I’m not sure where the rebar rally is coming from. There’s nothing much going on for demand. Perhaps it is the very weak seasonal restock. The Steel PMI ain’t it. Markets are very short ferrous so maybe that’s it. The outlook for rebar is terrible as China goes off the completions cliff, but perhaps steel
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I’m assuming most readers are at least somewhat aware of DeepSeek over the past week, which culminated in a large sell-off in AI stocks on Monday. I thought it worth putting down some thoughts about where this may go. Quick background A small Chinese company, DeepSeek, released a large language model that matches or betters
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Wall Street rebounded overnight from its Deepseek AI start of week dramas with tech stocks rebounding while other industrials were largely unchanged as they absorbed the latest macroeconomic news in the US and await the next FOMC meeting. FX markets were largely unmoved as well, absorbing the post weekend volatility and even more Trump Tariff
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Already? DXY is back. AUD flamed out. Auld lead boots is back. Commods got tariffed. Miners ouch. EM so yetserday. Junk trying to throw some fuel on risk. As yields ease. Stocks rebounded. It’s hard to see how much further a DXY correction can get when El Trumpo fires off daily tariff warnings. Credit Agricole
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Domain published the following chart showing how Melbourne house values have risen far quicker than unit values. “A typical house in Melbourne cost buyers 51.1% – or $310,202 – more than a unit in December 2024, according to CoreLogic data”, the article reads. “That has more than doubled since December 2014, when the gap was
Back when I was at university studying palaeontology, while quaffing our numerous cups of coffee during the day, I and a colleague used to muse about the ideal palaeontological job we wanted, and it usually came down to working at the Bureau of Mineral Resources, Geology and Geophysics (BMR) in Canberra. We didn’t think it would ever happen, and that we would initially be the most highly qualified ‘check-out chicks’ in a local supermarket.
Asian stock markets are having a hard time swallowing the volatility around the overnight moves on Wall Street due to the Deepseek AI problems, while equally swallowing the Deep Suck coming out of the White House around more tariffs. The USD was pushed significantly higher after several sessions of weakness with the Australian dollar breaking
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