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The bubble inflates

July 7, 2025 - 10:30 -- Admin

Stocks only go up is back. The Market Ear. Nets caught up Net leverage for hedge funds have kind of caught up with gross leverage – when looking from a percentile perspective. We have now arrived at generally “stretched” levels. Source: JPM PI More on the addition in net The net leverage climb steadily over

Iron ore rally persists

July 7, 2025 - 10:00 -- Admin

Ferrous lifted again Friday. Some charts show significant churn in the underlying state of the market. The first chart is difficult one to swallow. Steel production is down 2-3%. Chinese iron ore production is flat. Some of this is the continued orientation towards BOF versus EAF, but not enough to explain the chart. Some MySteel

Albo pivots to China

July 7, 2025 - 09:30 -- Admin

Be careful what you vote for. The Australian. Anthony Albanese has given a speech that will heighten fears of a growing strategic and political disconnect between Australia and Washington. …“Our alliance with the US ought to be remembered as a product of Curtin’s leadership in defence and foreign policy, not the extent of it,” he

Macro Morning

July 7, 2025 - 09:00 -- Admin

Friday night was a subdued session as Wall Street was closed for the (last?) 4th of July celebration while European shares took a drop as the expectations of entrenched tariffs from the Trump regime’s deadline this week look set. The early and surprisingly upbeat NFP print gave the USD a small reprieve in the previous

Weekend Links: 5-6 July 2025

July 5, 2025 - 12:22 -- Admin

 Local Reads Senior home affairs official abused public office to get her future brother-in-law a job, Nacc finds – Guardian…absolute disgrace…. National Anti-Corruption Commission suppresses name of corrupt public servant – Ninefax Federal government commits $430 million to prop up Newcastle hydrogen hub – ABC Qantas executives slow to be seen after data breach affecting

Macro Afternoon

July 4, 2025 - 16:00 -- Admin

Stock markets are having mixed reactions to the early morning passing of the Trump regime’s Big Billionaires Bill but are also hesitating around the blanket tariffs that are set to go into motion on the 1st August. The Orange Mussolini has resorted to just sending out letters instead of negotiating trade deals as he is

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