Trumps new round of tariffs has pulled the rug out from the confidence rally of recent days with the Chinese stock markets taking the biggest hits. The USD is rallying against the Yuan and the Aussie dollar in response and combined with the lead here in Asia is sure to put a dampener on the upbeat
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Via APRA: Wayne Byres, Chairman – the Australian Business Economists (ABE), Sydney I would like to start by thanking the Australian Business Economists for the invitation to be part of today’s event. On 1 July, APRA turned 20. Two decades of prudential regulation have required APRA to tackle all manner of issues, but a constant
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Soc Gen says brace for more: The temptation (primarily for the US but for trading partners as well) is to keep ramping up measures to convince the other side that they are serious about staying the course. Tariffs can be rolled back quickly when an agreement is reached. Because the long-term consequences are likely to be
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By Leith van Onselen Today’s housing finance data for May posted a 0.8% rebound in the number of new home finance commitments (both construction and new), although commitments were down by 5.2% over the year and by 10.7% since the July 2017 peak: Nevertheless, the annual number of new home commitments is still running near
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By Leith van Onselen Back in December 2015, Prime Minister Malcolm Turnbull launched his National Innovation and Science Agenda under much fanfare. According to Turnbull, this agenda “will invest $1.1 billion to incentivise innovation and entrepreneurship, reward risk taking, and promote science, maths and computing in schools”, and will include tax concessions and tax breaks
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Via The Guardian: Businesses have been forced to pay back almost half a million dollars to 616 workers following Fair Work ombudsman audits of the hospitality industry in Melbourne, Sydney and Brisbane that found 72% of businesses had breached workplace laws. Fair Work inspectors visited 243 businesses on Victoria Street in Melbourne’s Richmond, Glebe Point Road
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From UBS: Trade tensions and deleveraging take a toll on performance Since the 15 June announcement of tariffs between the US and China, MSCI China and CSI 300 indexes lost 7% and 9%, respectively. The selloff is broad-based and reflects market concern about the longer term impact at the macro level. Prior to this, MSCI
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And markets are listening. The AUD is copping it: Bonds are bid: XJO is down solidly: CNY is getting smashed: Shanghai is all red: Iron ore and coking coal too: Big Iron is dumped: And Big Gas: Gold is mixed: Big Mortgage down sharply: Big Realty is a big yawn: UBS offers a path ahead:
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By Leith van Onselen Today’s housing finance data for May released by the Australian Bureau of Statistics (ABS) revealed a small rebound slump in overall finance commitments, led by owner-occupiers. According to the ABS, the total number of owner-occupier finance commitments (excluding refinancings) rose by 1.8% in May in seasonally adjusted terms but was down
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Via Domainfax: Mr [Andrew] Hastie, who chairs the parliamentary joint committee on intelligence and security, said the Chinese Communist Party thought “generationally” about how to maintain its grip on power. …“How are we safeguarding democracy for future generations? How are we protecting our sovereignty and prosperity?” he said. …“We are dealing with a state that
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