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Daily iron ore price update (nonsense returns)

November 22, 2018 - 09:00 -- Admin

Iron ore prices for November 21, 2018: Spot flat. Paper roared. Steel fell again as CISA early November output remains very high. This is killing mills’ margins. It should see a destock of raw materials and falling prices but iron ore now trades as the perfect counter to any Cold War 2.0 news on hopes of

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Macro Morning

November 22, 2018 - 08:30 -- Admin

By Chris Becker Risk markets stabilised somewhat overnight with US tech stocks leading a slight recovery on Wall Street while oil prices stopped falling and US Treasury yields blipped a few points higher. Major currency pairs also had a small bounceback although this fizzled in the latter half of the session, with Pound Sterling remaining

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House price scenarios deteriorate

November 22, 2018 - 06:28 -- Admin

Via Martin North today: We have revised our scenarios based on the latest data from our household surveys, and other available information. Scenarios are a way of exploring different futures, and to consider the consequences, not as a forecast, but to facilitate understanding and debate. None of these scenarios may turn out to be right….

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Deflation hits all mainland housing markets

November 22, 2018 - 00:15 -- Admin

By Leith van Onselen Late last month, the Australian Bureau of Statistics (ABS) released its 2017-18 Australian System of National Accounts (ASNA) release, which provided a detailed presentation of annual national accounts data. Locked away on Table 61 was my favourite section of the release: data on aggregate land values at the state and national

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WA slowly emerges from economic depression

November 22, 2018 - 00:12 -- Admin

By Leith van Onselen On Friday, the annual State Accounts were released which suggested that Western Australia is slowly emerging from its economic depression. Western Australian real Gross State Product (GSP) rebounded by 1.9% in 2017-18, whereas per capita GSP also rebounded by 1.1%: Real state final demand rebounded by 1.1% in 2017-18: Whereas Gross

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Macro Afternoon

November 21, 2018 - 17:18 -- Admin

Asian stocks didn’t perform as badly as predicted, still losing ground but not in the magnitude of the falls on Wall Street and the continent overnight. The falls in the antipodean currencies – Aussie and Kiwi – were mitigated this morning while oil looks like finding a potential bottom after the bath of blood from

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Crikey fabricates housing bear panic

November 21, 2018 - 14:30 -- Admin

Somebody just sent me this piece from Crikey: In recent months we’ve seen a doom ‘n’ gloom bidding war on property prices by foreign bank analysts and the media. Last month it was Morgan Stanley claiming the biggest fall since Fraser was prime minister; this week it was UBS and its claim of a 30%

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ANZ: Housing correction slowing economy fast

November 21, 2018 - 13:11 -- Admin

Via ANZ: Momentum slowed further in the September quarter across most of Australia. All states and territories except Tasmania and the Northern Territory decelerated and recorded growth at below their trend rates. The loss of momentum demonstrated by the Stateometer is consistent with our forecast that the Australian economy will grow at a year-ended pace

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ABC goes gaga for Modern Monetary Theory

November 21, 2018 - 12:30 -- Admin

Trust the ABC to  like this idea: The radical idea of offering every person a government-funded job is finding new supporters in Australia as proponents claim it could eliminate unemployment overnight. US economist Stephanie Kelton, who served as Bernie Sanders’ economic adviser during the 2016 presidential campaign, is currently touring Australia to promote the concept

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Superannuation is a tool for the wealthy

November 21, 2018 - 12:30 -- Admin

By Leith van Onselen The ABS yesterday released the below chart showing the disproportionate superannuation benefits received by high income earners: Superannuation benefits received are recorded as a memorandum item of the household income account. Superannuation benefits received in the ASNA are treated as financial transactions of households and are not recorded as income; instead

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