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Links 2 July 2019

July 2, 2019 - 00:02 -- Admin

Global Macro/Climate Change: Norway pulls investment from oil and gas companies – Newshub No Drips, No Drops: A City Of 10 Million Is Running Out Of Water – NPR An oil spill in the Gulf of Mexico that began 15 years ago is up to a thousand times worse than the rig owner’s estimate, study finds – CNN

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Macro Afternoon

July 1, 2019 - 17:00 -- Admin

The G20 and the trade war truce between China and the US has lifted risk spirits despite a slew of very poor manufacturing PMIs released in Asia today. The Yuan has jumped against USD with the USDCNH at a near three month low while the Aussie dollar has tanked on the Chinese PMI print, Yen

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Banks slam ASIC for suggesting they do their job

July 1, 2019 - 13:15 -- Admin

ASIC wants banks to stop or augment their use of the Household Expenditure Measure (HEM) but the banks have expressed their disdain in new submissions to the regulator released today: WBC: “Accurately verifying basic and discretionary living expenses using transactional account data is currently not feasible and in Westpac’s experience, would be of limited value.”

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Bitcoin bazooka to fizzle

July 1, 2019 - 13:00 -- Admin

by Chris Becker The undollar crypto currency the mainstream economists love to hate – Bitcoin – has seen a meteoric rebirth since the start of March this year, tripling in “value”: Having reached nearly $USD14000 mid way through last week, Bitcoin also showed why for most investors/speculators, its something to avoid traversing in the short term,

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Australian dollar sags with Asian PMIs

July 1, 2019 - 13:00 -- Admin

So much for trade war relief. The triptych of bad Asian PMIs knocked the stuffing from the Australian dollar after it gapped up at the open this morning: Aussie bonds were sold then bid: But stocks are in no doubt as S&P futures fly: And XJO follows: Dalian is up too: So Big Iron is

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Vimal Gor: “If you already own government bonds, buy more”

July 1, 2019 - 12:45 -- Admin

Via Vimal Gor at Pendal: Everything (yes, everything) has a price, and in most cases higher prices drive down demand. But in rare cases when the thing in question satisfies a basic need and there are limited alternatives, higher prices can actually attract greater demand. Economists call these things Giffen goods, and government bonds are

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How many economists does it take to change a light bulb?

July 1, 2019 - 12:34 -- Admin

Via Peter Martin at  The Conversation. During the election we were promised jobs and growth. But The Conversation’s 2019-20 forecasting panel is predicting an economic growth rate as weak as any since the financial crisis in the year ahead, as well as dismal consumer spending, no improvement in unemployment or wage growth, and an increased chance of

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BIS warns globe is pushing on a string

July 1, 2019 - 12:15 -- Admin

Via the BIS overnight: The year in review It was perhaps too good to be true. In 2017, it was unusual to see a synchronised global expansion at rates above estimates of potential so late in the upswing and, moreover, to project it to continue well into the future. Some deceleration was on the cards.

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Caixin China PMI contracts

July 1, 2019 - 11:57 -- Admin

Via Caixin: June data highlighted a challenging month for Chinese manufacturers, with trade tensions reportedly causing renewed declines in total sales, export orders and production. Companies responded by reducing headcounts further and making fewer purchases of raw materials and semi-finished items. At the same time, selling prices were raised following another increase in input costs,

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Auction clearances consistent with “modest price gains”

July 1, 2019 - 11:45 -- Admin

Via Westpac: Given the intense focus on Australia’s housing markets at the moment and in light of our recent commentary around the best way to interpret auction market results (seehere) we are now putting out short previews each Friday and summary updates the following Monday setting out how results should be viewed. Preliminary assessment of auction

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