IEEFA with the note. Iron ore’s demand profile set to change in response to steel decarbonisation The current pipeline of announced low-carbon steel projects sees nearly 100Mt of new DRI capacity coming online by 2030 (Figure 1). China already has two commercial-scale DRI-based steel plants up and running. DRI plants can run on green hydrogen rather than gas to
CoreLogic released its final auction results for last weekend, the most notable aspect of which was the collapse in Melbourne’s clearance rate to only Melbourne’s final auction clearance rate slumped to 57.2%, the second lowest so far this year, behind the week ending 9th June (55.6%). This is just the second time all year that
There was a big drop in tech stocks last night coupled with a number of reports circulating the blogosphere about how AI is a bust. The combination is worth reviewing – is this an opportunity to reload on technology stocks, or is it a pin in the bubble? Can’t make it to the live series? Catch
Goldman with the note. The US presidential election is less than four months away. The election outcomes will be consequential to asset markets globally, US-China relations, and China equity returns. We analyze the potential impacts on equities and identify possible winners and laggards in the case of a Trump victory (and market pricing of such
The Productivity Commission (PC) has released its latest Trade & Assistance Review, which warns that the Albanese government’s $22.7 billion “Future Made in Australia” (FMIA) subsidies for low-emissions manufacturing are a new form of protectionism that risks degrading Australia’s future productivity growth and living standards. The PC explains the FMIA policy as follows: “Much of
The gas spot price is now super-glued to Albo’s failed $12Gj price cap: The winter power price shock has likely peaked: The Australian Energy Market Regulator (AEMO) is unequivocal about what needs to happen to prevent a repeat: AEMO’s Quarterly Energy Dynamics report, released today, highlights the important role of flexible gas-powered generation as the ultimate
ANZ has released research showing that a large number of Kiwis are moving to Australia for better job opportunities. “The labour market is slowing much faster in New Zealand, with the unemployment rate up 1.1ppt since its post-COVID trough”, noted ANZ senior economist Blair Chapman. “In Australia, the unemployment rate has only increased by 0.6ppt since
Goldman on the stock correction. Next week 40% of the S&P 500 market capitalization reports with Planet Earth’s most important companies. 4 of the 7 generals report next week and the bar and stakes could not be higher. Source: Goldman Sachs I am not buying this dip and hedging downside is gaining traction… These are
Anyone who has read this site for any length of time knows that there are stages in every iron ore cycle that repeat like clockwork. Today we are entering the “cocounts” stage in which the equity market ignores the bleeding obvious in the ongoing collapse of iron ore prices. Shanghai rebar has broken seven-year support
I’ve been saying watch out below for sometime now and here we have it as the NASDAQ suffers its worst one day loss in over two years as Tesla and other tech stock earnings underperformed to say the least. The rest of Wall Street flopped as well with European shares taking a hit as Euro