In October, Chinese steel production rebounded. Pig iron output firmed. Nonetheless, rebar and iron ore futures tanked Friday. Hot metal output is up strongly. As profits rise. But flat steel inventory is still falling. I believe what is happening is that as the world prepares to impose tariffs, booming export demand is meeting little change
Chinese October data showed a little improvement in retail sales as FAI and industrial production ease. Retail is being lifted by trade-up stimulus programs so the bounce is not overly exciting. Under the bonnet, property prices are still falling. Transactions have lifted a little. However, starts are terrible. Completions were down a hefty 26% year
Back in the brief glory days of Australian foreign policy sense, when PM Morrison sued for a partial divorce from China, I noted that the response from Labor was treasonous. In 2020 and 2021, Australia was pushing back against the Chinese “silent invasion” as well as fighting for clarity on the origins of COVID. The
The more things change in politics, the more they stay the same. Nearly a decade ago, in June 2015, then Coalition federal Treasurer Joe Hockey told Australians that the solution to the nation’s housing affordability crisis was to “build more housing”. “I say again in relation to what is reasonably expensive entry costs for first
Australia’s auction market has stalled in recent months, with monthly average clearance rates across Sydney and Melbourne falling to year-lows. As illustrated below, the decline in clearance rates has pulled down price growth across the combined capital cities. This weekend’s combined capital city preliminary clearance rate was the third lowest of the year to date,
Can the ABC actually have a sensible debate about immigration? We need to be reasonable. If you are an ageing feminist journalism icon working from a national broadcaster like ABC or anywhere in the legacy media in Australia, it has been a confronting year. Only a week ago, the great unwashed in the United States voted
Last week, the Australian Housing and Research Institute (AHURI) released a survey showing that while 78% of renters want to purchase a home, 59% do not believe that it is possible. The study also showed that the proportion of people renting in the private market increased the most for 20-39-year-olds, followed by 40-59-year-olds between 2011
DXY fell! But nobody noticed. The long-term chart of AUD is a giant descending triangle to hell. This is the market judgement of your leaders. North Asia held up. Gold and oil did not. Oil is everything here. If it crashes through the lows, it will contain the US long-end and restore the rally. If
ANZ and Westpac are debating why the RBA has no idea what it is doing. The former says that the RBA is wrong on the neutral rate of inflation being around 4.5%. Wages growth has slowed across awards, enterprise bargaining agreements and individual arrangements, pointing to a broad-based slowdown. Indeed, if we consider lags between
ANZ and Westpac are debating why the RBA has no idea what it is doing. The former says that the RBA is wrong on the neutral rate of inflation being around 4.5%. Wages growth has slowed across awards, enterprise bargaining agreements and individual arrangements, pointing to a broad-based slowdown. Indeed, if we consider lags between