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Links 19 June 2018

June 19, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: If you think your job is pointless, it probably is – WaPo (Bullshit Jobs by David Graeber) OPEC is discussing a compromise agreement to boost oil production as Iran, Venz, Iraq threaten to veto supply increase – Bloomberg Crowded trade watch: no-one likes the Swiss franc – FT Alphaville

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Macro Afternoon

June 18, 2018 - 16:30 -- Admin

Subdued trading in Asia today with Chinese stock markets closed, as Japanese did the heavy lifting, taking the poor Friday night Wall Street lead and running with it. Perhaps a holiday in China today is a good thing with the tit-for-tat trade war looming with the US, can we next get Trump’s twitter account on

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The bears are piling up for the Aussie dollar

June 18, 2018 - 14:18 -- Admin

by Chris Becker The Australian dollar opened just below 76 cents against King USD last week, but ended on Friday more than 1.5 cents (or 150 pips) lower to finish closer to the 74 handle. To put that into context, it has lost nearly 6 cents since its high on Australia Day at just over

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Coalition child: Fine unis to enforce my version of free speech

June 18, 2018 - 13:37 -- Admin

Honestly, how does this pass as serious debate: Liberal senator James Paterson has called for universities to face fines for failing to uphold free speech, claiming that financial penalties would go some way to preventing the “administrative cowardice” behind the Australian National University’s decision to scrap plans for a course in Western civilisation. As debate

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Property deals collapse as banks strip buyers “naked”

June 18, 2018 - 13:15 -- Admin

More credit crunch porn at the AFR today: Mortgage brokers and buyers agents’ claim million-dollar property sales are collapsing as increasingly risk-averse lenders reassess their exposure and pull out, causing deals to collapse. Sales between $3 million and $5 million and settlements for off-the-plan apartments – where preliminary lender offers were made two-to-four years ago

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Good news: Chinese millennials turn off Australia

June 18, 2018 - 12:44 -- Admin

Via the AFR: For Australian entrepreneur Andrea Myles, Prime Minister Malcolm Turnbull dropped what she refers to as his “Mandarin bomb” at exactly the wrong time. It was December last year, around the time Myles was recruiting participants for the third “China Australia Millennial Project”, which puts young Australian and Chinese entrepreneurs in a room

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Long-term migrant arrivals hit record high in April

June 18, 2018 - 11:40 -- Admin

By Leith van Onselen The Australian Bureau of Statistics (ABS) has released visitor arrivals and departures data for the month of April, which again posted turbo-charged net annual permanent and long-term arrivals. In the year to April 2018, there were 800,240 permanent and long-term arrivals into Australia – up 4% from April 2017 and an

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Australian dollar keeps falling with ASX

June 18, 2018 - 11:36 -- Admin

AUD is down through the morning: As DXY threatens breakout of an inverse head and shoulders bottom: Bonds are bid: XJO is down a little: But Big Iron is bashed (Dalian is shut): Big Gas is down: And Big Gold: Big Scum has caught a break as yields fall. This could be a tradable rally

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Australian curve flattening accelerates

June 18, 2018 - 11:30 -- Admin

JPM runs a neat global bond curve index that is worth a mention: In particular, the yield spread between the 7-10 year minus the 1-3 year maturity buckets of our global government bond index (JPM GBI Broad bond index) shifted to negative territory this week for the first time since 2007. This can be seen in

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Sir Robert Menzies on whether we should sell the ABC

June 18, 2018 - 11:00 -- Admin

Via Domainfax: Opposition Leader Bill Shorten has warned that the Liberal Party would be “emboldened” by an election victory to sell the ABC, seizing on a Liberal policy vote on the weekend as a key issue at the federal byelections on July 28. The move came after cabinet ministers poured cold water on the idea

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