The latest rate cut from the Reserve Bank of Australia (RBA) has stimulated the housing market, with Cotality reporting the strongest national final auction clearance rate since February 2024. Across the combined capital cities, 70.0% of homes taken to auction sold. This was the highest clearance rate since the week ending 11th February 2024 (70.3%).
International Reading: Billionaires pay a lower tax rate than the rest of America’s taxpayers, new study finds – CBS News Trump Seems Pretty Socialist These Days – Bloomberg Trump’s Appointees Could Rule the Fed for Decades – NY Times It turns out Gen Z is not ‘thriving’ the way they thought they would be: ‘American
Goldman with an important note. We have previously argued Australia’s labour market is not inflationary because indicators that contain the most predictive power for wage growth have already normalised. Nonetheless, the unemployment rate is historically low, boosted by employment in the healthcare & social assistance industry, and it is not obvious why this has not
DXY is down, down. AUD is up, but it’s still a grind. Lead boots to the moon! Commods too. Big bear intact. EM launch! Junk vertical! Yields pounded! Stocks roar! So many exclamation marks in one post means it can only be dovish Fed. Jay Powell at the bottom of the Jackson Hole. Putting the
By Lucinda Jerogin, Associate Economist at CBA It was a relatively quiet week locally. Consumer sentiment lifted to a 3½ year high, providing further evidence the household consumption recovery is gaining momentum. The Economic Reform Roundtable was held in Canberra from Tuesday to Thursday. Offshore, geopolitical events dominated headlines. Russia-Ukraine ceasefire talks tookcentre stage, but no
The ferrous complex is trying to hold $100. I expect it to fail. Not on anything especially dramatic. Largely because the seasonal headwinds for September are strong amid weakening Chinese growth. Goldman. Imports pulse is weak. Surprises bearish. Construction steel versus the rest means ongoing pressure on recycling but seasonality should also pull down BOF. It’s
The Market Ear. Watching the sensitive stuff ETH trying to tell tech something? These two have moved in perfect tandem over the past 2 months, but the latest gap is becoming very wide. Source: LSEG Workspace The worrisome part of the calendar The S&P 500 down 5 days in a row – front-running the calendar
DXY is back. AUD has entered freefall. CNY is fine. Gold is confused. Metals are nervous. Big bear intact. EM swoon. Junk hiccupped finally. As yields broke higher. Stocks kept falling. There wasn’t any earthmoving data. All eyes are on Jay Powell. Goldman says he’s going to break. Goldman economist David Mericle expects Powell to
Australian stocks led the way to a new record high today but the rest of Asian share markets were mainly down across the board as risk sentiment continues to shift further into negative space as we all await the Jackson Hole conference tomorrow. The USD remains on a small rally against the majors although Euro
APA Group with the news. AFR. The chief executive of the country’s biggest gas transporter, APA Group, has fired off against plans to import LNG to avert a potential gas shortage, warning that the high cost of imports risks turning consumers and industry against gas altogether. Adam Watson said importing liquefied natural gas into the