The Market Ear on the crash that was. What a week! SPX is basically flat from last Friday’s close. Refinitiv THE hammer SPX putting in a massive hammer candle on the weekly chart. Refinitiv Sentiment and SPX Chart shows SPX vs the AAII bull-bear spread. The spread has plummeted lately, which historically has led to
If you thought Paul Keating’s China grovelling was bad, spare a thought for the Albanese government, which is now so infected with ‘Xi Jinping thought’ that it is willing to wreck the entire economy to protect China. I am talking about gas. Australia needs to keep 5% of its current gas exports to put its
Never trust the media. It has no idea. Late last week, it declared Chinese deflation was over after a tony rise in the CPI/ Yeh, na. Goldman has a more reliable take: China’s headline CPI inflation increased to +0.5% yoy in July from +0.2% yoy in June, while headline PPI inflation was flat at -0.8%
Wall Street continued its bounce again on Friday night but with more modest returns as risk markets finally settled down after a week of epic volatility. Currency markets were also sanguine due to the lack of economic releases while bond markets too pulled back from the brink. USD was largely unchanged but some selling pressure
Melbourne’s population has ballooned by around 1.8 million people this century. The city’s population is also officially projected to grow by another 3.7 million to 9.0 million by 2056: It took Melbourne around 170 years to reach a population of around 3.5 million at the turn of the century. If these projections come to fruition,
Young Australians have been sacrificed at the economic altar. Home ownership rates among young Australians have collapsed, extinguishing the Australian dream: The growing share of young Australians stuck in the rental market have then been hit by extreme rental inflation, driving up their cost of living: Young Australians who attend university are paying more than
Senior Labor minister Clare O’Neil once proclaimed that “truckloads” of immigration is the solution to many of Australia’s challenges: “Immigration has been the special sauce in our national history”. “We have never, in post-colonial Australia, met any national challenge or done anything economically viable without truckloads of it”. O’Neil delivered on this belief as Home Affairs
Qingdao iron ore fell a little to $95.82. SGX and Dalian were weak overnight. Last week, we passed some tipping point for steel. Chinese exports have stalled and with them HRC demand: Both rebar and HRC futures are in free fall: The weakness has crushed steel margins: So, steel output is tanking: Iron ore destocking
In this weekend’s Treasury of Common Sense on Radio 2GB, I discussed the latest furore between RBA governor Michele Bullock and the federal government over inflation. I also discussed the lies and obfuscation permeating Australia’s international education “industry”. Below are highlights of the discussion around international students. Edited Transcript: One of the biggest drivers of
DXY firmed Friday night: AUD faded: North Asia was strong: Oil too: Dead dirt bounce: Miners too: Schitzoid EM: Junk is trying to base: Yields rolled: Stocks meh: Goldman says the DXY falls are overdone: Recent Dollar depreciation is understandable given the shifting recession odds in the US, building evidence that restrictive policy has helped