On Saturday morning, I awoke to news that a friend’s home one kilometre away was the victim of an attempted home invasion. The bandits climbed over a neighbour’s side fence and attempted to force their way into the rear door. Luckily the neighbour awoke, made a racket, and they ran away. The following day, the
Goldman on the EUR rocket. Based on our models, the Euro’s surge this week went far beyond its typical relationship with 1-year growth expectations (even if we allow for a more front-loaded shift than our economists expect) and, to a lesser degree, the currency also strengthened more than can be explained by higher Bund yields.
International Reading: Elon Musk says the Post Office and Amtrak should be privatized – Business Insider Trump lifting US sanctions on Russia — a ‘huge win’ for Putin, ‘chaos’ for global economy – Kyiv Independent GOP Lawmakers Unveil Bill To ‘End The Fed’ – Daily Caller ‘Doge’s actual impact is less than $10bn’ – FT
AUD/USD EUR/USD USD/JPY GBP/USD Gold WTI Brent Australia 200 US S&P 500 UK 100 Japan 225
The post Macro Afternoon: 7 March 2025 appeared first on MacroBusiness.
On Thursday, Statistics New Zealand released data on Building Work Put in Place, which showed that residential construction plunged by 4.9% in Q4 2024, to be 25% down from its previous peak in Q3 2022. The following chart from Justin Fabo from Antipodean Macro also shows that the level of building was revised down in
From July 1, 2024, Victorian non-profit private schools with an income per student of more than $15,000 were liable to a 4.86% payroll tax. These schools would pay the Victorian government an estimated $101.8 million in 2025. An investigation by The Age revealed that the payroll tax charge resulted in an average annual tuition increase
An excellent summary of the factors at work in the equity market from Zero Hedge. “Headline fatigue is hammering markets,” according to one well-positioned trader who noted that US equities traded definitively lower today despite Trump delaying tariffs on Mexico and Canada today (an incremental positive for sure)… This is the market’s worst three-week spell since
Wednesday’s Q4 national accounts showed that Australia’s economy finally emerged from its prolonged per capita recession, recording the first increase (+0.1%) in GDP per capita in 21 months. In its media release following the result, the Australian Industry Group (AIG) cautioned that the “improvement in GDP masks continuing private sector weakness”. “Today’s national accounts data
As it should. Bloomberg. While bleak quarterly results from Australian peers last month helped trim its valuation, Commonwealth Bank remains one of the most expensive bank shares globally. The stock trades at 25 times forward earnings, almost double JPMorgan Chase & Co.’s multiple. “The banks’ latest results were not good enough to meet lofty expectations
Last week, I critiqued an interview with former immigration department bureaucrat turned influencer, Abul Rizvi, on Joseph Walker’s podcast. In the interview, Rizvi explicitly admitted that slowing population ageing comprised about “80%” of the motivation for massively increasing Australia’s intake of migrants in the early 2000s. Until spending about a week reading up on Aus