DXY is taking a breather: AUD is not: Flushed away with CNY as stimmies fail: Commods too: Miners ouch: EM was not as bad: Junk is serene: Nonetheless, yields backed up a bit. This is positional in my book: Stocks just won’t sell: China pulled the rug with no new stimmies yesterday from the NDRC.
This is what happens when you allow appease a cartel. The cartel’s mouthpiece yesterday threatened to black out the East Coast: Without new gas supply, eastern Australia faces an increased the risk of blackouts, disruptions and higher energy bills – especially in Victoria and NSW. It is no coincidence that these are the same states
I noted on Monday how Australians are experiencing their longest per capita recession on record following six consecutive quarterly falls and seven declines in the previous eight quarters. The OECD’s most recent economic outlook cut Australia’s GDP growth forecast for 2024 to 1.1%, down from 1.5% in the previous edition in May. The OECD also estimated
A tumultous return for mainland Chinese markets as the comeback after the week long holiday, expecting more than what the PBOC could deliver today with stocks in Hong Kong slammed lower as a result. Tensions in the Middle East are inflamed and that’s what other risk markets are pivoting on with stock futures across the
CBA’s non-consensus call predicting that the Reserve Bank of Australia (RBA) will cut rates before Christmas is looking prescient following the latest inflation data from the Melbourne Institute. As illustrated by the following chart from Justin Fabo at Antipodean Macro, the Melbourne Institute’s monthly trimmed mean inflation gauge for Australia slowed sharply in the September
China fanboy Bloomberg ran a live blog for the NDRC presser this morning. This unprecedented move nicely captures the froth that has taken hold of the formerly credible markets reporter. However, in despair it has announced: Q&A session begins after Zheng’s opening remarks came to a close without unleashing aggressive stimulus. Or any more stimulus, for that
No surprise here. The same thing followed the May stimulus. China’s latest steps to revive the housing market have had an immediate impact, judging from reports of brisk sales and buyer interest during the nation’s week-long holiday. Whether the rebound will be sustained is another matter. In cities with residential projects running promotions, visits by
Westpac with the note. Consumer Sentiment rises 6.2% to 89.8, a two and a half year high. Consumer expectations for interest rates fall sharply. Cost-of-living pressures continue to moderate, but progress remains slow. Consumers see finances broadly stabilising over the year ahead. Home-buyer sentiment improves slightly but still downbeat overall. House price expectations tick up,
This is how immigration used to managed in Australia. Goldman on the US labour market. Like many investors, we have been sharply focused recently on the race between job growth and labor supply growth. We expect labor supply growth to slow substantially but remain elevated enough that 150-180k jobs per month will be needed to
We warned and warned and warned. But Labor didn’t listen. It listened instead to the policy cowardice of Jim “chicken” Chalmers. And now that chicken is coming home to roost. The latest polling shows the government is now rightly considered to blame for inflation and, perhaps worse for its fate, miles behind in all areas