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Macro Morning

February 5, 2024 - 09:00 -- Admin

Market expectations are elevated to say the least with a super strong US jobs report on Friday night followed by strikes in the Middle East, with Wall Street hitting a new record high due to very impressive earnings in the tech sector. European shares were mildly positive, but all the action was again in currency

Tax cuts won’t save Albo

February 5, 2024 - 08:30 -- Admin

How does a government blow an enormous polling lead without achieving anything? It misreads its job description, re-election strategy, economy and the world. To wit, the latest Newspoll offers Albo no bounce: Where did Albo go wrong? Everywhere. Excessive fiscal spending, inflation, taxes and interest rates have crushed the Australian consumer. Was there a national

Blundering Bullock crushes consumer

February 5, 2024 - 08:00 -- Admin

The real person at fault is Jim “Chicken” Chalmers, who has forced through half-arsed RBA reform at the worst possible moment. Still, when you get your chance, you’ve got to grab it, and the new governor Michelle “Blundering” Bullock ain’t done that. Terry McRann is rightly incensed: Just like the Fed, in December, our RBA

Stocks crash up

February 5, 2024 - 07:30 -- Admin

We are into a bubble blowoff now. The Market Ear has more. Room to run Looks like Magnificent 7 and AI have room to inflate more. And maybe they are not even bubbles. Flow Show Bombastic day Mega Tech had the largest 1-day move since Nov 2022. Mega Tech and AI are the only two

The post Stocks crash up appeared first on MacroBusiness.

Iron ore trouble returns as steel breaks

February 5, 2024 - 07:00 -- Admin

Iron ore is in a bit of trouble as rebar futures break down: MySteel indexes are OK but beware seasonality: Property sales remain a disaster: Property funding likewise: Deflation in everything is driving up financial conditions: LGSB funding has started slowly: But Goldman reckons a better quota is coming: 31 provincial-level local governments just held

Australian house prices smash into affordability ceiling

February 5, 2024 - 00:05 -- Admin

The latest dwelling results from PropTrack showed that Australian median home values retraced slightly from their record high to $823,000 across the combined capital cities and $760,000 nationally: As shown in the next chart, quarterly dwelling value growth has fallen since the Reserve Bank of Australia (RBA) hiked the official cash rate (OCR) another 0.25%

National disaster: “Australia’s housing crisis is going to get worse”

February 4, 2024 - 08:42 -- Admin

On Saturday, I was interviewed by Radio 2GB’s Luke Grant, where I explained the drivers behind Australia’s falling inflation. I also ran through the latest dwelling approvals and housing finance data, which I described as a “national disaster” which infers that “Australia’s housing crisis is going to get worse”. Below are highlights of the housing

Do buy property now!

February 4, 2024 - 00:06 -- Admin

Australian house prices are either stalled or falling. The primary reason for this is the worsening job market and the rise in interest rates.: If you want to buy a home, now is the time to do it, while sentiment is weak. In the Australian real estate market, you will never find a deal. However,

Tax Reform: the time has come

February 3, 2024 - 09:16 -- Admin

The Albanese ALP Government’s revision of the Morrison Government’s Stage 3 Tax cuts ensures one thing in the lead up to the next election, and that is talk of tax reform. Rightly so, as Australia is screaming for it. The surreal thing is it seems to have caught both sides of mainstream politics on the