A modest start to the week as Chinese equity markets react to the wet lettuce rhetoric from Trump on China’s boot on Hong Kong’s neck as most capital cities in the US burn, which should send housewares/DIY/retail stocks up when Wall Street opens later tonight. The USD is falling sharply, particularly against the Aussie dollar,
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Lordy, this is what a commercial property crash looks like. Via VCX: These are not run-down suburban malls we’re talking about. This is the Strand Arcade, Chadstone and DFO. With values down 11-13% in four months, you’d be hard-pressed to say that this is the bottom. There has been some rebound in foot traffic but
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Via The Economist: It is not hard to find Chinese who cheer the foreign ministry’s pugnacious new style. Against that, some members of China’s foreign-policy establishment express alarm over this assertiveness, calling it a mistake born of inexperience. That is letting foreign ministry hotheads off too easily. A well-travelled bunch, China’s quarrel-picking diplomats know how
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The NSW and VIC state governments have reportedly joined forces to axe stamp duties in favour of an annual land tax: Stamp duty would be gradually replaced by an annual land tax and home buyers could “opt in” to a new property system or receive a credit for past duties, under reform options for the
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SQM Research’s managing director, Louis Christopher, has doused hopes for an imminent rebound in the Australian property market: “It’s starting to look like it’s [auction clearance rates] topped out. If that is the case then what this reveals is that for now [it’s] a weaker market, a market that is very patchy”… “There’s not strong
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The ANZ’s head of retail and business banking, Mark Hand, suggests that 2021 will be a very difficult year for small businesses. Plank claims many small and medium enterprises will not recover from the COVID-19 crisis, even with loan deferrals from banks and wage subsidies from the federal government. He says the best move for
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Via the excellent Damien Boey at Credit Suisse: US household saving rate at 33%! A lot happened in April. There was a very sharp downtun in the labour market, households received an enormous boost to disposable incomes from fiscal stimulus, and consumers significantly pared back their spending amid shutdown restrictions. The net balance of these forces
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We argued previously that the NSW State Government had hit ‘peak stupid’ in deciding to spend $2.5 billion to demolish and rebuild the Olympic Stadium and the Sydney Football Stadium, both of which are underutilised. These stadiums were assessed to deliver zero net economic benefits for the state, according to analysis by hired gun KPMG. Moreover,
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Via APRA monthly banking numbers for April. Investor mortgages are still in retreat following last year’s major accident: The year on year shrinkage will not make seen again until June when we get twelve months from APRA’s portfolio rejig. But investor mortgages are falling across the big eight banks, and accelerated downwards in April: NAB
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Deep! Via the Melbourne Institute monthly inflation indicator: Minus 1.2% for May and 0.1% year on year. If you’ve got a job with a stable salary and no assets then you’re getting richer.
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