The mixed session across Asian markets despite the lift on Wall Street as traders await tonight’s US CPI print with speculation about Chinese government property purchases helping lift the Australia dollar alongside last night’s Budget. The USD remains somewhat weak against the other major currency pairs as markets position for that all important inflation print.
Goldman is less dovish than some. nWe expect a 0.28% increase in April core CPI (vs. 0.3% consensus), corresponding to a year-over-year rate of 3.61% (vs. 3.6% consensus). We expect a 0.37% increase in April headline CPI (vs. 0.4% consensus), which corresponds to a year-over-year rate of 3.42% (vs. 3.4% consensus). Our forecast is consistent
Great news as due to “low demand,” Qantas will stop operating its Sydney-Shanghai flights on July 28. However, if the market recovers completely, the service may be restored at a later time. The Covid-19 pandemic caused the flights to be suspended for more than three years before they were finally resumed in late October. According
Victorian Premier, Jacinta Allan, stupidly chose to sign the contract to build the first leg of the $200-plus billion Suburban Rail Loop (SRL) project against the clear advice of infrastructure experts, who wanted the project axed. These experts warned that the SRL would be a $200-plus billion waste of money. Yet, the Victorian government signed
From the ABS. Expected was 0.9%. The seasonally adjusted WPI rose 0.8% this quarter and 4.1% over the year. The private sector rose 0.8% and the public sector rose 0.5%, seasonally adjusted for the quarter. The largest industry contributors to quarterly wage growth were Professional, scientific and technical services (0.7%), Education and training (0.8%), and
I noted on Tuesday how the federal budget’s 395,000 forecast net overseas migration (NOM) for 2023-24 is likely to be wildly understated given that net permanent and long-term arrivals continued to track at record levels in the March quarter: This series has traditionally tracked very closely with the official quarterly NOM data, as illustrated in
Goldman on floating the Chinese property Titanic. Echoing our recent discussion Focus shifting to the secondary market and “Stage II easing”, and in light of the potential ASP pressure exerted by increasing secondary supply and negative feedback loop, we have overhauled our China property barometer 2024 (past publications here) to closely encapsulate the latest household
With Queensland experiencing its worst housing crisis in living memory and tent cities forming across Brisbane, Premier Steven Miles has taken direct aim at the Albanese government, urging it to cut the number of migrants it accepts so his state can better tackle the housing crisis. Queensland’s population grew by 2.7% in the year to
Sydney’s housing market has well and truly descended into the Hunger Games. According to Domain, Sydney’s median house price ballooned to an absurd $1,627,625 in the March quarter of 2024: New analysis from Finder shows that it will take a typical single school leaver 46 years to save a 20% deposit on a median Sydney
DXY is fading: AUD is testing upside resistance: No help from North Asia: Brent needs more war: The Great American Bubble Machine has hold of copper: EM has broken out: Junk is all clear: Yields are peeling lower: Stocks sniff ATH: Markets are more decisively dovish for tonight’s US CI now. If it comes in