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Articles from MacroBusiness

Iron ore rocket flames out

April 11, 2024 - 09:30 -- Admin

Rebar futures firmed a little but SGX fell marginally: Dalian likewise: There’s not much to drive this on as still-ruined steel margins get wrecked by the dirt price rebound, and steel demand wilts. BofA: There’s plenty of iron ore in China: Plenty everywhere: And a lot more coming: Given the coming Chinese completions cliff in

Macro Morning

April 11, 2024 - 09:00 -- Admin

Wall Street tumbled and the USD soared back to strength on the back of a way too hot CPI print overnight, pushing the risk complex into dangerous territory. With the inflation genie nowhere near back in the bottle, bond yields spiked and the USD pushed all the undollars over, including gold which had been robust

Macro Afternoon

April 10, 2024 - 16:30 -- Admin

Another mixed trading session across stock markets in Asia today with the fallout of Fitch’s re-rating of China’s outlook to negative impacting domestic shares while local markets are putting in mild upticks despite the flat result on Wall Street overnight. Risk sentiment is fragile going into tonight’s US CPI print which follows on from Friday’s

US CPI preview

April 10, 2024 - 14:00 -- Admin

Goldman with the note. We expect a 0.27% increase in March core CPI (vs. 0.3% consensus), corresponding to a year-over-year rate of 3.70% (vs. 3.7% consensus). We expect a 0.29% increase in March headline CPI (vs. 0.3% consensus), which corresponds to a year-over-year rate of 3.37% (vs. 3.4% consensus). Our forecast is consistent with a

Baby boomers spend big on luxury cars

April 10, 2024 - 12:30 -- Admin

The Federal Chamber of Automotive Industries (FCAI) has released new car sales data for March. The data shows that a record 109,647 cars were delivered during the month, surpassing the previous March record of 106,988 in 2018. The January-March result of 304,452 sales constitutes the biggest-ever first quarter for new car sales, up 13.2% from

Crikey hits JAUKUS peak cringe

April 10, 2024 - 12:00 -- Admin

Crikey hates everything to do with Scott Morrison, including JAUKUS. I hated ScoMo as a leader, but I recognise he is the man who led Australia’s great pivot away from China. A mighty legacy. Bernard Keane took a mighty cringe at JAUKUS yesterday: Trump’s return to the White House would represent the greatest opportunity in