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CBA: Household income surges in lockdown states

September 16, 2021 - 10:20 -- Admin

By Gareth Aird, head of Australian economics at CBA: Key Points: CBA data indicates the increase in government payments via the “COVID‑19 disaster payment” to households in lockdown states has been bigger than the fall in wages and salaries. Our partial read of household income, which comprises wages & salaries plus government benefit payments, is

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Evergrande defaults

September 16, 2021 - 10:00 -- Admin

Evergrande defaults: Chinese authorities have told major lenders to China Evergrande Group not to expect interest payments due next week on bank loans, according to people familiar with the matter, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings. The Ministry of Housing and Urban-Rural Development told banks in

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Daily iron ore price update (short Jevons Global)

September 16, 2021 - 09:30 -- Admin

The ferrous complex was very weak again yesterday as China’s construction hard landing became obvious. Spot tumbled and paper fell more overnight. Steel has not updated: Worse is still ahead. $100 this year and $60 next with all the risk being to downside for earlier. Some folks don’t get it. Jevons Global at Livewire: Trite

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Victoria records outbreak high 514 COVID cases

September 16, 2021 - 09:09 -- Admin

Victorian has recorded another 514 locally acquired COVID cases over the past 24 hours – a new outbreak high: Reported yesterday: 514 new local cases and 0 cases acquired overseas. – 41,758 vaccines administered – 61,961 test results received More later: #COVID19VicData [1/2] — VicGovDH (@VicGovDH) September 15, 2021 Most are mystery cases.

Macro Morning

September 16, 2021 - 09:00 -- Admin

It’s risk back on as the latest US industrial production print slightly missed expectations, but this was enough of a catalyst to get things moving again after nearly two weeks of uncertainty on Wall Street. Bond yields rose slightly while the USD fell back mainly against Yen as the other risk currencies still remain in

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Australia goes nuclear

September 16, 2021 - 09:00 -- Admin

The MSM is always pretty slow on the uptake but some days you have to wonder if they’re dropping Mogadon. To wit: Australia is embarking on its most significant change of defence and strategic direction in decades, aiming to make the Navy’s next submarine fleet nuclear-powered. In a deal announced by US President Joe Biden,

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“Stay away from the Australian dollar”

September 16, 2021 - 07:03 -- Admin

My charts are still down today. DXY and AUD were basically stable. Oil took off and Treasuries were hit. Stocks loved it all. Here’s Credit Suisse with an outlook that I agree with: Last week’s ECB meeting saw the market’s core expectation–a PEPP “taper” accompanied by a commitment to longer-term asset purchases / dovishness–easily met,

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Do vaccine mandates help or hinder recovery?

September 16, 2021 - 00:10 -- Admin

Do vaccine mandates help or hinder recovery? In the case of the US, both, according to Goldman: Last week, President Biden announced vaccine requirements for 100mnworkers, with mandates for all federal employees and most healthcare workers, and a vaccine or testing requirement for all workers at large private firms with100+ employees. We estimate that the

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NSW planning minister shreds fake affordability inquiry

September 16, 2021 - 00:05 -- Admin

NSW planning minister Rob Stokes is the latest to call out the federal government’s bogus housing affordability inquiry: Federal politicians, developers, economists and large sections of the media are quick to blame all our housing affordability woes on slow supply, slow state planning systems and stringent controls. But the idea that the planning system alone

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Links 16 September 2021

September 16, 2021 - 00:01 -- Admin

Global Macro / Markets / Investing: EV Battery Prices Risk Reversing Downward Trend as Metals Surge – Bloomberg Making supply chains more resilient – Bruegel El Salvador’s great crypto experiment – Bruegel Libor replacement reaches Wall Street’s leveraged loan market – FT Supply chain disruptions are not a new threat, and they’re not going away

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