Why is China having so much trouble fixing its housing market? After all, it is centrally planned. It should be able to bail out what needs bailing out. As well, housing bubble overbuilds happened in developed markets pre-GFC and they managed to fix it. And Chinese public-owned banks are better equipped to deal with that.
It had to come. The Chinese stimulus is a bust for commodities, most notably iron ore. SHFE and SGX both slumped yesterday: Mad Dalian too: There are two arguments now in the short term. For bulls, steel mill margins have improved so output might too. Also, we are approaching seasonal positives from November and especially
DXY is up and how: AUD fought it for a day after the NDIS jobs release: North Asia is cooked: Gold is completely dislocated from all traditional supports. Other commods are cooked: Miners mashed: EM ouch: Junk is feeling nervous: Yields firmed: Stocks stalled: AUD jumped on the strong NDIS jobs report as we all
The long expected cut from the ECB transpire overnight without much fuss, giving European shares a leg up but Wall Street struggled to rebound as the latest retail sales numbers outperformed. The stronger USD weighed further on the undollars with Euro spiralling further down while the Australian dollar continued its descent below the 67 cent
Labor MPs are understandably furious that Prime Minister Anthony Albanese has spent $4.3 million on a luxury beachfront getaway during a housing and cost of living crisis. “It looks like he’s got one foot out the door”, one MP told The Australian Financial Review, who, like others, spoke candidly only on condition of anonymity. “It’s
The Victorian government has released its Rental Report for the June quarter of 2024, which shows that the number of properties available to rent has declined amid an exodus of property investors. As illustrated in the following table, new lettings fell by 6.4% across Victoria and by 7.0% across Melbourne in the 2023-24 financial year:
The Australian Bureau of Statistics (ABS) this week released data showing that Australia’s birth rate has collapsed to an all-time low of 1.5 babies per woman: The collapse in births combined with a rise in deaths meant that Australia’s population only grew by 105,600 in the year to March 2024 from natural increase: The SMH
The RBA is still going to cut in December. The reason is inflation will be too weak if it does not, Especially so after another round of energy bill rebates is announced: Gareth Aird at CBA: Hiring continues to grow at a strong pace, albeit most of the jobs growth has come in the non‑market
Asian stock markets are somewhat mixed after a similarly lacklustre performance on Wall Street and in European stocks overnight as currency traders position for tonight’s ECB meeting. Locally the latest unemployment print surprised to the upside with both Australian stocks and the dollar rebounding higher although the latter is falling back going into the London
The Chinese Housing Ministry is busy giving the latest yawnulus briefing today and it is not going well. On the surface, it appears bad for prices but better for construction volumes: China said it will expand a program to support “white list” property projects to 4 trillion yuan from about 2.23 trillion yuan already deployed,