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MacroBusiness Wednesday, February 21, 2024 - 09:00 Source

Bond yields fell back amid the return of Wall Street which fell sharply as tech stocks dragged the edifice down while the USD went soft as dovish comments from the BOE didn’t help. The economic calendar was again fairly empty although the latest European wage data suggested a quietening in inflation on the continent. The

The post Macro Morning appeared first on MacroBusiness.

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MacroBusiness Wednesday, February 21, 2024 - 08:30 Source

DXY eased last night: AUD popped: Not so North Asia: Oil fell: Dirt was mixed: Miners puked: EM yawn: Junk has stalled. Not good for stocks: Yields rallied: Stocks fell: Not much in data to report. Goldman checks out DXY. USD: Spinning my wheels. Markets priced out another 2024 Fed rate cut this week, but

The post Australian dollar turns irrational appeared first on MacroBusiness.

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MacroBusiness Wednesday, February 21, 2024 - 08:00 Source

Led lower by rebar, SGX gave way: Dalian is crashing for iron ore and coking coal: There are multiple causes: “The reality is that post-holiday demand is still not strong,” said Han Jing, a senior analyst at SDIC Essence Futures Co. “Molten-iron output remains lower than expectation, hence a price correction was expected.”  “Headwinds from

The post Iron ore crashes appeared first on MacroBusiness.

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MacroBusiness Wednesday, February 21, 2024 - 07:30 Source

We are way past the point where this will help: China ramped up support for the troubled property sector with its biggest-ever cut to a key mortgage reference rate. But it was met with a muted response from investors, raising expectations that more aggressive measures to support the economy will be needed in the months

The post China’s deflationary beast slouches towards Australia appeared first on MacroBusiness.

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MacroBusiness Wednesday, February 21, 2024 - 07:00 Source

In the US, gas is cents above a 30 year low at $2.40Gj. In Europe, gas is $8Gj netback. In Asia, gas is $10.50Gj net back. In Australia, the gas price remains glued to the Albo’s $12Gj price cap, which does not even apply to the spot market: A reminder: we have some of the

The post Global gas collapses. Except in Australia appeared first on MacroBusiness.

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Your Democracy Wednesday, February 21, 2024 - 06:39 Source

Jamila Eleywa, 66, gathered what little belongings remained to herself and her two surviving granddaughters and packed them into several bags. The elderly woman had decided to return to Nuseirat refugee camp in the central Gaza Strip after she heard that the impending Israeli invasion of Rafah was all but guaranteed, resolving to leave her current refuge to avoid the slaughter she knew would follow.

 

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Your Democracy Wednesday, February 21, 2024 - 06:16 Source

The question must be posed: does defending democracy still mean supporting Joe Biden?

And the simplest answer must immediately be proffered: yes, if Joe Biden is the Democratic presidential candidate in November, then defending democracy means vigorously supporting him.

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Your Democracy Wednesday, February 21, 2024 - 05:50 Source

Wikileaks founder Julian Assange is “too ill” to attend his appeal against the UK's decision to extradite him to the US, his lawyers have said. The US wants him on 17 charges of espionage tied to WikiLeaks’ publication of State Department and Pentagon files in 2010.

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MacroBusiness Wednesday, February 21, 2024 - 00:05 Source

CBA released its investor presentation last week, which included the below chart showing home loan applications by household income band: As shown above, households with incomes above $200,000 have leveraged-up massively into investment property. This cohort accounted for around 60% of all investor home loans taken out in the 6 months to December 2023, according

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Renew Economy Wednesday, February 21, 2024 - 00:03 Source
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The Australian Independent Media Network Tuesday, February 20, 2024 - 20:31 Source

The imaginative faculties of standard Australian politicians retreat to some strange, deathly place on certain issues. In that wasteland, they are often unrecoverable. Like juveniles demanding instant reward, these representatives find complexity hideous, troubling, discomforting. Focus on the prospect of immediate electoral gain, the crude punch, the bruising, the hurt. That, in sum, is Canberra’s…

The post Border Paranoia in Fortress Australia appeared first on The AIM Network.

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Your Democracy Tuesday, February 20, 2024 - 20:23 Source

Antony Lerman says Israel’s response to the ICJ ruling continues a decades’ old ploy for neutralizing criticism of, and generating sympathy for, the Jewish state

 

Thousands of Israelis gathered in Jerusalem on Jan. 28 for a far-right conference.

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Cheeseburger Gothic Tuesday, February 20, 2024 - 17:04 Source

My ‘Someday’ wishlist is full of projects I should totally get off my arse and make happen – which never actually happens, of course. So, I came up with a genius idea a while ago for attacking the list.

'Fifteen minute projects’.

I choose something which has been hanging around like a fart in an elevator, and each day I spend a quarter of an hour on it, usually after lunch. Mentally it’s like a quick spritz to get me into the afternoon, and even doing a small measure of work on something you haven’t touched for months or even years feels like genuine progress. Because it is.

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Your Democracy Tuesday, February 20, 2024 - 16:50 Source

In January, an Australian child innocently brought home a couple of handfuls of garden mulch from near a playground in Sydney's inner west. 

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Your Democracy Tuesday, February 20, 2024 - 16:31 Source

Russia must allow an international investigation into the death of opposition activist and anti-corruption campaigner Alexey Navalny, EU’s top diplomat Josep Borrell has said. The 47-year-old Navalny unexpectedly died on Friday in a Russian prison, where he was serving a lengthy sentence stemming from several criminal convictions.

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MacroBusiness Tuesday, February 20, 2024 - 16:00 Source

Asian share markets are in caution mode as they await the reopening of Wall Street tonight with mild losses across the region. The USD is slowly fighting back against some of the major currency pairs, while the Australian dollar is pulling back to the 65 cent level on the absorption of the latest RBA minutes.

The post Macro Afternoon appeared first on MacroBusiness.

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Your Democracy Tuesday, February 20, 2024 - 15:33 Source

Canada will donate more than 800 SkyRanger R70 drones to Ukraine, Canadian Defense Minister Bill Blair announced on Monday. Kiev has relied heavily on commercial and military UAVs during its conflict with Russia, which will enter its third year on February 24.

“These drones are going to help Ukraine’s front line troops assess targets and threats quickly with accuracy and effectiveness,” Blair stated at a press conference in Toronto.

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Renew Economy Tuesday, February 20, 2024 - 14:55 Source
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Renew Economy Tuesday, February 20, 2024 - 14:51 Source
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Renew Economy Tuesday, February 20, 2024 - 14:15 Source
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Renew Economy Tuesday, February 20, 2024 - 14:09 Source
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MacroBusiness Tuesday, February 20, 2024 - 14:00 Source

It’s been too long since we heard from McGrathmageddon. These days, the MEA stock price is only down three-quarters from the listing price: The handsome but sullied McGrath has some advice, too: “Perhaps we will see more stock and if interest rates come back a bit, then we will see a market either holding at

The post McGrathmageddon explodes in property market appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 20, 2024 - 13:30 Source

SQM Research managing director, Louis Christopher, warns that rents will continue to rise strongly across Australia this year amid ongoing strong population growth and falling rental vacancies. “We’re seeing renewed tightness in the rental market across the board after easing slightly in December last year, driven by students who are starting their new semesters and

The post Australian tenants brace for more rent pain appeared first on MacroBusiness.

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Renew Economy Tuesday, February 20, 2024 - 13:12 Source
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AustralianPolitics.com Tuesday, February 20, 2024 - 13:12 Source

The Defence Minister, Richard Marles, has announced an upgrade and expansion of the Australian Navy to give it an “enhanced lethality surface combatant fleet”.

Flanked by the Pat Conroy, the Minister for Defence Industry, Marles announced an additional $11 billion over the next decade. The money will be used to expand the Navy’s fleet of warships to 26 vessels, an increase of 15 craft.

Commitments to the construction of naval vessels in South Australia and Western Australia were reiterated, with ship workers being promised work for deacdes.

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MacroBusiness Tuesday, February 20, 2024 - 13:00 Source

I’m very much alive to the possibility that the Mag7 stocks and the associated Artificial Intelligence (AI) craze are a bubble in the US equity market. Equally, if AI delivers on its promise, they may be undervalued! By comparison, there is no doubt – no doubt whatsoever – that the latest Australian entrant into the

The post CBA joins the Magnificent Eight! appeared first on MacroBusiness.

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MacroBusiness Tuesday, February 20, 2024 - 12:59 Source

Oh yes, smell the fear: Chinese banks cut a key reference lending rate for mortgages by the most on record, ramping up support for the beleaguered property sector. The five-year Loan Prime Rate, a reference for mortgages, was lowered by 25 basis points to 3.95%, according to a statement by the People’s Bank of China on

The post China begins to panic as property free falls appeared first on MacroBusiness.

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Renew Economy Tuesday, February 20, 2024 - 12:49 Source

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MacroBusiness Tuesday, February 20, 2024 - 12:30 Source

The December quarter CPI inflation print revealed that insurance premiums rose at their fastest pace since the HIH Insurance collapse at the turn of the century: The Australian Bureau of Statistics (ABS) explained that “higher reinsurance, natural disaster and claims costs contributed to higher premiums for house, home contents and motor vehicle insurance”. The recent

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MacroBusiness Tuesday, February 20, 2024 - 12:00 Source

The Australian’s Patrick Commins published a detailed analysis of how different age groups in Australia have been impacted by the Reserve Bank of Australia’s (RBA) interest rate hikes, which have lifted the official cash rate by 4.25% since April 2022. The most recent national accounts data for Australia show that households’ interest income increased from

The post Australia’s interest rate fortunes favour the old appeared first on MacroBusiness.

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