Honestly, the state of reporting on China is a sad combination of ignorance and hope, with very little reality. The poor reporting is led by Bloomberg which must have some kind of PR contract with the CCP. Variant Perception sums up yesterday’s “massive sweeping bazooka stimulus blitz”: …the easing measures do not address China’s fundamental
Madness gripped the iron ore market yesterday as steel prices rose a bit and iron ore a lot: Mad Dalian too: That wrecks steel mill profitability and guarantees further output falls. Self-defeating market drivel. Global steel is already reeling and it is about to get worse thanks to an iron ore rally based on the
Stock markets advanced overnight as the USD retreated due to weaker than expected consumer confidence numbers, with overall risk helped by the PBOC messaging about increased stimulus and rate cuts in the Asian session. Wall Street nominally put in another record high, while European stocks advanced even further. The USD was sold off against all
DXY broke support on China shrinkulus: AUD is a China rocket: North Asia to the moon! Gold way overbought. Oil not out of the woods by a long shot: Metals have priced a new boom. Good luck with that: Mining melt-up: Arise EM! Junk is the tell for what it means for macro. Nuthin! Yields
Over the twelve years we’ve run this site, there have been many bad policy decisions, many stupid ideas, and an overwhelming number of greedy little men exploiting the nation. At various times, this has seemed threatening to the future of the country, even if it survived. However, nothing can match the harm that the East
The SMH’s Editorial warned that Sydney risks “becoming a city with no grandchildren, but also one with no aged care workers, police officers, shop assistants or rubbish collectors”, due to the city’s unaffordable housing. It notes that “there are 33 suburbs on the north shore, in the eastern suburbs and in the inner west with
A history lesson is on order: In October 2000, Daniel Scotto, the most renowned utility analyst on Wall Street, suspended his ratings on all energy companies conducting business in California because of the possibility that the companies would not receive full and adequate compensation for the deferred energy accounts used as the basis for the California
The Q2 national accounts and the latest labour force data showed that the public sector is powering the Australian economy, masking the deep private sector recession. Government spending hit a record-high share of GDP in Q2 after growing by 1.5% over the quarter: By contrast, the market sector declined by 0.6% over the quarter. Australian
Asian share markets are all reflecting their central bank positions today with local stocks slipping as the RBA held fire and looks like doing 2/5ths of you know what for the next 12 months, while the PBOC indicated a raft of rate cut measures which saw Chinese markets soar higher. Japanese shares returned from their
At today’s monetary policy meeting, the Reserve Bank of Australia (RBA) kept the official cash rate on hold at 4.35%. It also flagged that rates would remain on hold for the foreseeable future. The RBA Minutes noted that the underlying inflation rate of 3.9% over the year to the June quarter “is still some way