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Macro Afternoon

August 3, 2018 - 16:08 -- Admin

Asian stocks are slipping going into the last session of the week and in preparation for tonight’s US unemployment print. A much lower Yuan devaluation has sent Chinese stocks down, capping off a very bad week while the USD remains strong against the Aussie, safe haven buying in Yen has kept the USDJPY pair flat.

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The US strong economic growth won’t last

August 3, 2018 - 14:45 -- Admin

Cross posted from The Conversation: by Richard Holden Professor of Economics and PLuS Alliance Fellow, UNSW The US economy grew at a startling 4.1% in the second quarter, the first time in four years it has hit the 4% mark. It was not surprising that President Donald Trump was both delighted and vocal about the figures. “Once again,

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Environment the biggest loser as Australia’s population balloons

August 3, 2018 - 12:53 -- Admin

Cross-posted from Independent Australia: AUSTRALIA IS ON THE CUSP of a major demographic milestone. Our population will reach 25 million by mid-August this year. We were never expected to reach this “milestone” so soon. In 1999, then Minister for Immigration Philip Ruddock said that there was no need for a population policy as the nation was on

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Yuan slumps as Australian dollar finds a bottom

August 3, 2018 - 11:50 -- Admin

by Chris Becker Today’s retail sales and services PSI data has not had any deleterious effect on the Australian dollar, with the overnight trend halting around the 73.60 level versus USD: Daily momentum is still against the Pacific Peso here with tonight’s US unemployment (non-farm payrolls or NFP) print likely to weigh, watch last night’s

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Services PMI craters in July

August 3, 2018 - 10:55 -- Admin

by Chris Becker The AIG Services PMI for July was just released, smashed down from the heady height of over 64 points to 53.6 points. This still indicates expansion (anything over 50 does) but has been a precipitous drop from the big growth in recent months: More from AIG: Four of the five activity sub-indexes

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Migrant wage thief, Foodora, exits Australia

August 3, 2018 - 10:42 -- Admin

By Leith van Onselen Back in June it was revealed that bicycle-based online food delivery company, Foodora, faced thousands of dollars in fines after it allegedly put riders and a driver on sham contracts. Foodora, along with UberEats and Deliveroo, is one of the mobile delivery platforms that was found to be systemically exploiting migrant

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Sydney property investors crunched as falling prices meet falling rents

August 3, 2018 - 10:20 -- Admin

By Leith van Onselen Last month, we argued that Sydney investors were entering a doom loop of falling rents and prices. This has been confirmed by CoreLogic’s Cameron Kusher, who has posted the below chart showing that Sydney rents fell by 0.4% in the year to June – “their greatest decline in at least 12 years

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Can the housing market cope with higher mortgage rates?

August 3, 2018 - 09:33 -- Admin

By Cameron Kusher, senior research analyst at CoreLogic: The Reserve Bank (RBA) has kept official interest rates sitting at 1.5% ever since August 2016 which represents the longest period of cash rate stability on record.  Although official interest rates haven’t moved over this period, investors who have been an increasing source of mortgage demand over recent

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Macro Morning

August 3, 2018 - 09:25 -- Admin

By Chris Becker A hail mary late session rally saved US stocks overnight, lead by the Apple Trillion Headline, but overshadowing everything is the ramping up of the trade war between the US and China. The negative lead in Asia fuelled discontent in Europe, alongside a surprise intrest rate hike from the BOE, which saw

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Sally Capp’s Property Council wants return of Melbourne’s shoebox apartment plague

August 3, 2018 - 08:10 -- Admin

By Leith van Onselen It hasn’t taken long for Sally Capp – the former executive director of the Property Council of Australia’s (PCA) Victorian branch and new Melbourne Lord Mayor – to be accosted from her former employer. The Victorian PCA is seeking to undo design rules implemented in November 2016 to prevent the proliferation

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