The Market Ear with the latest on positioning. Computers are sellers CTAs in SPX are basically in sell or sell mode. Biggest risk is the downside over the 1 month where CTAs are sellers of $144bn ($50bn in the US). GS Sleepy bid The biggest bid is fading quickly….and will be dormant for a few
Australia is rich in coal, gas, and sunlight. Low-cost energy used to be a competitive advantage for the nation. However, through pure incompetence and “net zero” pig-headedness, our policymakers turn energy into a cost-of-living nightmare and competitive disadvantage for the nation. Already this year, we have witnessed Qenos – Australia’s last plastics manufacturer – shut
With Chinese markets closed, SGX is wandering sideways: There is almost no scenario in which iron ore will be driven higher by fundamentals. There’s too much. The supply chain is chock-o-block. There’s more coming. And Chinese demand will struggle to hold even with stimulus give the baked-in reduction in Chinese property completions ahead. This is
Bloomie is doing its best for Beijing. At 11:12 p.m. in Shenzhen on Sunday, China’s least affordable city eased rules for homebuyers. Less than an hour later, the first batch of prospective customers showed up at a sales center for a suburban project by local developer Excellence Group. It’s going to take months to see how the
Risk markets remain caught between rate cut speculation, the upcoming US NFP print on Friday night and the seemingly expanding war in the Middle East, almost all without any key moves overnight. Wall Street put in a scratch session while European shares continued their very soft mood with mixed results. In currency land, some softer
Australian policymakers have created an even worse way to grow the economy than through high immigration and housing speculation. The National Disability Insurance Scheme (NDIS) has become a literal financial ‘black hole’ that is driving the nation’s jobs and growth. As The AFR’s Michael Read noted on Monday, the NDIS “was originally forecast by the
Recall that the Albanese government has sought to combat disinformation with a new reporting register. A page on the ALP’s website has appeared encouraging party members and supporters to “report disinformation” via an online form to “fight lies and fake news”: The form requires users to enter their name, email address, complaint information, and the media platform
A reader sent me the below meme, which neatly explains why curbing immigration is far more important for housing affordability than curbing negative gearing: Stimulating property investment via tax policies like negative gearing does push up house prices by stimulating investor demand. Investors also outbid and crowd-out first home buyers, thereby lowering the nation’s home
‘Beneath the peaks, Grampians’, Arthur Streeton 1921, AGNSW AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225
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The Reserve Bank of New Zealand is already battling deflation in the housing market, where prices nationally have declined 16.7% from their 2021 peak. This decline has lowered real inflation-adjusted house prices to pre-pandemic levels: Recent data suggests that the Reserve Bank could soon contend with falling prices elsewhere in the economy. The latest data