DXY is up on US inflation: AUD caught a bid anyway: The immense short remains a formidable barrier to further downside: JPY cratered. How long before CNY follows? Oil did OK. Gold has stalled: Copper mania is rife. Other metals cooled: The market says no to BHP’s Anglo bid: EM is range-bound: Junk appears worried:
The iron ore bear market rally needs a new spur as steel and margins stall: Dalian futures likewise look toppy: And coking coal: Steel output is still rising seasonally in China: Meanwhile, average daily hot metal output among mills surveyed grew for a fourth straight week, rising 1.1% to 2.29 million tons – the highest
Australians suffered the world’s biggest decline in household disposable income in 2023, falling a whopping 6% year-on-year: There were three main reasons for the slump in Australian household disposable income. First, Australian wages have risen less strongly than other advanced nations: Second, Australians were hit hardest by rising mortgage rates owing to our higher exposure
Australian households are struggling financially. Real per capita household final consumption fell by 2.5% in 2023, driving the nation’s per capita recession: Australian real per capita household disposable income also fell by 6% in 2023, ranking among the sharpest declines in the world: Stephen Wu at CBA’s analysis of Wednesday’s CPI inflation data reveals that
International Reads: Elon Musk insists Tesla isn’t a car company as sales falter – Yahoo The Chips Act has been surprisingly successful so far – FT The economy seems weaker than advertised, and inflation is still running hot—it’s the ‘worst of both worlds’ – Fortune CNBC: Many large U.S. cities are in deep financial trouble.
The BOJ meeting came and went without any surprises this afternoon, easing concerns for Japanese stocks while Chinese issues continue to lift higher despite the falls on Wall Street overnight. Local stocks suffered due to the breakdown in the BHP offer while the USD continues to pullback with the Australian dollar lifting further above the
Get ready for an outright recession if this comes true: After several months of hotter-than-expected data, Mr Hogan has jettisoned his forecast for the RBA to stay on hold until early 2025 and then deliver a rate cut. Instead, the veteran economist now expects 0.25 of a percentage point rate rises at the RBA’s August,
Great story from Caixin. As China’s real estate market continues to defy government efforts to bring it back to life, market players and analysts trying to call the bottom are out of signposts. Historically in China, it would typically take three to eight months for loosened monetary policy and credit support to reverse a down
Last week, apartment developer Tim Gurner said the quiet bit out loud when he admitted that relaxing planning rules won’t magically boost housing construction: “Rich Lister and Melbourne developer Tim Gurner says while the anti-development stance adopted by many councils is a major roadblock, it is only a part of problem”. “He estimated that less
BHP going big: BHP is doubling down on its big bet on copper demand growing exponentially in the global shift away from fossil fuels, with a bold takeover bid for British resources heavyweight Anglo American that values it at almost $60 billion. Copper only contributed a third of Anglo’s profits last year. Anglo does have