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MacroBusiness Friday, August 19, 2022 - 00:05 Source

CoreLogic’s weekly Australian house price index, which tracks value changes across the five major capital cities, fell another 0.37% in the week ended 18 August – the 15th consecutive weekly decline: The decline in values was driven by the three largest capital cities, namely Sydney (-0.5%), Melbourne (-0.34%) and Brisbane (-0.39%): So far in August,

The post RBA rate hikes sink Aussie house prices appeared first on MacroBusiness.

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MacroBusiness Friday, August 19, 2022 - 00:01 Source

Global Macro / Markets / Investing: Electric Car Prices Spiking Due To Rising Costs And Demand – Inside EVs On the corrupt $280 billion CHIPS handout to semiconductor oligarchs – IBO News Fed sees interest rate hikes continuing until inflation eases substantially – CNBC OPEC not to blame for soaring inflation, new chief says, citing

The post Links 19 August 2022 appeared first on MacroBusiness.

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Your Democracy Thursday, August 18, 2022 - 21:17 Source

The series of major explosions at Russian military bases on the Black Sea peninsula of Crimea over the past week mark the beginning of a new, even more dangerous phase in the imperialist war waged on Ukrainian territory against Russia.

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MacroBusiness Thursday, August 18, 2022 - 16:30 Source

The selloff from overnight markets has proven contagious here in Asia with drops across the boards, led by Japanese shares. The USD remains very strong against the majors with the Australian dollar about to break the 69 cent level on the mixed unemployment print while Euro has given up all its meagre gains as it

The post Macro Afternoon appeared first on MacroBusiness.

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Cheeseburger Gothic Thursday, August 18, 2022 - 15:33 Source

I don’t often do mailouts to the Burger’s full subscription list, but I’ll have a few in the next couple of weeks. So if things seem oddly structured or even formal here in the future that’s why.

On the upside, the first mailer is a free short story in the Cruel Stars universe, written with Jason Lambright.

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Renew Economy Thursday, August 18, 2022 - 15:18 Source

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Renew Economy Thursday, August 18, 2022 - 15:12 Source

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Renew Economy Thursday, August 18, 2022 - 15:03 Source

Finley solar farm

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MacroBusiness Thursday, August 18, 2022 - 14:30 Source

BRANZ and Pacifecon have published their 10th annual National Construction Pipeline Report, which shows that New Zealand residential construction is expected to fall by more than one-third, or $11 billion, to $19.6 billion per year over the next five years. In turn, total construction activity is forecast to fall from a peak of $50.9 billion

The post Housing crash to plunge New Zealand into recession appeared first on MacroBusiness.

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Renew Economy Thursday, August 18, 2022 - 14:13 Source

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MacroBusiness Thursday, August 18, 2022 - 14:00 Source

To nobody’s surprise, the cost of building Melbourne’s suburban rail loop has doubled to $125 billion, with another $75 billion projected for operating expenses. That’s according to the Victorian Parliamentary Budget Office: According to the state parliament’s budget office, which published a report overnight, the north and east sections of the rail loop could blow

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MacroBusiness Thursday, August 18, 2022 - 14:00 Source

To nobody’s surprise, the cost of building Melbourne’s suburban rail loop has doubled to $125 billion, with another $75 billion projected for operating expenses. That’s according to the Victorian Parliamentary Budget Office: According to the state parliament’s budget office, which published a report overnight, the north and east sections of the rail loop could blow

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MacroBusiness Thursday, August 18, 2022 - 13:30 Source

The Reserve Bank of Australia (RBA) has to be the worst forecaster of wages and incomes in Australia. After being far too bullish on wages over the past decade: It got egg on its face yet again when yesterday’s wage price index for the June quarter came in soft. The RBA’s August Statement of Monetary

The post Weak earnings growth shatters RBA forecasts appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 13:00 Source

It’s cold comfort for punters being reamed by the energy cartels but take a moment to enjoy the earnings release of Origin energy today. The card-carrying member of the gas cartel is being hollowed out by the coal cartel: Origin Energy Limited (Origin) reports underlying profit rose 30 per cent to $407 million for the

The post Gas cartel eaten by coal cartel appeared first on MacroBusiness.

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The Australian Independent Media Network Thursday, August 18, 2022 - 12:50 Source

He has survived death threats and attempts on his life since February 1989. But Salman Rushdie’s luck just about ran out at the Chautauqua Institution, southwest of Buffalo in New York State. On August 12, at a venue historically celebrated for bringing education to all, the writer was stabbed incessantly by a fanatic who felt…

The post The Maybe Mob and the Rushdie Attack appeared first on The AIM Network.

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MacroBusiness Thursday, August 18, 2022 - 12:30 Source

SQM research has released rental vacancies data for the month of July, with vacancies nationally remaining at a record low 1.0% and every capital city market zipped tight: The next chart shows the time series across the major capitals, with vacancy rates plunging over the pandemic: And the next chart, published in The AFR, shows

The post Immigration rebound slaughters Aussie renters appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 12:05 Source

China’s economy has deteriorated significantly. We, here at Nucleus, have time and again discussed the issues and lately have been wondering if it means that China’s great reckoning has arrived? Or will the can be once again kicked down the road? Join us in this investment podcast as Nucleus Wealth Chief Investment Officer, Damien Klassen,

The post MB Fund Podcast: Has The Great China Reckoning Arrived? appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 11:51 Source

The Australian Bureau of Statistics (ABS) has released labour market data for July, which showed that Australia lost 40,900 jobs (-0.3%) over the month, with hours worked also falling by 16 million (-0.8%): However, because the labour force participation rate fell by 0.3% to 66.4%, the nation’s unemployment rate actually fell by 0.1% to 3.4%

The post Australia’s jobs boom ends, extinguishing RBA rate hikes appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 11:40 Source

Credit Suisse on DXY. —————————————————————————————————————————— FX markets have now entered what was supposed to be an aimless, low-volatility fortnight ahead of the 25-27AugJackson Hole meetings. Instead, implied volatility in key pairs jumped at the start of the week, in our view primarily as a function of China’s surprise rate cut on Monday. Later in this

The post US dollar to the moon! appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 11:20 Source

NAB’s economics team has talked-up yesterday’s soft wage growth data, claiming private sector wages are in fact booming. In turn, this justifies further aggressive interest rate hikes from the RBA: NAB director of economics and markets Tapas Strickland had a clear message: “Ignore the headline [Wage Price Index] excluding bonuses.” Instead, he said to look

The post NAB scaremongers as real wages plunge to 2012 levels appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 11:00 Source

The US is pushing forward on multiple fronts: The US and Taiwan have started formal negotiations on a bilateral trade initiative, a move likely to inflame already high tensions with China. The first round of trade talks is set to take place “early this fall,” the Office of the US Trade Representative said in a

The post Time Albo’s cowards visit Taiwan appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 10:40 Source

Meet Cameron Milner. He’s a former Queensland Labor Secretary that was also then Opposition leader Bill Shorten’s top advisor. Milner has penned one of the most egregious articles I have ever read in The Australian attacking the “whining social services lobby groups”, defending the Stage 3 tax cuts, and lobbying for “a huge increase in

The post Labor fruit cake demands 800,000 migrants a year appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 10:20 Source

You don’t say. For me, this is still a bear market rally owing to the nasty cocktail of sky-high inventories, a tightening Fed, and outright recessions in Europe and China. BofA. P/E should be 11 (it’s 20) or CPI should be 0% (it’s 8.5%) Only 30% of our bull market signposts (things that happen before

The post Century old rule with 100% record says stocks ain’t bottomed appeared first on MacroBusiness.

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Your Democracy Thursday, August 18, 2022 - 10:06 Source

On August 2, 2022, a scandal occurred in the Senate of Australia – the upper house of parliament. One of its members, a representative of the Green Party Lidia Thorpe during her taking the oath of office as a senator called the British Queen Elizabeth II, who is the formal head of Australia, a colonizer.

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MacroBusiness Thursday, August 18, 2022 - 10:00 Source

The ferrous complex puked on August 17, 2022: Chinese iron ore port inventory climbed again last week: The reasons being cited for the price falls are balderdash: Nearly 20 steel mills in China’s southwest regions had suspended operations as of Wednesday, according to steel industry data provider SMM. The power rationing is expected to continue

The post Daily iron ore price update (puke) appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 09:40 Source

Goldman does  China is fooked in the nicest possible way. It ain’t short-term and it ain’t getting better. CNY is going to fall. A clear picture of weak domestic demand: Combined with muted inflation and weak credit growth, July activity data confirmed the lack of domestic demand. With a few exceptions, most indicators showed sequential

The post China fooked appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 09:30 Source

Risk sentiment stumbled overnight with strong UK inflation numbers offset by the release of the latest FOMC minutes later in the session but it still resulted in falls on both sides of the Atlantic with the USD rising against the major currencies again. Euro escaped any further selling while the Australian dollar slumped well below

The post Macro Morning appeared first on MacroBusiness.

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Your Democracy Thursday, August 18, 2022 - 09:25 Source

US Representative Liz Cheney has reacted to being voted out of Congress by 37 percentage points in Wyoming’s Republican primary by comparing herself to Abraham Lincoln, and hinting that she’ll try to follow his path to the White House.

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MacroBusiness Thursday, August 18, 2022 - 09:20 Source

Martians can get Australian gas: The UK is about to receive liquefied natural gas from far-off Australia for the first time in at least six years, highlighting the European region’s desperation in grappling with its worst energy crisis in decades. But back home the price is still hovering around $20Gj and the price of electricity

The post Gas cartel trumpets capture of Mad King appeared first on MacroBusiness.

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MacroBusiness Thursday, August 18, 2022 - 09:00 Source

In my ten years of observing the hideous Australian macro sausage factory in action on this blog, I have never seen a more stupid and harmful series of policy blunders than what we have today on both the monetary and fiscal sides of the equation. The two are gutting Australian living standards when they should

The post Albo & RBA annihilate households appeared first on MacroBusiness.

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