Qingdao iron ore was down -1.3% to $93.62 yesterday. SHFE rebar futures are still collapsing and SGX iron ore has cracked the $100 more decisively: Dalian iron ore futures are in free fall again: Coking coal is friendless: All of this and we haven’t repaired Chinese steel mill profitability at all. The last time steel
The drums of war are still beating but the softer than expected PPI print in the US finally pushed risk around overnight as Wall Street surged and USD flopped against most of the currency majors. Euro almost hit the 1.10 handle while the Australian dollar finally got out of its holding pattern to clear the
With lower wholesale prices and the early winter gas price shock dropping out of quarterly numbers, Albo’s horror energy shock has finally passed its peak: The number one cause of the shock is tearaway gas prices that refuse to fall below Albos calamitous gas price floor, even today: Today we are treated to some obtuse
Victoria has become an economic basket case. According to the Australian Bureau of Statistics (ABS), Victoria lost 7,606 businesses during the 2022–23 financial year. The rising cost of doing business in Victoria has pushed many companies to relocate interstate or offshore. On the other hand, Queensland witnessed the biggest net rise in business, with 11,031
As expected, Treasurer Jim Chalmers was quick to spin Wednesday’s poor wage growth data from the Australian Bureau of Statistics (ABS) as a resounding success: The reality is that annual real wages have fallen for two consecutive quarters, tracking 7.2% below their June 2022 peak: Australian real wages are now tracking at mid-2010 levels. This
On Monday, RBA deputy governor Andrew Hauser gave a speech that included the following chart on consumer spending by age cohort: The chart showed that younger Australians aged under 35 have cut their spending hard in response to the RBA’s monetary tightening. By contrast, Australians aged over 60, who are more likely to own their
A subdued day on Asian share markets except in Japan where traders are playing catchup after another long weekend while the newsflow about pending conflict in the Middle East has reversed sentiment a little going into tonight’s session. The USD remains somewhat firm against most of the majors with Yen sliding slightly while the Australian
Tonight I will be appearing on DFA Live with Martin North from 8.00pm AEST, where we will discuss everything to do with the housing market and economy. The YouTube feed is below. I hope to see you there.
The post Join me tonight on DFA Live with Martin North appeared first on MacroBusiness.
PropTrack has released rental vacancy rates for July which shows that the national vacancy rate rose by 0.18% over the quarter, driven by the capital cities, which recorded a 0.24% quarterly increase: SQM Research also released its rental vacancy rate series, which remained steady at 1.3%: However, capital city asking rents recorded the largest monthly
What kind of nation is it when one-half of politics arcs up over a birthday party for a corporation while ignoring that the same is raping every Australian east of WA? Tony Abbott is incensed: It says something about the mindset of the modern Labor Party that not a single federal Labor MP turned up