Articles from MacroBusiness

Refinancing shock spreads with negative mortgage equity

By Leith van Onselen Moody’s Investor Services’s latest report forecast that refinancing interest-only mortgages will become more difficult, contributing to an increase in mortgage delinquencies: Regulatory measures introduced to reduce risks in the mortgage market have curbed the origination of IO loans, making it more difficult for borrowers to refinance their loans at the end

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Sydney’s auction clearance rate to plunge to 30-year low

CoreLogic released its auction report yesterday, which reported a decrease in the preliminary national auction clearance rate to 56.2% from 58.4% last weekend (later revised down to 55.6%). The preliminary clearance rate was also way below the 68.2% recorded in the same weekend of last year: Auction volumes nationally were 1,316 – way below the

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Markets move aggressively short Australian dollar

The big economic news over the weekend was the US July non-farm payrolls, which came in at 157,000 versus 193,000 expected. However, the previously two months were revised up by a combined 59,000 jobs, whereas the US unemployment rate declined to 3.9% and the broader U-6 unemployment declined to 7.5%. Wages growth was also close to

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Links 6 August 2018

Global Macro / Markets / Investing: Every U.S. Valuation Milestone Since 1781, Including Apple’s Ascent to $1 Trillion – Visual Capitalist Studzinski’s Exit Says Something About Blackstone – Bloomberg Tesla’s revenue growth looks better than it should thanks to a disclosure shortcut – MarketWatch The Stock Market Is Shrinking. That’s a Problem for Everyone. –

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Macro Afternoon

Asian stocks are slipping going into the last session of the week and in preparation for tonight’s US unemployment print. A much lower Yuan devaluation has sent Chinese stocks down, capping off a very bad week while the USD remains strong against the Aussie, safe haven buying in Yen has kept the USDJPY pair flat.

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The US strong economic growth won’t last

Cross posted from The Conversation: by Richard Holden Professor of Economics and PLuS Alliance Fellow, UNSW The US economy grew at a startling 4.1% in the second quarter, the first time in four years it has hit the 4% mark. It was not surprising that President Donald Trump was both delighted and vocal about the figures. “Once again,

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Environment the biggest loser as Australia’s population balloons

Cross-posted from Independent Australia: AUSTRALIA IS ON THE CUSP of a major demographic milestone. Our population will reach 25 million by mid-August this year. We were never expected to reach this “milestone” so soon. In 1999, then Minister for Immigration Philip Ruddock said that there was no need for a population policy as the nation was on

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Yuan slumps as Australian dollar finds a bottom

by Chris Becker Today’s retail sales and services PSI data has not had any deleterious effect on the Australian dollar, with the overnight trend halting around the 73.60 level versus USD: Daily momentum is still against the Pacific Peso here with tonight’s US unemployment (non-farm payrolls or NFP) print likely to weigh, watch last night’s

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Services PMI craters in July

by Chris Becker The AIG Services PMI for July was just released, smashed down from the heady height of over 64 points to 53.6 points. This still indicates expansion (anything over 50 does) but has been a precipitous drop from the big growth in recent months: More from AIG: Four of the five activity sub-indexes

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Migrant wage thief, Foodora, exits Australia

By Leith van Onselen Back in June it was revealed that bicycle-based online food delivery company, Foodora, faced thousands of dollars in fines after it allegedly put riders and a driver on sham contracts. Foodora, along with UberEats and Deliveroo, is one of the mobile delivery platforms that was found to be systemically exploiting migrant

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