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Articles from MacroBusiness

Macro Afternoon

June 27, 2019 - 17:30 -- Admin

Despite the mixed lead from Wall Street overnight, sentiment has risen here in Asia with more positive comments surrounding Chinese trade talks as the G20 approaches. The Shanghai Composite has bounced back to life, up nearly 0.7% and almost over the 3000 point barrier while the Hang Seng Index has advanced much further, closing nearly 1.5%

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$175bn Pyne takes more dough

June 27, 2019 - 14:00 -- Admin

Via the ABC: Christopher Pyne’s new job has put his old boss, Scott Morrison, under pressure to reprimand him amid accusations it is a breach of ministerial standards. Mr Pyne, who was defence minister until the election, yesterday revealed he has taken a job as a defence consultant with multinational business advisers EY. “I am looking forward

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Big four banks axe thousands of jobs

June 27, 2019 - 13:45 -- Admin

From The ABC comes news that the Big Four Australian banks have axed thousands of jobs, with automation to cause further job losses: Banks are thousands of staff off peak levels… In 2008, the Commonwealth Bank employed 39,621 full-time equivalent employees, a number that rose to 46,000 four years ago, before falling back to 43,771

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Infrastructure bust leads Aussie economy towards recession

June 27, 2019 - 13:30 -- Admin

Via the excellent Damien Boey at Credit Suisse: From the ABS’ engineering construction release, we learn that public work done fell by roughly 13% in the year-to-1Q. So much for the story that infrastructure would be a stronger for longer growth driver. As discussed in previous articles, the issue is stock-flow confusion. Infrastructure spending has hit

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Australian dollar rips to 0.70 cents with everything China

June 27, 2019 - 13:15 -- Admin

The Australian dollar is punching towards 0.70 cents this morning: Bonds are getting absolutely smashed: XJO is flat: Dalian is romping higher: With Big Iron: Not so much Big Gas: Big Gold is falling: Big Banks are hanging on but if this China trade deal trade runs they’re going to get clubbed like baby seals

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Housing bust smashes household wealth

June 27, 2019 - 13:00 -- Admin

The Australian Bureau of Statistics (ABS) has released its Finance & Wealth data for the March quarter, which reported further falls in household wealth: Chief Economist for the ABS, Bruce Hockman, said: “Residential real estate experienced its fifth consecutive quarter of real holding losses. However, household wealth per person fell by only $1,500 to $404,566

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Poor Melbournians spend less than Sydney spivs

June 27, 2019 - 12:30 -- Admin

Fairfax reports that Melbournians are spending far less on discretionary retail than their Sydney counterparts: Sydney retailers are generating close to 20 per cent more sales than their Melbourne counterparts each month… Stores located in Melbourne net about $27,275 in sales a month on average, compared with $32,250 a month for companies in and around

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If Bitcoin is virtual gold then what’s it worth?

June 27, 2019 - 12:15 -- Admin

Beware the magazine cover indicator! The AFR went BTC wild yesterday: …bitcoin is back in a big way. The virtual currency has jumped by 50 per cent over the past three weeks. As for what’s next, the boom and bust of 2017-18 is both a warning of what can go wrong and a promise of

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A taste of Angry China in action

June 27, 2019 - 12:00 -- Admin

A taste of the future for those so enthusiastic about embracing China as Australia’s new hegemon: Ha!!! Watch this chinese Foreign Ministry fool explain what happened in Hong Kong (with chinese characteristics). This revisionist version is a bit too soon for everyone to forget what really happened. #HKexit #lies #NoExtraditionToChina pic.twitter.com/0pxLMY1fgW — Kyle Bass (@Jkylebass)

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Will Sydney or Melbourne property recover better?

June 27, 2019 - 11:45 -- Admin

Via Domain: The residential property market will start to recover from a two-year downturn in the second half of this year with house prices in Sydney to grow 2 per cent by Christmas followed by up to 5 per cent growth in 2020. According to Domain Group’s latest property price forecast, the only other capital

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