remains firm. Australia’s private sector activity expansion accelerated at the start of the second quarter, supported primarily by service sector growth. Higher new business inflows underpinned rises in business activity and employment, while firms remained optimistic regarding future output. On prices, the rate at which output prices rose eased in April
Stocks continued their rebound overnight although this correction maybe far from over as earnings season and downgrades get underway on Wall Street. The USD at first lost ground but it too rebounded on more interest rate cut speculation as inflation concerns linger. European stocks moved higher on more dovish speak from the ECB. The Australian
Price action is tiring in Shanghai and Singapore: Maybe Dalian for iron ore and coking coal: Scuttlebutt is meh: Iron ore prices will likely consolidate in the near term as uncertainty lingers on how much hot metal output can rise further, analysts at Everbright Futures said in a note. “The main driving force behind a
Late last year, BetaShares’ chief economist, David Bassanese, questioned why Australia does not impose stricter limits on foreigners buying local homes: Bassanese alluded to an article that stated: Wealthy Chinese buyers are taking private jets to Melbourne to purchase mansions in Toorak – the city’s most expensive suburb – on the spot, says Toorak buyer’s
More optimism across Asian stock markets after a very poor trading week due to the Israeli/Iranian conflict across the Middle East, with a weekend bid in risk that is seeing USD retreat slightly while most stocks are rising despite the tech correction on Wall Street. Earnings season may stall any recovery if the inflationary mood
The latest ANZ CoreLogic Housing Affordability report notes the vast deterioration in the rental market. Rapid rental cost inflation means that the portion of income required to service rents has shifted to the 30% range from the mid-20% range for median income earners in most parts of the country. “The portion of median income required
On Saturday, I was interviewed by Radio 2GB’s Luke Grant, where I dissected the Albanese government’s “Future Made” subsidies for low-emission manufacturing. This policy was announced shortly before the collapse of Australia’s last plastics and chemical manufacturer, Qenos, which blamed high gas costs for its demise. In the interview, I explain why the Albanese government’s
MUFG has done a good takedown. How to understand Q1 and March data? Key Points 1.The economy is off to a good start in 2024, with Q1 delivering a 5.3%yoy real GDP growth. The 1.6%quarter-on-quarter sequential growth of real GDP in Q1 was the highest sequential growth since 2015.01 However, the performance of key indicators
RBC makes the point I have been making for several months now. Gold has decoupled from DXY and real interest rates, its traditional price drivers: Gold prices have rallied further, and while the evidence doespoint to continued strong central bank interest, Chinese demand, and strong physical interest broadly, these are not usually the most price
A terrible opposition can do wonders for a disastrous government. In my view, the Albanese Government would be 10 points if it had competent competition. It is undoubtedly the worst administration I have ever lived under. Instead, it is marginally ahead: The following answer appears to have been recorded wrongly: Three-quarters of LMP voters support