The worst Treasurer in modern Australian history is being condemned by the bond market. While global yields are ripping lower, local yields are stuck on a high plateau: Spreads to the US are threatening breakout: Most damning, the 2-5 bond curve, which is a great indicator of the strength of per capita growth, is in
Sales sinking to the bottom: Year to date below all forecasts: Inventory whoa! Notably in the ghost cities: Completions still have far to fall: Lifeless, this.
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There is an argument championed by Viktor Shvets that the financialisation of the world has created a flood of excess capital, which may be as high as 10 times global GDP. While there are moments where it freezes up – by the Bank of Japan most recently, but also by the bank of England last
Chief economist at IFM Investors, Alex Joiner, posted the following chart on Twitter (X) comparing Australia’s woeful labour productivity against the United States: According to Wednesday’s Q2 national accounts from the Australian Bureau of Statistics (ABS), Australia’s labour productivity is tracking at the same level as September 2016. That is, labour productivity has experienced no
Be careful what you wish for, Treasurer Jim “chicken” Chalmers. Back in July 2023, Chicken Chalmers declared: The Albanese Government has appointed Michele Bullock as the ninth Governor of the Reserve Bank of Australia (RBA) for a seven‑year term beginning on 18 September 2023. Ms Bullock is the right person to lead the RBA into the future and
Perth’s housing market has experienced a monumental boom, rising by 76% since the beginning of the pandemic in March 2020, according to PropTrack: Despite the boom, Perth dwelling values are still relatively “affordable” with a median value of $751,000 in August, versus $861,000 across the combined capital cities: This suggests that Perth dwelling values have
The Market Ear picks up the equity body parts. That’s gross Looking at leverage for “all hedge fund categories” we can see that gross is close to maximum (and nets a little high too). A lot of de-grossing potential if this volatility continues. JPM PI That’s really gross GS Prime data confirms that hedge fund
Wednesday’s poor Q2 national accounts release from the Australian Bureau of Statistics (ABS) should raise eyebrows within the Reserve Bank of Australia (RBA). While the 1.0% annual growth in real GDP was in line with the RBA’s latest forecasts, the Bank should be concerned about the private sector economy’s embedded weakness. The 2.0% decline-from-peak in
SHFE and SGX futures were slaughtered yesterday. Steel futures are at new lows and this is the leading indicator: Mad Dalian is also at new lows: Coking coal too: Scuttlebutt is cutting: “Last week’s blindly optimistic and irrational sentiment rally is now being rationally unwound, as the market once again comes to terms with the
Last night saw some interesting volatiltiy around risk markets with softer US jobs data before tomorrow night’s official US NFP print saw big drops in Treasury yields while stocks vacillated between losses and gains, with Wall Street eventually finishing unsettled and slightly lower. Commodity markets remain on a downer while the USD saw a slight