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Renew Economy Wednesday, September 28, 2022 - 15:58 Source

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Renew Economy Wednesday, September 28, 2022 - 15:28 Source

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Renew Economy Wednesday, September 28, 2022 - 15:17 Source

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MacroBusiness Wednesday, September 28, 2022 - 14:00 Source

The usual Aussie bank groveling articles are appearing as we approach full-year results. These articles focus on the juicy dividends without making reference to the business cycle. A bad idea. Bank’s forward earnings multiples have been falling much of this year. Some of this is the lifting margins emanating from rising interest rates. Some of

The post Aussie bank bubble bursting slowly, then all at once…. appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 13:40 Source

Rather than import so many warm bodies to feed this bottomless pit, let’s export Gerry Harvey to China. He wants to go: There’s some laughter from Australian billionaire Gerry Harvey when he suggests that China’s one-party led dictatorship is a model Australia should aspire to if it wants to get things done. But there’s more

The post Let’s export Gerry Harvey to China appeared first on MacroBusiness.

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Renew Economy Wednesday, September 28, 2022 - 13:31 Source

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MacroBusiness Wednesday, September 28, 2022 - 13:20 Source

Oil enjoyed a nice little pop last night as Vladimir Putin asked OPEC to fund his war: Russia is likely to propose that OPEC+ reduces oil output by around 1 million barrels per day at its next meeting in October, a source familiar with the Russian viewpoint said on Tuesday. The meeting will take place

The post Putin asks OPEC to fund his war appeared first on MacroBusiness.

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Renew Economy Wednesday, September 28, 2022 - 13:20 Source

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MacroBusiness Wednesday, September 28, 2022 - 13:00 Source

Federal housing minister, Julie Collins, continues to wax lyrical about Labor’s housing and homelessness plan, claiming she is incredibly passionate about “making sure that more Australians have a safe place to call home”: Ms Collins said she was working with state and territory governments and the construction sector on the issues. Before the May election,

The post Labor’s housing and homelessness plan is a joke appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 12:40 Source

Here’s a MySteel report for you to digest. The most significant component of the data is the recovery in rebar consumption and output. This is probably led by the infrastructure push which can be very lumpy and so enjoy periods of growth within quarters even if year-over-year comparisons are less flattering. There may be some

The post What’s supporting iron ore? appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 12:20 Source

Retail trade for August is out and is still firm at 0.6% month-on-month and 19.2% year-on-year: Households goods are still booming despite falling house prices: Same for NSW: The question is, how much of this is inflation and how much is actual volume growth? Also, there is a correlation between the recent bounce and with

The post Aussies spend on but buying more or paying more? appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 12:19 Source

It’s like watching a skydiver with a torn parachute: It’s sell first and ask questions later. Credit Agricole discusses why. I can’t see how the G20 can do anything much given how riven geopolitics is: One topic that has featured prominently during recent discussions with clients has been the question about a potential concerted central

The post Australian dollar plumments into the 63s appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 12:00 Source

Pantheon with the note. I don’t think so. Restarting stalled projects is one thing. Overturning “houses are for living in not speculation” is another.  But you never know your luck in the big city! Property Stimulus Starts to Show in the Data, but Much More is Needed China’s property sector is yet to pull out

The post Green shoots for Chinese property appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 11:30 Source

Well, that escalated quickly. One minute Albo was everybody’s probity hero, the next he’s just another corrupt hack: Legal and integrity experts have criticised the government’s proposed National Anti-Corruption Commission (NACC) for having too high a threshold for public hearings, but those who the government will need to pass the legislation were more positive. The

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MacroBusiness Wednesday, September 28, 2022 - 11:00 Source

Coolabah Capital’s Chris Joye notes “that the great Aussie housing crash is stabilising in the vanguard cities of Sydney and Melbourne”, albeit values nationally are still plummeting at a 16% annual pace (and 22% across Sydney). However, the “bad news is that only a portion of the RBA’s 225 basis points of rate hikes have

The post Australia’s housing bloodbath eases appeared first on MacroBusiness.

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Renew Economy Wednesday, September 28, 2022 - 10:51 Source

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MacroBusiness Wednesday, September 28, 2022 - 10:30 Source

As noted many, many times, Goldman Sachs has been the leading Wall Street salesman for commodities in the last year. It has stuck to this narrative all the way through the correction, telling everybody to keep catching the falling knife. Today it finally gives in, which is probably bullish, though my own view is that

The post Oops! Goldman gives up on commodities appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 09:45 Source

The Market Ear with the latest on equity market sentiment. —————————————————————————— Protection ain’t easy You buy protection when you can, not when you must. Premium is usually much cheaper in times when “you can…” The crowd tends to do the inverse though. VIX term structure is shifting higher today again. Note the backwardation now becoming

The post “Canaries aren’t singing” appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 09:40 Source

Concern over European gas supplies and the fake referendums in Ukraine kept overnight stock markets contained. The USD remains strong against everything undollar with Euro still sharply below parity without any upside moves, as Pound Sterling races to join the crowd. The Australian dollar is still on the ropes, as commodity prices remain under pressure.

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 09:20 Source

DXY to the moon: AUD flushed: Oil held up as Putin asked OPEC to fund his war with output cuts: Base metals still in big trouble: Big miners survived with iron ore: EM flushed: Junk flushed: Treasuries flushed: Stocks cling desperately to the cliff’s edge: And the key chart, CNY/USD, was flushed to perhaps the

The post Australian dollar hammering continues appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 09:00 Source

It’s not yet entirely clear what this means: Resources Minister Madeleine King has demanded the three major east coast gas producers sign a government-drafted deal that may include what some industry figures slammed as an “unworkable” and distortionary price cap mechanism to shield domestic manufacturers. …After receiving three separate heads of agreements from the key

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Your Democracy Wednesday, September 28, 2022 - 08:44 Source

Washington has no objections to Kiev using Western-supplied weapons to target territories that may decide to join Russia, as the US considers the vote to do so illegitimate, Secretary of State Antony Blinken said on Tuesday. 

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The Australian Independent Media Network Wednesday, September 28, 2022 - 06:00 Source

I was immediately taken aback when I read that the Opposition was negotiating “in good faith” with the Government for their support in introducing the National Anti Corruption Commission (NACC). Good faith sounds more like bargaining for an exemption from the obvious. At first, I thought I was mistaken. Negotiating in good faith with an Opposition…

The post Put niceties aside, Albo appeared first on The AIM Network.

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MacroBusiness Wednesday, September 28, 2022 - 00:10 Source

The National Housing Finance & Investment Corporation (NHFIC) had forecast in February that some 550,000 new homes will be built over the next three years. However, CEO Nathan Dal Bon warns that higher borrowing costs due to rising interest rates will slow construction activity in the housing sector at the same time as the Albanese

The post Albo’s Big Australia means crippling housing shortages appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 00:05 Source

The past fortnight has seen analysts lift their forecast peak in Australia’s official cash rate (OCR) in the wake of the aggressive monetary actions of the US Federal Reserve. Last week, Westpac chief economist Bill Evans raised the bank’s forecast for the terminal OCR from 3.35% to 3.6% by February 2023. Westpac was yesterday joined

The post Interest rate bulls run rampant appeared first on MacroBusiness.

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MacroBusiness Wednesday, September 28, 2022 - 00:01 Source

Global Macro / Markets / Investing: Not going out: how the cost of living crisis is destroying young people’s social lives – The Guardian Dow falls 300 points as surging dollar adds to market woes, S&P heads for new 2022 closing low – CNBC Dow Loses Over 200 Points, British Pound Drops To Record Low

The post Links 28 September 2022 appeared first on MacroBusiness.

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Your Democracy Tuesday, September 27, 2022 - 20:51 Source

White House press secretary Karine Jean-Pierre called the elections a “sham” and “a flagrant violation of international law and an affront to the principles of sovereignty and territorial integrity that underpin the international system.”

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Renew Economy Tuesday, September 27, 2022 - 18:54 Source

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Cheeseburger Gothic Tuesday, September 27, 2022 - 17:49 Source

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MacroBusiness Tuesday, September 27, 2022 - 16:30 Source

A mild bounce for Asian stocks following a dreadful start of the trading week but risk markets remain extremely nervous and this is likely to be shortlived as recession fears mount amid rising interest rates. The USD has slipped a little against the major currencies, but its all relative given the near collapse in Pound

The post Macro Afternoon appeared first on MacroBusiness.

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