It was another day of choppy trading yesterday for iron, with prices finishing up: Dalian was up: Coking coal too: The latest CISA data is lukewarm at best, down 2.5% YTD, 40mt iron ore equivalent. Inventories are almost identical for steel, Yoy: It’s a strange picture. The steel output falls will continue, the inventory of
Wall Street failed to make another new record high overnight as the impact of the latest US inflation print was fully absorbed and the strong swing against USD was pared back a little. European stocks lost a little confidence as well which is likely to translate into a mixed finish for the trading week here
Opposition Leader Peter Dutton used his budget reply address to promise a reduction in net overseas migration and a prohibition on temporary visa holders purchasing established property. Dutton stated that if elected, he would reduce the number of permanent visas from 185,000 this financial year to 140,000 for two years, 150,000 in year three, and
This week, the Australian Bureau of Statistics (ABS) reported that Australian wage growth had once again turned negative after nominal wage growth (0.8% in the March quarter) grew by less than CPI inflation (1.0% headline, 1.1% underlying). The result meant that Australian real wages have fallen by 7.1% from their peak when deflated by headline
Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter gave an address on Thursday in Hobart, in which she noted that the housing construction industry faces a “perfect storm”. Hunter also warned that Australians face a prolonged period of rising home prices and rents as population growth via net overseas migration exceeds dwelling construction. “The
A strong session across most Asian stock markets due to the record highs on Wall Street overnight in the wake of a softer than expected US CPI print. The USD is falling against the majors with the latest soft unemployment print locally helping the Australian dollar somewhat although it has lost some ground to fall
Sinocism with the note. Renewed hopes for a massive real estate bailout – Bloomberg reports that the government is “considering a proposal to have local governments across the country buy millions of unsold homes”. Caixin reported over the weekend that it “has learned from multiple sources that policymakers have also been studying the creation of a national real estate investment
The Australian Bureau of Statistics (ABS) today released its Labour Force report for April, which recorded a 0.19% rise in the unemployment rate to 4.05% alongside a 0.15% rise in the underemployment rate to 6.61%: The result was far worse than economists’ expectations of a 3.9% unemployment print. The result came amid a solid 38,480
Ah yes, the truth is ugly when it presents itself bald-faced: Anthony Albanese has broken his silence on his decision to serve an eviction notice to a longstanding tenant, revealing the reason for kicking the man out is all about his “changing circumstances” and his wedding to partner Jodi Haydon. But he’s accused tenant Jim
Last week, Reserve Bank of Australia (RBA) governor, Michele Bullock, tied herself in knots in an attempt to play down the impact of record immigration levels on CPI inflation. Bullock admitted that record immigration had driven up housing inflation, but that this was partly offset by immigration lowering wage growth. Therefore, immigration hasn’t “added dramatically