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MacroBusiness Tuesday, May 23, 2017 - 16:26 Source

by Chris Becker Asian markets have moved to safe havens after the Manchester attack and a variety of political distractions in the Americas plus concern over Noble Group. Futures are pulling back while the USD is sold off as traders head for Yen and gold, while oil remains stable after its recent rise, waiting for

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Renew Economy Tuesday, May 23, 2017 - 15:18 Source

Tritium has announced it has started trials of its award-winning Veefil-RT 50kW DC charger in China.

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John Quiggin Tuesday, May 23, 2017 - 14:39 Source

Advocates of an expansion of Australian coal mining are constantly claiming that India is desperate for imported coal to supply urgently needed electricity. Leaving aside the Indian government’s stated determination to end coal imports in the next few years (at least for the large public sector), what’s happening to actual demand for coal-fired electricity. Undoubtedly, it was growing very rapidly until quite recently. The Indian government had grandiose plans for a fleet of “Ultra Mega” power plants UMPP, a couple of which actually got built.

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Renew Economy Tuesday, May 23, 2017 - 14:32 Source

Two recent EU renewable energy auctions in Germany and Spain have yielded not only significant interest in onshore wind power, but record low prices.

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Renew Economy Tuesday, May 23, 2017 - 14:25 Source

Pacific Hydro looks to fund new wind, solar and hydro developments with multi-currency fund raising.

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MacroBusiness Tuesday, May 23, 2017 - 14:14 Source

Via Netral: China’s $1.7 trillion government-bond market is turning ever weirder. In a fresh sign of the nerves among investors caused by Beijing’s campaign this spring to make Chinese markets less risky, the yield on seven-year government bonds rose to 3.79% on Monday, above the yield on both five-year and 10-year bonds. The highly unusual

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MacroBusiness Tuesday, May 23, 2017 - 13:41 Source

This idiot just never gets it: The man who vowed to financially support Adani’s Carmichael coal project while Premier of Queensland, Campbell Newman, says the Palaszczuk government’s inability to make a decision over the project was a “towering disgrace”. Mr Newman, who was Queensland premier between March 2012 and February 2015, and said the Labor

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MacroBusiness Tuesday, May 23, 2017 - 13:40 Source

The mining property bust – which has sent sales volumes, prices and rents plummeting – looks to be coming to an end according to new research from CoreLogic’s Cameron Kusher: …many of these [mining] towns have seen sales volumes begin to lift and in some regions there are signs that the rate of decline in

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MacroBusiness Tuesday, May 23, 2017 - 13:34 Source

Dalian is soft today: No obvious reason for it beyond good sense and the looming wipe out of Noble Group which may be forced into inventory liquidations!…Big Iron has eased: Big Gas is firm on OPEC: WPL and OSH look bullish on the charts but they’re still way overvalued assuming $65 oil. Big Gold is

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MacroBusiness Tuesday, May 23, 2017 - 12:58 Source

This is darkly amusing: Over the past 18 months, Noble Group has tried to get itself out of a deep hole by raising almost $3bn through asset sales and bond and share issues. But for what was once Asia’s largest commodities trader, this fundraising effort might not be enough. Noble’s shares have dropped sharply after the

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MacroBusiness Tuesday, May 23, 2017 - 12:53 Source

By Leith van Onselen ABC’s The Business ran a short segment last night on the “recessionary conditions” afflicting the retail sector, which is battling a killer combination of intense competition, tight profit margins and record low wages growth: Reporter: “The $300 billion retail sector is doing it tough. So tough that analysts say it’s facing

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Renew Economy Tuesday, May 23, 2017 - 12:37 Source

ARENA switches focus of solar PV support back to R&D, in bid to achieve more cost savings and ensure solar can provide nearly one third of Australia's electricity within 15 years.

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Political Owl Tuesday, May 23, 2017 - 12:35 Source

Canberra Times Letters to the Editor this morning:"Labor joining the wrong clubs"I assume it was a coincidence that Chief Minister Andrew Barr launched the new government-friendly CFMEU Clubs Association on the day that submissions to the Legislative Assembly select committee inquiry into the establishment of an independent integrity commission closed.I don't know if it is just me but the Chief Minister's Trump-like response to Clubs ACT daring to oppose the government over the decision to give the casino poker machines does seem, at best, a tad petulant.Residents and community organisations are entitled to disagree with and to oppose the

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MacroBusiness Tuesday, May 23, 2017 - 12:28 Source

By Leith van Onselen New Zealand Prime Minister, Bill English, has ruled-out changing the country’s immigration settings to bring in more construction workers to help alleviate Auckland’s chronic housing shortage. From Interest.co.nz: The government has not seen any reason to loosen migration settings to allow for more house building in Auckland, despite the construction industry

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MacroBusiness Tuesday, May 23, 2017 - 11:41 Source

From S&P: The number of delinquent housing loans underlying Australian prime residential mortgage-backed securities (RMBS) in March fell to 1.16% from 1.23% a month earlier, according to a recent report by S&P Global Ratings. Home loan arrears rose from 1.13% the same time a year earlier, but remained below the decade average for March of

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Renew Economy Tuesday, May 23, 2017 - 11:40 Source

Denmark says tax on self-consumed PV will reduce budget expense and will slow down faster than expected development of solar.

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Renew Economy Tuesday, May 23, 2017 - 11:34 Source

Supporters of Adani mine says coal crucial to solving poverty, but new report suggests new coal mines will only worsen climate change and drive poor nations deeper into poverty.

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Renew Economy Tuesday, May 23, 2017 - 11:34 Source

Supporters of Adani mine says coal crucial to solving poverty, but new report suggests new coal mines will only worsen climate change and drive poor nations deeper into poverty.

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MacroBusiness Tuesday, May 23, 2017 - 11:28 Source

He’s a master at it but it’s getting hard: Confidence lifts for third time in past month Consumer confidence  Consumer confidence: The ANZ/Roy Morgan consumer confidence rating rose by 1.0 per cent to 110.5 in the latest week – the third rise in the past four weeks. Three rises in four weeks leading to…splat:

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MacroBusiness Tuesday, May 23, 2017 - 11:24 Source

I noted this morning that: Fortescue Metals Group (FMG) is keeping its June price adjustments unchanged for its flagship products, at 30% for 56.7% Fe Super Special fines and 25% for 58.3% Fe Fortescue Blend fines, sources told Metal Bulletin. Just now via the FT: This year’s decline is a “significant price signal”, said Nev

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Renew Economy Tuesday, May 23, 2017 - 11:18 Source

Swiss voters back plans to provide subsidies for renewable energy, ban new nuclear plants and help bail out struggling utilities.

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MacroBusiness Tuesday, May 23, 2017 - 11:16 Source

Mateiral today on the cost to banks of recent news flow. Deutsche on the S&P downgrade: Higher funding costs likely for regionals following S&P credit rating downgrade S&P’s heightened concerns for the Australian economy have resulted in BEN and BOQ’s credit ratings being downgraded by one notch to BBB+ (from A-), while the majors’ ratings

The post What are Australia’s ex-growth, part-nationalised, bubble-exposed utility-banks worth? appeared first on MacroBusiness.

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MacroBusiness Tuesday, May 23, 2017 - 11:07 Source

I’ve been waiting for more detail on this before reporting but it does not look good, via the BBC: Nineteen people have been killed and about 50 injured in a suspected terror attack at Manchester Arena. Police were called to reports of an explosion at the venue at about 22:35 BST following a pop concert

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MacroBusiness Tuesday, May 23, 2017 - 11:01 Source

By Leith van Onselen Scott Phillips, director of research at Motley Fool, has penned an article in Domainfax today arguing that Australian housing is “not as expensive as we think”: What if housing really isn’t as expensive as it seems?… Here’s the idea. As homeowners, and potential buyers, we’re trained to look at the price

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MacroBusiness Tuesday, May 23, 2017 - 09:53 Source

By Leith van Onselen The Turnbull Government’s Black Economy Taskforce is expected to release its final report in October 2017. While its interim report estimated the cost of the cash economy to be about $25 billion, the head of the taskforce, Michael Andrew, now believes that the black economy is worth at least $35 billion

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The Australian Independent Media Network Tuesday, May 23, 2017 - 09:47 Source

Someone asked me how my wife feels about having our conversations repeated in my articles. Of course, I had to explain to the person that, while it’s true I have a wife, the one I write about is like the Liberal plan for jobs and growth: mainly fictional. However, it made me realise that many…

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MacroBusiness Tuesday, May 23, 2017 - 09:30 Source

By Chris Becker   So is risk back on as Trump signs deals with the Saudis, who look set to extend supply cuts to bolster oil prices? Perhaps, with US stocks rallying and Treasury yields rising as political turmoil stays off the US airwaves a little longer. Yesterday in China the Shanghai Composite had a bad

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MacroBusiness Tuesday, May 23, 2017 - 09:29 Source

Via The New Daily: Some of Australia’s most densely populated suburbs, major cities and crucial pieces of infrastructure, such as Sydney airport, could be underwater in just decades, according to an alarming new prediction. A newly developed map of Australia, based on data from National Oceanic and Atmospheric Association (NOAA) in the US, shows places like Port Melbourne, Sydney’s

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MacroBusiness Tuesday, May 23, 2017 - 09:19 Source

By Leith van Onselen Try not to vomit as you read former Treasury Secretary turned corporate sell-out (NAB Chairman), Ken Henry’s, letter to NAB shareholders vowing to fight the Coalition’s 0.06% levy on large bank liabilities: The tax – $6.2 billion over four years – is poor public policy that will affect every Australian. We

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MacroBusiness Tuesday, May 23, 2017 - 09:17 Source

Chris Weston with market texture:

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