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MacroBusiness Wednesday, April 12, 2017 - 05:43 Source

The USD was weak last night and JPY strong: Commodity currencies were stable: Gold soared: Brent eased: Base metals were soft: Big miners mostly rose rather stupidly: EM stocks were hit: High yield was OK with oil: US bonds were bid, especially at the long end: European spreads exploded: Stocks bled a little more: So,

The post Taking profits as risk builds appeared first on MacroBusiness.

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Global Guerrillas Wednesday, April 12, 2017 - 03:26 Source

"I was only following corporate algorithms"

Testimony given at a future war crimes trial (riff on the Nuremberg defense)

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MacroBusiness Wednesday, April 12, 2017 - 00:25 Source

In NSW last year, 11% of home buyers were foreigners. But is 11% a big number? What sort of effect on price could that much foreign buying have? What we know for sure is that 11% of buyers does not mean that the presence of foreign buyers has made prices 11% higher. The price effect

The post Why foreign buying can have large effects on property prices appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:15 Source

From Citi today: In our base case electricity price forecasts we assume that the status quo continues, namely no change in market design or material political interference occurs beyond that already announced. We show our forecasts below in Figure 7, before discussing our assumptions of the key moving pieces on the following pages, and then

The post Citi: Gas driving electricity price rises appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:15 Source

Via the AFR: Gas producers will argue the energy market regulator has it wrong on the risk of looming shortages on the east coast when they are hauled to Canberra again next week, calling into question part of the premise upon which Prime Minister Malcolm Turnbull declared an “energy crisis” last month. The companies will also point to new domestic

The post Gas cartel prepares Do-nothing whitewash appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:15 Source

By Leith van Onselen With the New Zealand general election scheduled for 23 September, the Labour opposition has taken aim at New Zealand’s mass immigration program, which Labour claims is choking housing, infrastructure and public services in Auckland, as well as undercutting working conditions. From Interest.co.nz: Labour’s immigration policy will focus foremost on whether the number

The post NZ labour schools Australian Labor on population ponzi appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:14 Source

By Leith van Onselen A fortnight ago, Transparency International labeled Australia the worst money laundering property market in the world, failing to address 10-out-of-10 loopholes. This followed a similar scathing report from the global anti-money laundering (AML) regulator, the Financial Action Taskforce, which labeled Australia a haven for laundered funds from China, as well as

The post Lawyers: Keep Australia a money laundering safe haven appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:14 Source

Via UBS on the relative uselessness of the NAB survey right now: Mar biz conditions rebound to booming ~decade high +14.2 (after +9.3) NAB’s survey of business conditions rebounded sharply in Mar-17 to a booming level of +14.2 (UBS: ‘steady’, mkt: nf), the highest since the GFC started to hit in early 2008 (after +9.3

The post Australia’s soft/hard data divergence appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:08 Source

By Leith van Onselen Following scandal after scandal, and a $3 billion Budget blow-out over four years, the Turnbull Government in December passed a bill through the Senate imposing stricter eligibility criteria for Vocational Education and Training (VET) courses, as well as capping student loans. Now, two of Australia’s biggest private VET providers – Careers

The post Coalition cuts funding to VET rorters appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:05 Source

Iron ore charts for April 11, 2017: Spot down despite a lift in paper yesterday which is bearish. DCE resumed falls overnight, dumping -4% before rebounding to -2.2%. Coking coal futures are getting flogged amid Debbie and North Korea supply turn backs is also very bearish. Steel is tumbling which is most bearish of all.

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

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MacroBusiness Wednesday, April 12, 2017 - 00:04 Source

Via Investing in Chinese Stocks. Reuters: China banking regulator issues risk control guidelines China’s banking regulator said on Monday it has issued guidelines on risk control for lenders, as authorities ramp up efforts to contain risks from a rapid build-up in debt. The move is the latest in a slew of measures taken by China’s

The post China tightens on property again appeared first on MacroBusiness.

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MacroBusiness Wednesday, April 12, 2017 - 00:01 Source

Global Macro / Markets / Investing: Be angry at bankers, be angrier at economists – The Guardian Not all economists are worthless – Fortune Traders have lost billions of dollars betting against Tesla – Business Insider BHP Needs to Prove Oil and Iron Are Better Together – WSJ Trade: The benefits of foreign banks – VOX Americas: Poll: Narrow support

The post Links 12 April 2017 appeared first on MacroBusiness.

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The Australian Independent Media Network Tuesday, April 11, 2017 - 17:04 Source

Ok, I was going to write about Trump’s attack on Syria and my confusion that some of the same people who were worried that Trump would react emotionally and attack another country are now applauding his actions because he reacted emotionally to the footage of the gas attack. And then I realised that I’d have…

The post Are We Going To Underwrite Adani – Since When Did We Become Socialist? appeared first on The AIM Network.

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MacroBusiness Tuesday, April 11, 2017 - 17:00 Source

by Chris Becker Another mixed day in Asia where the rising risk of North Korea impacted Japanese stocks as the Yen was bid on a safe haven, while oil prices continued to rise as tensions boil in the Middle East. The big stick approach by the Trump administration is not exactly making markets confident. In

The post Macro Afternoon appeared first on MacroBusiness.

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MacroBusiness Tuesday, April 11, 2017 - 15:41 Source

Cross-posted from Reneweconomy. [Coalition] Senators Chris Back and Jonathon Duniam – were included in the dissenting report to the Senate inquiry into the resilience of electricity infrastructure in a warming world...In essence, the Coalition’s report was a collection of renewable energy myths that might have been collected from far-right anti-wind and climate denying websites: For

The post Coal-mad Coalition embarrasses itself appeared first on MacroBusiness.

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