Max Opray, Schwartz Media’s morning editor, has neatly summed up the revelations that former Prime Minister Scott Morrison secretly gave himself joint responsibility for the health, finance and resources ministries, in contravention of the Westminster democratic system of government: The Albanese government has ordered a search for documents authorising former prime minister Scott Morrison to
The ferrous complex was pasted on August 15, 2022: The futures contracts rolled forward so some of the damage is duration. This followed the terrible China data which was reinforced by the latest CISA output numbers running at 2018 levels: There’s worse to come as property starts keep crashing: However, there is an offset. As
Pantheon kicks us off with an analysis of Chinese July data: China: Industrial production growth slowed to 3.8% y/y in July, from 3.9% in June. Consensus was 4.3%. China: Retail sales growth slowed to 2.7% y/y in July, from 3.1% in June. Consensus was 4.9%. China: FAI growth fell to 5.7% ytd y/y in July,
Risk markets reacted fairly positively overnight to some weak economic data out of China and the US with Wall Street lifting slightly to continue its previous solid trading week. The USD as a result extended its gains with a near 1% rise against the major currencies with Euro the main casualty, but also knocking the
DXY bounced hard last night: AUD was slain: All commodities and EMs were trashed: Treasuries were bid: Stocks only go up: Westpac has the wrap: Event Wrap US homebuilder confidence (NAHB) fell to 49 (est. 54, prior 55) – the lowest since May 2020. The report noted builder confidence continues to be affected by the FOMC’s rate
After the Albanese Government on the weekend confirmed that it would ramp-up immigration to record levels following next month’s Jobs & Skills Summit, a conga line of special interests have demanded their fill. The Business Council of Australia (BCA) has demanded four year visas for temporary ‘skilled’ migrants alongside a guaranteed pathway to permanent residency:
Much like Sydney’s, Melbourne house price losses have accelerated, with values down 3.9% from their peak: Melbourne dwelling values started falling sharply after the Reserve Bank of Australia’s (RBA) initial interest rate rise on 3 May. Since that first hike, Melbourne’s dwelling values have plummeted by 3.7%. Alongside even heavier falls across Sydney (-5.6%), these
Global Macro / Markets / Investing: One-third of the food we eat is at risk because the climate crisis is endangering butterflies and bees – CNN High Prices, Range Anxiety Holding Back EV Adoption – Statista Wall Street Bets on Both Green Energy and Fossil Fuels – WSJ Jeremy Grantham still expects the S&P 500
A relatively mixed start o the trading week for Asian stocks in response to very solid session on Wall Street on Friday night, with Chinese stocks the laggards as the USD returns to strength. The Australian dollar has faltered slightly to be just below the 71 cent level while Euro continues to fall going into
Prominent economist Tony Alexander has released a new report arguing that “fear of overpaying” (FOOP) is behind the collapse in home sales and the ballooning in listings across New Zealand. Accordingly, “deep weakness” has permeated the housing market: Sales of properties are running around 40% down from a year ago, it is taking 13 days