The Chinese property crash is somewhere near the halfway point. Here is the raw data for Ssptember, Floor space sold: -10.5% yoy in September, vs. -10.3% yoy in August (value of sales:-11.8% yoy in September, vs. -13.8% yoy in August). Floor area under construction: -9.4% yoy in September, vs. -9.3% yoy in August. New home
Since the pandemic kicked off in early 2020, around 60% of the nation’s job growth has been driven by the non-market (largely government-funded) sector, which comprises healthcare, social assistance, education, and public administration and safety. As a result, the non-market sector now comprises a record high 31.5% of the Australian labour force. Last week’s Labour
In September 2023, just as Australia’s net overseas migration was hitting its highest level in history (i.e., 556,000), NSW Premier Chris Minns told ABC’s 7.30 Report that he supported record immigration levels, claiming that more migrants were needed to build houses and apartments in the state. “We’re supportive of the commonwealth government’s decision to lift
Recently, the level of migration has been a major source of controversy. A major part of the controversy is the lagged nature of Australia’s net overseas migration figures and the extent to which leading indicators are representative of the true migration level. As of late October, the most recent data available extends only to March
Goldman kicks us off. China’s Q3 GDP report came in marginally above market consensus (though in line with our forecast) amid mixed September activity data — industrial production (IP )meaningfully beat market expectations, retail sales was in line, while fixed assetinvestment (FAI) missed notably, reflecting that the economy remains bifurcated. Real GDP growth moderated to
The Market Ear melts up. Things can always melt up No, the 1999 analogy is not very likely, but imagine the AI narrative goes really crazy? After all, everybody tends to underestimate all moves. Full note here. Source: LSEG Workspace Never forget Santa coming this year again? Source: Equity Clock That was quick “US ETF shorts
A further rally on Wall Street overnight due to more solid earnings which overshadowed the subprime drama in regional banks, helped along by a positive reaction here in Asia in yesterday’s session to strong Chinese GDP numbers. The AUKUS trap seems to be closing as the Trump regime signed a minerals deal with Albo in
DXY is up. So is AUD. And CNY. Gold is unstoppable. Oil screwed. Metals confused. Miners rising debasement out of the bear market but the iron ore challenge looms. EM to the moon. Junk less worried. Yields down. Stocks up. Not much data again. More soothing from the loon on trade but today’s gong
Australia’s auction market performed solidly again over the weekend, despite a high number of listings. According to Cotality, the national preliminary auction clearance rate rose to 73.8%, up from 73.0% the weekend prior and 58.2% in the same weekend of last year. “The clearance rate is an indicator that prices are going to continue to
Asian share markets have rebounded strongly on the TACO trade as the Trump regime looks like folding yet again over its tariff threats on China while the USD tries to take back a lot of lost ground against the majors but is only barely making headway. The latest Chinese GDP print didn’t scare the Australian