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NSW scuttles plan to bring international students back

July 16, 2021 - 11:40 -- Admin

Late last year, the NSW Government lodged a plan to use one third of its 3,000 hotel quarantine places to import international students, with universities (read taxpayers) to pick up the cost of quarantine. The plan was later abandoned after the state was hit with the New Year COVID outbreak, as well as backlash from

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NSW records another 97 COVID cases

July 16, 2021 - 11:18 -- Admin

NSW Health has reported another 97 local COVID cases over the past 24 hours: NSW recorded 97 new locally acquired cases of COVID-19 in the 24 hours to 8pm last night. pic.twitter.com/FxVPjCCKee — NSW Health (@NSWHealth) July 16, 2021 Of these locally acquired cases, 63 are linked to a known case or cluster – 49

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RIO to ramp iron ore output

July 16, 2021 - 11:00 -- Admin

RIO’s Q2 productio report: Pilbara operations produced 152.3 million tonnes (Rio Tinto share 126.9 million tonnes) in the first half of 2021, 5% lower than the first half of 2020 due to above average rainfall, shutdowns to enable replacement mines to be tied in, processing plant availability and cultural heritage management. Ongoing COVID 19 restrictions

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Chinese growth is holding and there’s no stimulus…yet

July 16, 2021 - 10:30 -- Admin

Goldman with the note that pretty much sums up my view:  China’s Q2 real GDP growth was reported at 7.9% yoy, marginally below market expectations of 8% yoy, but key activity indicators remained solid and surprised to the upside in June. June industrial production came in at 8.3% yoy, vs 8.8% yoy in May, though

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Shut borders ends youth unemployment depression

July 16, 2021 - 10:00 -- Admin

Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – continue to benefit immensely from the closure of Australia’s international border to immigration. While overall youth employment is still yet to return to its pre-COVID level, with total jobs still down 6,900

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Victoria’s COVID outbreak rises to 24

July 16, 2021 - 09:51 -- Admin

As the state enters another five-day lockdown, Victoria’s Department of Health has reported another 10 new local COVID infections, four of which had already been made public yesterday: Reported yesterday: 10 new local cases and 1 new case acquired overseas (currently in HQ). – 17,188 vaccine doses were administered – 33,129 test results were received

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Daily iron ore price update (flying on fumes)

July 16, 2021 - 09:30 -- Admin

The ferrous complex was strong on July 15, 2021 as Chinese data was received well. Spot jumped, paper more but steel has not updated: The strength is being widely reported as resulting from weak Chinese data lifting hopes for stimulus. The opposite is true. The data was good and there is no more stimulus coming

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Electioneering Albo tries to undo Labor’s China treason

July 16, 2021 - 09:00 -- Admin

Finally, the message appears to have sunk in at Labor’s headquarters that committing treason is not a great election strategy. Today the leader of the opposition, Anthony Albanese, appeared at The Australian to dramatically pivot away from China. According to Albo: Anthony Albanese says restarting dialogue with China will be a challenge no matter who

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Macro Morning

July 16, 2021 - 08:30 -- Admin

Risk markets continue to swing from hope to fear with the latter ruling again overnight without any obvious catalysts. Both European and US stocks fell back around 1% or so with commodities equally mixed as oil dropped 2% while industrial metals lifted. The USD rebounded after falling back midweek while bond yields also fell back

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Australian dollar hammered with yield curve

July 16, 2021 - 07:43 -- Admin

Forex markets returned to the theme of slowing growth overnight with AUD a special casualty. DXY was strong and EUR weak: Australian dollar was creamed on the crosses. The rally in JPY is not growth positive: Gold is up as real yields fall away while oil was bashed: Metals lifted on the notion that bad

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