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Articles from MacroBusiness

Desperate goldbugs cling to sinking safe haven

August 20, 2018 - 11:00 -- Admin

Via Bloomie: Don’t write off gold in the battle of the havens. Bullion has lost out in a paradigm shift where the metal’s no longer viewed as the traditional refuge when investors are in a risk-off mood, but that won’t last, according to Rick Rule, chief executive officer of Sprott U.S. Holdings Inc. Investors are

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Weekend Reading: 18-19 August 2018

August 18, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Elon Musk Confronts a Fateful Tweet and an ‘Excruciating’ Year – NY Times SEC Probes Tesla Over Model 3 Production Disclosures – WSJ To Get Ready for Robot Driving, Some Want to Reprogram Pedestrians – Bloomberg Leveraged Loans Not as Safe as They Once Were – WSJ CEO compensation

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ANZ: Australia dollar outlook bearish

August 17, 2018 - 15:08 -- Admin

Via ANZ today: The AUD, the NZD and emerging market (EM) FX all remain at the mercy of shifts in sentiment. And things don’t look pretty on that front. Each of the recent triggers (Turkey, weaker CNY, higher US rates, EM turmoil and geopolitics) are not big enough to drive sustained losses in markets, but

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Chris Joye turns bearish on house prices, banks

August 17, 2018 - 14:03 -- Admin

From Chris Joye today who ends his campaign for bank bonds: CoreLogic, the real estate index provider most frequently cited by the RBA, has released its suburb-level indices for the first time ever. These benchmarks scientifically revalue every property in the suburb each day based on the characteristics of those homes and the flow of incoming

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Phil Lowe welcomes falling house prices

August 17, 2018 - 13:23 -- Admin

By Leith van Onselen Below is RBA Governor Phil Lowe’s opening statement to the House of Representatives Standing Committee on Economics: Thank you for the opportunity to appear before the Committee today. These hearings are an important part of the accountability process for the Reserve Bank of Australia. As usual, my colleagues and I will do

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The Kouk slams brain dead pro-mass immigration economists

August 17, 2018 - 12:30 -- Admin

By Leith van Onselen Finding an economist opposed to Australia’s mass immigration ‘Big Australia’ policy is a difficult task. There’s me, Judith Sloan, Ross Gittins, and now Stephen Koukoulas (aka ‘The Kouk’) who has penned an excellent article today as Business Insider: There are many instances where the dismal science of economics embarrasses itself with

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Gold miners smashed, banks rally as ASX climbs the wall of worry

August 17, 2018 - 12:18 -- Admin

AUD is still rallying with EM: Long end bonds are still breaking down while a deluded Phil Lowe holds up the short: ASX climbs the wall of worry: Dalian is soft: Big Iron is down again with FMG still in trouble: Big Gas is also toppy: Big Gold is breaking on DXY strength: Big Mortgage

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As Aussie household debt hits record high, America’s retraces to 2002 levels

August 17, 2018 - 11:38 -- Admin

By Leith van Onselen The latest data on household debt from the RBA shows that Australia’s household debt-to-disposable income ratio hit a record high 190% in March 2018: With this in mind, it’s interesting to read Elliot Clarke’s (Senior Economist at Westpac) analysis showing that US household debt-to-disposable income (90%) is now back to 2002

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Moody’s responds to Deep T’s banking reforms

August 17, 2018 - 11:12 -- Admin

By Leith van Onselen Earlier this week, MB’s own banking insider, Deep T, penned an explosive article lifting the lid on the Australian banks’ giant mortgage capital rort. This followed many years of lobby from Deep T for a more thorough measurement of bank capital and risks, which resulted in APRA this week seeking a

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Credit Suisse: Buy the Emerging Market panic

August 17, 2018 - 10:08 -- Admin

From Damien Boey at Credit Suisse: Panic! Our global strategy team have highlighted that our proprietary global risk appetite index is now in oversold, or panic territory. Risky assets have underperformed safe assets over the past six months to the point where they may be starting to look interesting from a contrarian point of view.

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