Shanghai rebar held on for the day but SGX futures did not: Mad Dalian is breaking through the 800 barrier: Coking coal is stuffed: All charts have the same bearish descending triangle pattern right at critical support. UBS has a couple more charts that illustrate what is going on in very strait forward terms. Demand
It was buy the dip lucky strike overnight following the US political volatility that was absorbed with aplomb with tech stocks leading the way on Wall Street overnight, but also a resurgence in European shares as they try to reverse their recent slump. The USD moved across the board with Yen appreciating while Aussie and
The Reserve Bank of Australia (RBA) has published a Bulletin article entitled “Recent Drivers of Housing Loan Arrears”. To nobody’s surprise, the RBA found that “highly leveraged borrowers have been most likely to fall into arrears since 2022, consistent with their generally higher arrears rates and greater vulnerability to challenging economic conditions”. “This largely reflects
DXY firmed last night: AUD was thrashed lower: Much of the damage was done earlier in the day by the PBoC rate cut, an ominous signal for Trump tariffs: Oil fell, gold firmed: The copper bubble is a laugh a minute: Big miners are in big trouble: EM stocks popped: Junk is bullish: Yields firmed:
A report from Oxford Economics forecasts that 960,000 new homes will be built across Australia over the next five years, well short of the Albanese government’s target of 1.2 million homes. The construction shortfall will mean that the housing crisis will deepen and remain a “chronic” issue. The report’s author, Timothy Herbert, says that dwelling construction
US politics dominated the risk markets as a new trading week got underway as President Biden pulled out of the race, leaving convicted felon Trump the oldest presidential nominee in history. With Wall Street slowly increasing their bets that he was likely to win in November before the weekend news, markets are now quite unsettled
Independent economist Tony Alexander has written a detailed note on New Zealand’s stagflation economy and its implications for interest rates. Although domestic inflation remains stubbornly high, Alexander believes that the steepening recession will prompt the Reserve Bank to commence its easing cycle in November, if not earlier. Statistics New Zealand released the June quarter inflation
Introduced in 2000, the Luxury Car Tax (LCT) was imposed on imported vehicles to partly to protect the domestic car making industry that existed at the time. However, the LCT includes an exemption for “a commercial vehicle designed mainly for carrying goods and not passengers”. The Australia Institute (TAI) contends that this exemption is essentially
The Fake Greens have taken populism and loonyism to new heights with Deputy Leader in the Senate, Nick McKim, calling on the Albanese government to stop the Reserve Bank of Australia (RBA) from lifting interest rates. “The mechanics of section 11 are that the treasurer can advise … the governor-general that is, to issue an
Newspoll is unchanged at 51-49 to the government today: However, a new Freshwater poll has the LNP up by the same margin. Moreover, the aggregated polling trend is not Albo’s friend: He has butchered the ALP’s leadership in the critical areas of economic management and national security. However, health is the government’s trump card: It’s