RIO slows on fatality
Via RIO: Not rally market moving. Still on track for guidance.
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Of course the US dollar is going to tumble
Via Bloomie: Ulf Lindahl, chief executive officer of AG Bisset Associates, predicts the dollar will plunge about 40 per cent against the euro by 2024. The currency manager’s reasoning is straightforward-since the 1970s, the dollar has been repeating a 15-year cycle of losses and gains, and the pattern is replaying now. To some, Lindahl’s call
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NAB joins bank’s profit warning cavalcade
Via NAB comes more news to upset the banks:
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Ken Henry’s NAB deepens the APRA swamp
It’s both riveting and horrible watching the major bank’s abort the next round of regulatory reform before it is even born, from The Australian: The word on the street is that Jacinta Ellis, a 12-year APRA veteran and a senior manager in the legal group, has defected to National Australia Bank, taking up a regulatory affairs
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I’ll see your climate change and raise you a Jerusalem
Australia’s dangerous politics of symbolism rolls on today. At The Guardian Wentworth is all about climate change: The bricklayer can be sued and even jailed. If a doctor finds some old packets of thalidomide in their surgery and, in spite of the overwhelming scientific evidence of its horrific effects, dispenses it to pregnant women, they
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ABC 7.30 Report population special (Part 1)
By Leith van Onselen ABC 7.30 Report last night aired part one of its three-part population special, which included me as the economist. While I will reserve judgement until the final two-parts have been aired, my initial gut reaction is disappointing. The main problem I see with it so far is the ABC has inferred
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Daily iron ore price update (flame out)
Iron ore prices for October 15, 2018: Spot eased. Paper fell more. Steel is up again. I still see the complex falling through the end of the year and into Q1 before a solid 2019.
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Macro Morning
By Chris Becker Equity markets are still feeling the pressure with US stocks slipping following what looked like a positive session and rebound in Europe. The USD remains under a cloud as well with the antipodean currencies lifting in the wake of a lower than expected advanced retail sales print. Treasuries were largely unchanged and
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Volatility persists in global stocks
DXY was down overnight with CNY and EUR up: AUD was up modestly against DMs: But could not match EMs: Gold rallied again: Oil held on: Base metals fell: But miners rose: EM stocks fell: But junk rallied: As Treasuries were bought: And bunds: Even Italy a bit: Stocks fell moderately: Westpac has the wrap:
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Unsold properties pile up
From CoreLogic comes weekly indices that look ugly for property. Unsold listings are piling up: Leading mortgages are falling down: And auction clearance patterns remain poor with Sydney’s mortgage belt pain intensifying while Melbourne just falls everywhere: There is nothing but more pain here.
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