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Chinese deflation intensifies

June 10, 2025 - 12:30 -- Admin

Chinese deflation marches on. In May 2025 , the national consumer price index fell by 0.1% year-on-year . Among them, urban prices remained unchanged, and rural prices fell by 0.4 % ; food prices fell by 0.4%, and non-food prices remained unchanged; consumer goods prices fell by 0.5% , and service prices rose by 0.5% . ­­ — On average in May , the national consumer price index fell by 0.1% compared with the

China spews steel everywhere

June 10, 2025 - 12:00 -- Admin

The ferrous complex is nothing flash, that’s for sure. But tariffs are yet to show much in its steel exports. These are absorbing an extra 100mt of iron ore from the COVID lows. Iron ore imports are lacklustre but not collapsing. I expect more downside ahead as construction continues to shrink, but unless Beijing acts

Macro Morning

June 10, 2025 - 09:00 -- Admin

The first session following the release of the latest monthly US jobs print is usually benign and that’s what we had across most risk markets overnight as speculation about what the Federal Reserve will do until the next NFP print calmed down, sending the USD slightly lower against the majors. Uncertainty over trade deals kept

Minack: Aussie interest rates about to crater below zero

June 10, 2025 - 08:30 -- Admin

Gerard Minack destroys Australia’s sick economy. Australia remains stuck in a macro rut. Low investment and fast population growth prevent capital deepening and productivity growth. The result is stagnant real incomes and falling per capita GDP. This malaise is also reflected in anaemic corporate earnings, but not in the equity market’s premium valuation. The RBA

Australia is a manufacturing wasteland

June 10, 2025 - 00:05 -- Admin

According to the OECD, Australia has the smallest manufacturing sector relative to its economy in the developed world. As a result, Australia is also the least self-sufficient economy in the developed world. The latest Harvard Atlas of Economic Complexity, which measures the diversity and knowledge intensity of a country’s export mix, ranked Australia 102nd out of

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