Blogotariat

There is no stopping it. Australia’s major banks are in a monster bear market. CBA and ANZ are down 28%, NAB is down 30% and WBC is down 33%: CBA and WBC have both broken monthly chart support and are in free fall. They appear to have much more downside. The triggers are obvious in

The post There’s a chasm opening up under Megabank equity appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

By Leith van Onselen NSW Treasury deputy secretary, Phil Gardner, has spun the benefits of the $9.3 billion sale of 51% of WestConnex to Transurban. From The AFR: Mr Gardner told the inquiry into WestConnex that there would have been “extremely little appetite” from potential investors five to eight years ago to buy the motorway… The

The post NSW Treasury spins WestConnex sale appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Via Westpac’s Bill Evans: • The Westpac Melbourne Institute Index of Consumer Sentiment rose 1% to 101.5 in October from 100.5 in September. This month’s small gain follows a 5.2% fall through August and September. During that period the boost from the tax cuts announced in the May budget had faded while the leadership change;

The post Consumer sentiment firms appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

By Leith van Onselen In the wake of the Electrical Trades Union and the Australian Manufacturing Workers Union threatening to pull support from Labor at the next election after it agreed to support legislation to ratify the Trans-Pacific Partnership (TPP), and the Australian Manufacturing Workers’ Union also threatening to pull financial support, Labor has vowed

The post Labor vows foreign worker crackdown amid union TPP anger appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Via the ABC: The Bureau of Meteorology has just upped the chance of an El Nino this year, meaning there is now three times the normal risk of the climate driver associated with hot and dry conditions happening this year. Senior climatologist Robyn Duell said it had been a slow boil. “We’ve been hovering at an

The post Hello El Nino appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

read more

Evil Anna is back in the news at the AFR: The Australian Banking Association will outline ambitious plans to ban commission payments linked to legacy financial advice products, promise to stop charging dead customers and end the fees-for-no-service rort with a suite of changes to the banking code of practice to be announced on Wednesday.

The post To smooth Hayne reforms banks should sack Anna Bligh appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Via Westpac today: AU-US yield differentials have continued to grind steadily in the US dollar’s favour in recent weeks, but the 10 year spread widening in early October was eye-catching, from around -32bp to -50bp. This looked to be a key driver of fresh AUD/USD lows since Feb 2016, near 0.70. Growing concern over the impact on China’s economy of

The post Westpac cuts Australian dollar outlook appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

New rules will increase cost of installing car chargers, and could cause major headaches for strata managers unless combined with ‘demand management’ software.

By Chris Becker Action on risk markets overnight was two fold with USD reversing against most of the majors while US Treasury yields initially spiked before also consolidating as buyers stepped in. This kept equity markets up throughout most of the session, although US stocks faded into the close. Commodities rallied, particularly oil and copper

The post Macro Morning appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Last might DXY eased, EUR and CNY firmed: AUD firmed as well: But not as much as EMs: Gold held on: Oil lifted: Base metals too: And big miners: EM stocks are still sick: Junk yawned: Treasuries were bought a little: Bunds sold a little: Italy is oversold: Stocks held on: Westpac has the wrap:

The post Australian dollar relief rally continues as SinoAmerican Cold War rages appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Via The Australian: The nation’s largest super fund, the $140 billion AustralianSuper, has revealed fears of a potential property market plunge, unveiling a contingency plan and warning members it will “freeze” property funds for up to two years in the event of a crisis. AustralianSuper from mid-November will prevent members from investing more than 70

The post Australian Super braces for property crash appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

By Leith van Onselen Scott Morrison appeared on ABC Lateline denouncing the government’s plan to tag and release migrants to the bush as a policy brain fart: TONY JONES: Can you have a debate on population without a debate on immigration numbers? SCOTT MORRISON: Well of course you can’t… Two thirds of the increase in

The post Scott Morrison slams Scott Morrison’s ‘migrants to the bush’ policy appeared first on MacroBusiness.

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]