Everything FE was monstered yesterday. SGX firmed overnight on forlorn stimulus hopes: Same for Mad Dalian: Coking coal: FMG is getting the treatment from analysts. GLJ research: So, Where Do We Stand on Fortescue and How Did its FY24 Results Impact our Outlook? Our SELL rating on FMG has been predicated on our negative 2024E-25E
Risk markets are again cautious as another Middle East conflict combined with mixed global PMI readings gave some pause to any further upside momentum on both sides of the Atlantic. While Wall Street nominally put in another record high, it was marginal at best with tech stocks retreating. The USD was mixed against the majors
DXY is still looking very soft: AUD roars towards breakout on the Chalmers’ stagflation: North Asia is mixed: Gold is overbought, oil ready to fall some more: Metals are confused by Fed v China: Miners are falling slowly: EM yawn: Junk cooling off: As yields are overbought: Stocks are waiting for Santa: The US PMI
Australia’s auction market has eased over recent months, moderating house price growth. The quarterly average auction clearance rate fell to 63% nationally, the lowest level reported this calendar year. Similarly, quarterly capital city price growth fell to 0.9% in August, according to PropTrack, the lowest growth rate recorded this calendar year. CoreLogic’s preliminary auction results
Earlier this year, former Treasury economist Stephen Anthony encapsulated the Victorian government’s running of the state with the following remarks: “Victoria is on a suicide mission to record borrowing, just as global interest rates are about to hit 5%”. “Potholes can’t get filled, emergency departments can’t afford clean linen, primary schools can’t fix heaters”. “Things
Whenever the issue of housing affordability is raised, politicians and industry representatives always propose reducing barriers to purchase via demand-side measures. For example, the Albanese government recently spruiked that its expanded Home Guarantee Scheme accounted for one in three new first-home buyer mortgages last financial year: Banks have also pushed for mortgage terms to be
Peter Purves Smith, ‘New York’ 1936, Art Gallery of NSW AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225
The post Macro Afternoon: 23 September 2024 appeared first on MacroBusiness.
Asian share markets were in a mixed mood today with the absence of Japanese shares due to a holiday coupled with some poor local domestic economic news mixed up with a rate cut by the PBOC keeping everyone on their toes. The USD remains under the pump following last week’s FOMC meeting while the Australian
The Reserve Bank of New Zealand has projected around 2% of official interest rate (OCR) cuts over the next two years: The latest employment data series suggests that the Reserve Bank must bring forward cuts to stave off the deepening recession, which is already the most severe in the Anglosphere: On Friday, SEEK released its
Credit Agricole with the note. The Fed delivered a 50bp rate cut at its September meeting and signalled more aggressive & front loaded easing ahead that nevertheless fell short of the market’s dovish expectations. The USD remained close to recent lows,but the question about the USD outlook from here seems to persist. To answer this