This is not good: The US supreme court agreed on Wednesday to take up the unprecedented claim that Donald Trump has absolute immunity from prosecution in the criminal case over his efforts to overturn the 2020 election results, throwing into jeopardy whether it goes to trial before the 2024 election. The Supreme Court rejected the
The Market Ear with more. We got that July 2023 feeling The perceived NASDAQ bull has been stronger than the actual realized over the past weeks. We have basically been consolidating at highs. We saw a similar development last summer. We see many other similarities between then and now. A break below the trend-line risks
FFS, ASIO, get over it: Revealing details of a spy network dubbed “The A-Team”, the ASIO director-general said if the agency had a threat level for espionage and foreign interference it would be classified as “certain … the highest level on the scale”. Mr Burgess said several years ago, the A-Team “successfully cultivated and recruited
The latest US GDP figures took away confidence from US share markets and their European counterparts as the USD found some strength as traders anticipate the upcoming inflation print that could shake things up even further. Bond markets were more sanguine while Bitcoin went nuts returning to its November 2021 highs, while the Australian dollar
Rebar and SGX futures did better yesterday: However, Dalian struggled and puked overnight: The scuttlebutt is still negative: Even Beijing’s biggest-ever cut in the benchmark mortgage rate to revive the ailing property market failed to support prices, which typically get a boost from such stimulus. The declining prices aren’t necessarily bringing much relief to steelmakers,
CoreLogic has released its daily dwelling value results for February, which track movements across the five major capital city markets. According to CoreLogic, dwelling values rose by 0.6% at the 5-city aggregate level in February, with growth recorded across every major capital: As you can see, growth was driven by Perth (1.8%), Adelaide (1.1%), and
DXY was flat last night: The arse fell out of AUD anyway: NZD helped it lower after the RBNZ acknowledged the crushed economy: Oil is plodding along: Dirt yawn: The miners are going to retest the lows: EM yawn: Junk still hoping: As yields roll: Stocks softened: US data was good with solid GDP revisions,
The following story is coming to VIC and QLD as well if Canberra does not fix the collapsed national gas market: Origin Energy is seeking at least a safety net to prevent it wearing losses from continuing to operate the Eraring coal power station in NSW as discussions about keeping the massive generator online stretch
Yesterday’s monthly inflation figure was a bizarre affair. The 3.4% print was materially below the 3.6% expected, but bond markets and the AUD sold off. The RBNZ meeting was pending, but even so, this was a preposterous reaction. The monthly fall in Aussie inflation was 0.33%, and, as well as missing expectations, it illustrated considerable
Australian dwelling approvals, commencements, and completions have collapsed to a decade low at the same time as the nation’s population growth has skyrocketed: Loans for new homes and construction are also tracking near historical lows: On Wednesday, the Australian Bureau of Statistics (ABS) released data on construction work done, which recorded a 5.2% decline in