The ferrous complex was in free fall on September 16, 2021 as spot and paper collapsed. Steel has not updated: Yes, we will likely be at $100 tomorrow. I was not bearish enough. There is no end is sight. CISA early September steel output data kept on falling: And the Chinese property developer shakeout is
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Wall Street volatility spiked significantly overnight in the wake of the latest strong retail sales data with the USD firming strongly against many of the risk currencies as a result, particularly the Aussie dollar which continues to fall in line with iron ore. Bond yields lifted across the curve while other commodities inched higher, although
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DXY is up and away on the growing energy crisis with US oil and LNG set to benefit. EUR was squashed: The Australian dollar was flushed with commosities: Oil was up and gold down: Base metals are a raging bubble fit to burst. 10% of global copper goes into Chinese property. Almost all nickel into
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Yesterday’s employment report from the Australian Bureau of Statistics (ABS) revealed that Australia’s youth – defined as those aged 16 to 24 – have been hit hard by lockdowns. Total youth jobs fell 75,400 in August, driven by an 80,000 reduction in part-time jobs, partly offset by a 4,500 increase in full-time jobs. Accordingly, youth
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In the week ended 16 September, the CoreLogic daily dwelling values index increased another 0.34%: All major markets recorded rising values. Note, Perth’s daily index has been suspended while CoreLogic investigates anomalies: Values have so far risen by 0.74% this month, with all major markets rising: Quarterly price growth remains turbo-charged but slowing at 4.82%
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Global Macro / Markets / Investing: Where Has All the Money Gone? – Project Syndicate Lumber crash leads to ‘blowout’ sales as prices crater – CBC What might cause the next financial crisis? – Law Liberty Sweatshops Won’t Help the World’s Poor, but Unions Could – The Nation Americas: Poverty Declined In 2020 Due To
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The selloff continues here in Asia as the fallout from the Evergrande collapse spreads throughout the region, with only local stocks rebounding on the latest unemployment figures. The USD is firming once more against the risk currencies with gold still holding below the $1800USD level, while Bitcoin has picked up again, pushing through the $48K
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The PropTrack Listings Report for September has been released, which assesses listings on realestate.com.au. The latest report reveals that property listings continue to fall across both capital cities and regional areas: Right across Australia property listings have collapsed, down 23.9% nationally year-on-year. The only notable exception is Melbourne, which was in hard lockdown this time
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BofA with the note, in the hope that Canberra gives a flying $%&#: Autos, chips and Covid: five economic lessons Global supply chains are in disarray. A series of pandemic-related shocks have disrupted production, while goods demand has soared as consumers have substituted away from high-touch services. Each item faces its own specific set of
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Another day, another JobKeeper rort. This time, the ABC has shifted focus to two foreign-owned firms – Specsavers and Luxottica South Pacific – that posted massive profits on the back of the Australian taxpayer. Specsavers’ Australian revenue fell by just 1% in 2021, while its profit rose by $78 million to $150 million. This was
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