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Possibly the most pathetic bank short squeeze in history

November 1, 2018 - 11:15 -- Admin

AUD is up a bit this morning: Bonds are selling: XJO is up moderately: And it is all about dirt. Big Iron is flying as BHP gives back wads of cash from exiting shale oil. A nicely timed buy for the MB Fund: Big Gas is mixed: Big Gold in pain still: But today’s great squibbing

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Adani mini-me revs up

November 1, 2018 - 11:00 -- Admin

Good luck, via the AFR: Indian energy giant Adani is weeks away from pulling the trigger on its controversial Carmichael mine in Central Queensland after scaling back its size and scope to convince banks to finance the project. While many industry experts doubted the economics of the original $16.5 billion Carmichael project – which planned

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Hypocrite, Peter Costello, re-writes Budget history

November 1, 2018 - 11:00 -- Admin

By Leith van Onselen Former Treasurer, Peter Costello, has re-written history once again, slamming both sides of politics for not doing enough to reduce government debt, while ignoring that policy decisions made when he was Treasurer are largely responsible for placing the Federal Budget in its current predicament. From The Australian: Writing of his time as

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Is the stock market panic over?

November 1, 2018 - 10:45 -- Admin

Some nice charts from Damien Bey as Credit Suisse give us context: Credit Suisse’s proprietary measure of risk appetite very briefly entered panic in mid-August 2018. It has since staged a modest recovery to less negative levels. 2. Past cycles show that after risk appetite enters panic, small caps tend to outperform in the following

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CoreLogic revisions spear Sydney house prices downwards

November 1, 2018 - 10:34 -- Admin

By Leith van Onselen Following yesterday’s post on CoreLogic’s daily dwelling values index results for October, CoreLogic has released its full results, which also cover the smaller capitals and regional areas (see next table). Please note that CoreLogic has revised its daily index, so the values differ from yesterday’s post. Here’s the annual price changes

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Sham marriages the latest Australian migration rort

November 1, 2018 - 10:00 -- Admin

By Leith van Onselen The rorting of Australia’s immigration system seems never-ending. On top of the widely rorted ‘skilled’ migrant program, as well as the systemic rorting of the student and working holiday maker programs, Australia’s spousal visa program is also being rorted: AN ALLEGED sham-marriage syndicate operating in Sydney has been busted after it

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Labor Government to lift the Dole?

November 1, 2018 - 09:45 -- Admin

By Leith van Onselen In recent times, a veritable conga-line of groups, representing a huge cross-section of society, have called for the federal government to lift Australia’s pathetically low Newstart Allowance for the unemployed (aka ‘Dole’), including: Deloitte Access Economics senior partner Chris Richardson; the Business Council of Australia; Former Treasury Secretary, Ken Henry; Professor

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Limits to LNG prices

November 1, 2018 - 09:45 -- Admin

The Oxford Institute for Energy Studies has an in-depth piece out on the cost of LNG plants, looking in detail at the drop in LNG construction costs and how maintainable the falls are in construction costs: As you can see, the Australian plants dominate the top of the cost table, with many of the more recent plants

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Daily iron ore price (MOAR stimulus)

November 1, 2018 - 09:00 -- Admin

Iron ore price for October 31, 2018: Spot and paper flat. Steel down. CISA output for mid-October has begun the seasonal draw down. In news, it MOAR: “The leadership is paying great attention to the problems, and will be more preemptive and take action in a timely manner,” according to the statement Wednesday. The Politburo

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NAB throws kitchen sink into poor result

November 1, 2018 - 08:43 -- Admin

NAB’s turn: Revenue growth crap. A big restructuring charge. And ripping costs but they should be a one-off. NAB’s lower exposure to wholesale markets has delivered a more stable net interest margin. Impaired loans are also hilariously low. Better than ANZ but hardly lighting it up. Given the positive risk backdrop we’ll likely see the

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