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Macro Morning

June 8, 2018 - 08:30 -- Admin

By Chris Becker Emerging markets are ruffling feathers throughout the bond world with a sudden influx of bids sending Treasuries higher late in the session, pushing stocks down on both sides of the Atlantic. Tech stocks in particular were dumped with the NASDAQ down nearly 1% at one stage, erasing some of the gains of

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China interference bill close to passage

June 8, 2018 - 06:53 -- Admin

Via Domainfax: The Turnbull government will launch a second round of sweeping changes to its controversial regime to stop foreign interference in Australian politics, conceding it went too far in ensnaring offshore companies, charities and others in its original scheme. …In a heightened warning about foreign meddling in Australian politics, Mr Porter told Fairfax Media

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Australian dollar catches emerging market contagion

June 8, 2018 - 06:44 -- Admin

DXY was down last night as the EUR bear market rally continued: But that couldn’t save the AUD which fell on all DM crosses: As EM FX crashes, now led by Brazil: Gold is stuck: Oil caught a bid: Base metals are deluded. Where EMs go they will follow: Big miners broke: EM stocks fell

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A deep dive into Sydney’s and Melbourne’s housing correction

June 8, 2018 - 00:20 -- Admin

By Leith van Onselen The deflation of Sydney’s and Melbourne’s housing markets rolls on, with both jurisdictions reporting further price falls this week. In Sydney, values fell by 0.11% in the week ended 7 June, according to CoreLogic: Sydney home values have now declined by a cumulative 4.8% over the past 39-weeks, with values also

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FIRE sector vampire finally runs out of credit blood

June 8, 2018 - 00:15 -- Admin

By Leith van Onselen Wednesday’s national accounts release for the March quarter confirmed that Australia’s FIRE economy – Finance, Insurance and Rental, Hiring & Real Estate Services – ceased bleeding its host, with its share of the Australian economy finally retracing, down 0.1% from its June 2017 high to 11.9%: That said, since financial markets

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CoreLogic weekly Australian house price update: more falls

June 8, 2018 - 00:10 -- Admin

By Leith van Onselen In the week ended 7 June 2018, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell another 0.07%: Values fell again in Sydney and Melbourne but rose across the other major markets: So far in 2018, home values have declined by 1.55%, with only

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Daily iron ore price update (steel powers on)

June 8, 2018 - 00:05 -- Admin

Iron ore prices for June 7, 2018: Tianjin benchmark fell 5 cents to $65.15. Paper sank overnight. Steel is revving up to match huge output. Coking coal is still untouchable. Steel demand remains excellent. Iron ore is clearing oversupplied. Coking coal the opposite. The first must break first.

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China capital account still stable

June 8, 2018 - 00:04 -- Admin

Via Capital Economics: Capital outflows remain muted despite broader EM selloff • The latest foreign exchange reserves data are consistent with very little PBOC action in the FX markets. This suggests that the recent resilience of the renminbi relative to other EM currencies reflects confidence in China’s economy and ability to manage its exchange rate

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Links 8 June 2018

June 8, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: Shale Country Is Out of Workers and Dangling 100% Pay Hikes – Bloomberg The retirement-consumption puzzle – VOX Hedge Fund Managed by Billionaire Howard Gained 36% in May – Bloomberg Bubble-Like Stock Valuations Miss $3.4 Trillion in Hidden Assets – Bloomberg Blockchain and cryptocurrency jargon buster – FT Extreme

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Macro Afternoon

June 7, 2018 - 17:17 -- Admin

Another green board across Asian share markets today as the positive Wall Street lead kept risk buttons flicking on the on switch. Treasuries and sovereign  bonds remain less favourable in the wake of the ECB language regarding its QE program while commodities were relatively steady although the Brent/WTI gap remains wide. The Shanghai Composite has

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