DXY eased overnight: AUD sagged North Asia did not help: Oil and gold are cooked for now: Wall Street loves a metals squeeze: EM wants ups: But junk is unsure: Yield fell: Stocks froze: And maybe that’s why the so called “no landing” is only a slightly delayed “hard landing”: These markets eat investors for
Despite the Reserve Bank of Australia (RBA) hiking official interest rates by less than most other advanced nations, Australian mortgage rates continue to climb. As illustrated by the following charts from Justin Fabo at Antipodean Macro, the weighted-average interest rate on outstanding home loans in Australia edged higher to 6.08% in March. Average Australian mortgage
From Canada comes headline news from “Grizzly Weekly”: The Grizzly Weekly included this artist’s impression of the discombobulated human eating season ahead. Imagine some similar exclusively on Bondi Besch. Be a few drownings!
The Market Ear on the latest positioning. The fear reset Global cross asset volatility indexes since April. All gains are erased, except for FX vol that remains higher. Refinitiv Et tu credit Credit protection has given back the gains we saw during the first 2 weeks of April. Refinitiv Downside protection The crowd chased downside
A mixed night of risk taking with European shares surging despite increased Middle East tension while Wall Street stumbled at the close with barely any gains. The USD remains relatively weak against the currency majors although Euro pulled back in later trade and Yen continues to weaken after its epic volatility recently. The Australian dollar
Here you go, Albo. You wanted it, you got it, SEEK drops a neutron bomb on the labour market: Tumbling jobs everywhere: Armies of unemployed Indians everywhere who will underbid for any job: Albonoics will have you scrubbing toilets for 50 cent per day in a few more years. Let’s start with the fools at
At Tuesday’s monetary policy conference, RBA governor Michele Bullock claimed that the federal government’s extreme immigration has had minimal impact on CPI inflation. Bullock claims that while immigration has driven up housing inflation (accounting for 22% of the CPI basket), it has also lowered wage growth. So, the impact on inflation has been muted: Transcript:
Shanghai rebar lifted a little, as did SGX: Dslian still lokks toppy: Goldman is slowly turning bearish: Goldman Sachs says iron ore demand will plateau over the next two years, with seaborne iron ore demand to lift barely in 2024 from 1.567Bt last year to 1.573Bt. That will match supply exactly, leading the market to
The Reserve Bank of Australia (RBA) kept the official cash rate on hold on Tuesday primarily because the household sector, which is the main driver of the Australian economy, is under deep pressure. “Household consumption growth has been particularly weak as high inflation and the earlier rises in interest rates have affected real disposable income”,
This is going to be the maa culpa of a lift lifetime. This is from PVO today about the Victorian Budget: Same Treasurer, different Premier – even more debt. That’s the story of today’s Victorian budget, handed down by long term state treasurer Tim Pallas. It is the first state budget delivered since Dan Andrews