It’s over for iron ore. Shanghai steel futures are in free fall, well below seven-year support: Dalian is also breaking down: Coking coal: Scuttlebutt is terrible: Pessimism pervaded the Chinese iron ore market last week, with steelmakers and traders rushing to sell off rebar stocks ahead of the implementation of new rebar standards, consultancy Mysteel
Bit of a wobbly night on Wall Street with no follow through from the more bullish returns from Friday although it initially started much higher. Confidence is lagging across risk markets as traders prepare for an action packed economic calendar this week with the USD also initially firming before losing ground against most of the
For Australia, the question of why Treasurer Jim “Chicken” Chalmers is so destructive has gone beyond the theoretical. We have an academic treasurer who makes answering the question a national interest priority: The answer to the question may lie in “Doctor” Jim Chamler’s academic exposure. One might expect a theoretician to be rigid in pursuit
The intertwined areas of immigration and housing are two of the most significant policy failures of the Albanese government. In its first federal budget in October 2022, the Albanese government projected that Australia’s net overseas migration would be 235,000 in 2022-23 and 235,000 in 2023-24: Instead, Australia received an unprecedented 980,000 net overseas migrants in
DXY is firm and its uptrend is intact: AUD is not well: North Asia is volatile: Oil puked: Commods puked: Miners puked: EM is holding support: Junk is da man: As yields roll over: But stocks can’t get a bid: As the Fed moves to cut, the market is wondering whether it is inflation that
Ben Eltham, who teaches international students at Monash University, published an article in Crikey attacking the Albanese government’s “crackdown” on international students, claiming it will endanger “a hugely successful export industry for Australia”. “Education is a hugely successful export industry for Australia. So why is the Albanese government trying to kill it?”, Eltham asked. “The
What a ludicrous country. Its economy is a combination of a publicly supported housing bubble and commodity prices leveraged to an economy with a bursting housing bubble. Yet nobody cares. Just buy banks and then buy ’em again: As is so often the case with bubbles, rather than rationality returning to the core, the periphery
Asian share markets are seeing a very solid bid across the region, save for mainland China as newsflow and macro events over the weekend have not overshadowed the solid gains on Wall Street from Friday night. A little bit of stability in currency markets has returned due to the series of interest rate decisions that
The latest house price data from the Real Estate Institute of New Zealand shows that prices and sales are falling once more after a brief period of rebound: As illustrated in the next chart from Tarric Brooker, New Zealand house prices have now fallen by 16.5% from their peak, led by Auckland (-22.1%) and Wellington
Narcissists appear capricious, volatile and difficult to manage. But, in truth, they are putty in the right hands: At an event where vendors hawked red hats reading “Make Bitcoin Great Again,” the crowd erupted in applause when Donald Trump vowed to fire Gary Gensler, the Securities and Exchange Commission chair, and replace him with regulators