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Markets shift less short Australian dollar

December 11, 2018 - 09:15 -- Admin

DXY rebounded last night. CNY and EUR were weak: AUD lifted a little versus DMs: CFTC was out late and showed another small draw in shorts to -50.8k: And was mixed against EMs: Gold held its gains: Oil dumped again. It requires US output to slow: Base metals were weak: And big miners: EM stocks

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Macro Morning

December 11, 2018 - 09:03 -- Admin

By Chris Becker After a solid session of selling in Asia yesterday, European stock markets lost all their confidence later in the session as PM Theresa May lost her bolt on the Brexit vote, sending Pound Sterling down to a new low for the year. US stocks surprisingly came back strongly in the second half

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Daily iron ore price update (steel break)

December 11, 2018 - 08:59 -- Admin

Iron ore price charts for December 10, 2018: Spot down. Paper stable. Steel is breaking down. Mills margins will stay under pressure and it will hit bulks once past the new year restock.

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LvO talks per capita economy, immigration on Radio 2GB

December 11, 2018 - 08:45 -- Admin

This morning I spoke to Radio 2GB’s Luke Grant on Australia’s per capita economy and immigration’s impact, tearing apart the Property Council’s latest dodgy modelling claiming that NSW’s economy would be smashed if immigration into the state was halved. The interview begins 13.30 and ends at 24.20. Enjoy!

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Stink! AFR throws haymaker at MB for RBA

December 11, 2018 - 00:20 -- Admin

Via Jonathon Shapiro at the AFR late yesterday: Housing bears are famous for hearing what they want to hear. And last week, Reserve Bank assistant governor Guy Debelle made it very easy when he dared to suggest that “quantitative easing” was a policy option. For the bears, who appear to be revelling in each set of weak auction

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Australian households’ lost decade rolls on

December 11, 2018 - 00:15 -- Admin

By Leith van Onselen Australia’s production, as measured by real GDP, continues to diverge wildly from the growth (or lack thereof) in ordinary Australian’s living standards. To illustrate why, I have once again deflated three measures of the domestic economy, as provided in the June quarter national accounts (released last week), by the ABS’ population

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Mirabile dictu: Crikey discovers the income recession!

December 11, 2018 - 00:12 -- Admin

Mirabile dictu, Crikey’s Bernard Keane has finally discovered the real problem: …while much of the political and media class were obsessing about some asylum seekers last week, our understanding of the economy changed significantly in the wake of the September quarter GDP figures and the reaction of the Reserve Bank about where interest rates might

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CoreLogic: Unsold properties surge 20% in Sydney/Melbourne

December 11, 2018 - 00:11 -- Admin

CoreLogic’s weekly housing indicators continue to show broad weakness. Dwelling values have fallen heavily, led by Sydney and Melbourne: Auction clearances have crashed, again led by Sydney and Melbourne: Whereas mortgage credit remains stillborn: At the same time, listings have exploded upwards to 2012 highs as unsold ‘stale’ stock accumulates across Sydney and Melbourne; albeit

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Whyalla births green steel export powerhouse

December 11, 2018 - 00:05 -- Admin

Yes, you read that right, from The Australian: British billionaire industrialist Sanjeev Gupta, backed by heavyweight Chinese investors, plans to build one of the world’s largest steel plants in Whyalla, 380km north of Adelaide. Flanked by Scott Morrison, Bill Shorten and South Australian Premier Steven Marshall at this morning’s announcement, Mr Gupta said construction of

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Links 11 December 2018

December 11, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Sell-offs could be down to machines that control 80% of the US stock market, fund manager says – CNBC Stocks extend decline as trade woes batter sentiment – Reuters The Market’s Latest Problem: Hesitation to Buy the Dip – WSJ The Case Against Meritocracy – NY Times Coinbase abandons

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