A slowing or deep diving US labour market (not that we would know given the lack of NFP prints) saw a lot more weakness in USD overnight as markets anticipate a full rate cut by the Fed in next week’s meeting. Wall Street continued to edge out higher with European stocks dragged along while Treasuries
DXY is down, down. AUD is up and away. CNY tailwind. Gold tailwind. Metals tailwind. Miners tailwind. EM not so much. Junk looks worried. Yields fell. Stocks firmed. The ADP survey in the US was weak. “Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said Dr. Nela
On Tuesday, I reported on the following chart from Alex Joiner at IFM Investors showing how real non-mining sales of goods and services in Australia have grown by 51% since 2002. However, when adjusted for population growth, real sales have remained flat, growing by just 2% since 2002: The chart highlighted how the Australian economy has
Australia has the highest concentration of international students among major advanced nations. Figures from the Department of Home Affairs show that the approval rate for international student visas fell below 75% in October, compared to 83.6% for the same month in 2024. The decline in approval rates came at the same time as the number
AUD/USD EUR/USD USD/JPY GBP/USD Gold West Texas Intermediate Brent ASX200 US S&P 500 UK 100 Japan 225
The post Macro Afternoon: 3 December 2025 appeared first on MacroBusiness.
Only in Australia would an iconic infrastructure company double as a corruption cesspit. Snowy Hydro is a kind of Canberra plaything; a dirty quango without values or direction. It pisses money away like rain on the mountainside, employs proven energy wreckers, and adds tens of billions of unnecessary costs to the energy transition. Let’s take
In one of her first interviews as New South Wales Opposition Leader, Liberal MP Kellie Sloane was quizzed on the issue of migration on Sky News: Interviewer “Do you believe we need a cut to migration?” Sloane: “Well, I think we need to make sure that migration intake is balanced with our ability to provide
Down she goes, and where she stops nobody knows. Sales drowning. Year to date sinking. Inventory bouyant. Completions taking on water. Some of this is the recently banned data. It is not clear if the data remains are available to subscribers. Meanwhile, the reason for the ban is going to the bottom like a holed
The Market Ear. It doesn’t matter… …until it matters. Note the latest short term gap between the US 10 year (inverted) and SPX. We saw a similar early gap form between the two in late October, before SPX “joined” the move. Source: LSEG Workspace Once again? In late October we saw the 10-year pick up
The Australian Bureau of Statistics (ABS) has released the Q3 2025 national accounts, which reported a 0.4% rise in headline GDP over the quarter and a 2.1% rise through the year. The result disappointed analysts’ expectations, which had tipped a quarterly rise in GDP of 0.7% and an annual increase of 2.2%. The result was