The first session of the trading week was a modest one overnight and while tech stocks on the NASDAQ bloomed ever higher, most other equity markets stalled out as bond yields rose across the board. Currency markets were equally sanguine without much intrasession volatiltiy although Yen sold off appreciably against USD while commodity prices saw
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Chinese credit tightening has turned into a crash. Paradoxically, it’s a controlled descent but the pace of it is akin to a crisis. Total social financing in May came in at 1.92tr yuan with bank lending making 1.47tr of that: The non-bank share is still falling away after its brief COVID flourish: May loan flow
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Australia’s personality-disordered PM, Scott Morrison, is galavanting around the world drumming up support to contain China. He’s invited himself to the G7 to lace it with anti-CCP warnings. He’s dropped into Downing Street to spray Beijing. He’s soon off to the White House for an anti-CCP powwow. At home, more US marines and naval access
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According to Bloomie, hedge funds are long the Australian dollar: Leveraged funds hold a net long position of 20,509 contracts in the currency. Various hedgies talked their own book for higher on the forthcoming speech by Phil Lowe and the next jobs report. Actually, the overall market is now short the AUD by 9k contracts
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Global Macro / Markets / Investing: The Profit Paradox’ Details How Lack Of Competition Warps Economies – Benzinga Will poorer countries benefit from international tax reform? – The Economist BlackRock isn’t to blame for the dumpster fire housing market – VOX Fed balance sheet tops $8 trillion for first time -data – Reuters US Treasuries
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With the US inflation report out of the way, Friday night saw the go signs flash green on stock markets while the USD pounced back on no major news against the major currencies, although the latest US Michigan consumer sentiment survey surprised to the upside. Bond yields saw new lows with 10 year Treasuries again
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CoreLogic’s preliminary report on the weekend’s auctions reported a higher clearance rate as Melbourne reopened. The national preliminary clearance rate rose to 77.4% from 73.5% the prior weekend. However, this was off significantly lower auction volumes, down to 1,426 from the prior weekend’s 2,691, owing to the Queens’s Birthday long weekend. Sydney continued its strong
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The Weekend AFR gave its strongest indication yet that the Morrison Government will use Treasury’s upcoming Intergenerational Report (IGR) as ammunition to reopen the mass immigration floodgates: This month’s Intergenerational Report will be “used to reinforce the government’s case to boost immigration once the pandemic ends”. “It will show the country is getting older, more
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Global Macro / Markets / Investing: Standard Inflation Theory Leaves Out Social Conflict and Costs – Ineteconomics Will poorer countries benefit from international tax reform? – The Economist BlackRock isn’t to blame for the dumpster fire housing market – VOX Fed balance sheet tops $8 trillion for first time -data – Reuters Global food prices
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Global Macro / Markets / Investing: Global food prices rise to highest level in a decade – Yahoo In a world first, El Salvador makes bitcoin legal tender – Reuters Inflation Is Surging. The Price Of A Toyota Pickup Truck Helps Explain Why – NPR The coming productivity boom – Bruegel Banks to Companies: No
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