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Articles from MacroBusiness

Canberra splits on mortgage broking future

February 6, 2019 - 09:30 -- Admin

Via the AFR: The biggest split is over mortgage brokers after the government baulked at the key recommendation in which the borrower, not the lender, would pay the broker the fee for arranging a loan. Another is the recommendation to apply responsible lending laws to point-of-sale retailers, such as car dealers. Labor agrees with the

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As Hayne fades, mortgage rate hikes appear

February 6, 2019 - 09:00 -- Admin

CBA’s half year result is out today and it reeks of coming mortgage rate hikes: Unexciting at best: falling revenue; falling ROE; falling NEM; NPAT boosted by cost cutting; dividend stalled and broker write downs ahead. Mortgage rate hikes are inevitable as funding costs rise:

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Macro Morning

February 6, 2019 - 08:30 -- Admin

By Chris Becker  A big rally in shares on European markets overnight, followed by solid moves on Wall Street will ensure a robust session here in Asia on the open. The USD rose slightly although gold came back, but the biggest casualty was Pound Sterling dropping to a near monthly low. Looking at the action

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King dollar dismisses Australian upstart

February 6, 2019 - 07:21 -- Admin

King dollar returned last night as CNY and EUR fell: The lunatic RBA rally was dismissed versus DXY but not EUR and JPY: AUD beat EMs: Gold fell: Oil too: And base metals: Plus big miners: But EM stocks bucked the trend: As did EM junk: As treasuries were bid: And bunds: Stocks tacked on

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How Australia’s housing crash compares internationally

February 6, 2019 - 00:15 -- Admin

By Leith van Onselen On Monday, I produced a chart pack benchmarking Australia’s current housing bust against prior episodes over the past 30-plus years, which showed that: Australia’s current price decline is the third longest since the early 1980s, but the second deepest in terms of depth; Sydney’s is the second deepest decline versus prior

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ACTU: Henry, banks, Scummo colluded to shape Hayne

February 6, 2019 - 00:15 -- Admin

Is this why Justice Kenneth Hayne was so disgusted at the handover of his report? Via Sally McManus on Twitter: EXPOSED: ACTU uncovers secret letters between the big banks and Scott Morrison https://t.co/RSn0Uu6nLx — Sally McManus (@sallymcmanus) February 5, 2019 What on earth happened to the once lovable Ken Henry?

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Retail sales to add nuthin’ to Q4 GDP

February 6, 2019 - 00:12 -- Admin

By Leith van Onselen Yesterday’s retail sales figures should add next to nothing to Australia’s December quarter GDP when the national accounts are released early next month. As noted earlier, monthly sales values fell by 0.4% in the month of December to be up just 2.8% over the year: In quarterly real chain volume terms,

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CoreLogic leading indices signal more property pain

February 6, 2019 - 00:10 -- Admin

CoreLogic’s leading indexes are out and they point to further house price weakness. Listings barely retraced over the Christmas break and are ready to rocket into the Autumn not-selling season: As shown above, stock levels are exceeding the same time in February 2012, suggesting record potential stock levels this year. SQM Research’s rival Stock on Market

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Links 6 February 2019

February 6, 2019 - 00:01 -- Admin

Global Macro / Markets / Investing: Former Tesla workers paint grim picture of Buffalo plant – WIVB Has Facebook been good for the world? – VOX Crypto Exchange Says It Can’t Repay $190 Million to Clients After Founder Dies With Only Password – Gizmodo The global economy’s second sun – FT January’s Stock-Market Rally Revives

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Macro Afternoon

February 5, 2019 - 16:30 -- Admin

The Asian session was mixed today due to the Chinese New Year holiday with only a few markets open, Japanese bourses put in a scratch session while the ASX200 launched higher on the post-slap on the wrist “don’t do that again” bank trade. The RBA did nothing at its meeting this afternoon, keeping rates steady

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