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Global stocks surge as Australian dollar sags

November 1, 2018 - 07:06 -- Admin

DXY was up last night. CNY down and EUR looks stuffed: The EUR chart is shorter’s dream with a large head and shoulders top freshly broken: AUD was down against all DMs: But up against EMs: Gold swooned: Oil too: And base metals: Big miners piled it on anway: As did EM stocks: Junk was

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ANZ CEO: Mortgage credit is not coming back

November 1, 2018 - 05:30 -- Admin

From Shayne Elliot yesterday: Mortgage credit growth would probably halve, to 2 to 3 per cent, in the coming years, Mr Elliott said, and credit growth from investor borrowers has already “ground to a halt”. “I wouldn’t be surprised if it [the house price correction] had further to run … I wouldn’t be surprised if

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NSW Government doubles down on immigration cut

November 1, 2018 - 00:20 -- Admin

By Leith van Onselen After the NSW Government last month admitted that the migrant intake is “out of control” and demanded it be cut in half, NSW Premier Gladys Berejiklian has tasked a three-member panel with convincing the federal government to help lower the rate of immigration into the state. From ABC News: Highlighting what she

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ABS: Real Australian rents decline for 6 3/4 years

November 1, 2018 - 00:15 -- Admin

By Leith van Onselen The September quarter consumer price index (CPI) data, released yesterday by the Australian Bureau of Statistics (ABS), revealed that real inflation-adjusted rents continue to fall. According to the ABS, rents nationally registered just 0.2% growth in the September quarter and grew by just 0.6% over the year: At the individual capital

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Corrupt APRA must be shut

November 1, 2018 - 00:10 -- Admin

Check out its response to the Hayne Royal Commission yesterday: 1. This submission provides APRA’s views on issues and questions posed by the Interim Report that are relevant to APRA’s mandate. 2. In summary, there are three overarching questions posed by the Commission with respect to the regulators:  First, have the regulators’ responses to

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Things will get worse for smaller retailers

November 1, 2018 - 00:10 -- Admin

By Leith van Onselen The ABC has published an interesting report on the rising failure rate among smaller retailers: Data and analytics provider illion revealed 54,992 businesses went bust in Australia last financial year. That is a 12.7-per-cent increase in the number of failed businesses compared to the year before. It is retail that has

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Hedgie: Australian dollar to crash to 9-year low

November 1, 2018 - 00:05 -- Admin

Via Bloomie: Australia’s dollar may drop to a nine-year low of 67 U.S. cents as the central bank is set to become even more dovish and lean more toward cutting interest rates, according to money manager Hexavest Inc. …A lot of damage has already been done to the Aussie, Vincent Delisle, co-chief investment officer at

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Links 1 November 2018

November 1, 2018 - 00:01 -- Admin

Global Macro / Markets / Investing: The unseen driver behind the migrant caravan: climate change – The Guardian Goldman, JPMorgan Hit Pause on Intern Recruiting ‘Madness’ – WSJ The Fantasy of Fiscal Stimulus – WSJ The Stock Market Held a Sale, and No One Turned Up – WSJ Protectionism was threatening global supply chains before

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Macro Afternoon

October 31, 2018 - 17:04 -- Admin

The bounce is here in full with a sea of green across Asian stock markets today, navigating through a steady BOJ interest rate meeting and a somewhat disappointing Chinese manufacturing PMI print. Australian inflation figures – out of date given it’s quarterly – didn’t move the Aussie dollar that much either. The Shanghai Composite is moving higher,

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