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Articles from MacroBusiness

Worldcom. Enron. Lehman. Evergrande.

September 15, 2021 - 09:00 -- Admin

Evergrande is going bust and nobody knows what that means. Here is its HK regulatory filing that reads like an obituary: Beijing has also retained bankruptcy specialists. The unhappy investors who were happy to take huge yields but not the risk that comes with it stormed Evergrande head office: “Evergrande return our money!” —

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Australian dollar bashed by China

September 15, 2021 - 06:50 -- Admin

My charts are still skewiff so forgive the brevity. DXY was firm overnight and EUR fell: The Australian dollar was bashed: Gold and oil were strong, copper weak: Treasury fell yields fell hard and Value stocks followed them lower. Westpac has the wrap: Event Wrap US CPI inflation in August was slightly weaker than expected, +0.3%m/m

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Aussie housing towers over economy

September 15, 2021 - 00:10 -- Admin

The ABS yesterday released its property price data for the June quarter, which valued Australia’s dwelling stock owned by households at $8.5 trillion, whereas the total housing stock was valued at $8.9 trillion. As shown below, the ratio of the dwelling stock owned by households against Australian GDP hit a record 4.1 times as at

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Immigration moves back into negative

September 15, 2021 - 00:05 -- Admin

The Australian Bureau of Statistics (ABS) has released Overseas Arrivals and Departures data for July 2021, which suggests net migration into Australia moved back into negative. There were a net 3,130 permanent & long-term departures in July, which followed June’s 2,540 net arrivals. Still, over the July quarter, there were 2,890 net permanent & long-term

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Links 15 September 2021

September 15, 2021 - 00:02 -- Admin

Global Macro / Markets / Investing: The S&P 500 drops for a fifth day, its worst stretch since February. – NY Times Growing risk of once-in-a-century solar superstorm that could knock out internet, and power grid for 2 years study says – CTV News Three ways to tax the subtraction and exclusion, not the addition,

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Macro Afternoon

September 14, 2021 - 16:30 -- Admin

Risk taking in Asia is definitely limited to Japanese markets with Chinese bourses selling off and Australian shares unable to put in a new high as RBA Governor Lowe’s speech remaining dovish for the Aussie dollar. Gold is still struggling to get back above the $1800USD level, while Bitcoin is flat lining as well as

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Tracking Australia’s vaccine rollout

September 14, 2021 - 14:30 -- Admin

After a slow start, Australia’s vaccination rollout continues to gather pace. 54.5% of Australia’s population has now received a single vaccine dose, with 34.2% now double vaccinated: NSW is the vaccine leader, with 63.3% of the state’s population now single vaccinated. This is followed by Tasmania (54.2%), Victoria (54.0%), SA (48.3%), NT (46.7%), Queensland (46.5%)

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Push for “flexible quarantine” of farm slaves as Aussies lay stranded

September 14, 2021 - 14:00 -- Admin

19 months on from the pandemic and there are still around 40,000 Australians stuck overseas and unable to return home due to: 1) prohibitive arrivals caps and quarantine limits; and 2) extortionately expensive airfares and quarantine costs. Rather than developing solutions to bring stranded Australians home, our politicians are more interested in importing cheap migrant

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Phil Lowe hoses off any thought of rate hikes

September 14, 2021 - 13:50 -- Admin

Phil Lowe in a speech just now: Monetary policy I would now like to turn to monetary policy, where I will focus my remarks on our bond purchase program and the outlook for the cash rate. First, though, I want to emphasise that the RBA’s package of monetary policy measures is providing ongoing and important

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Australia’s property market tightening amid lockdowns

September 14, 2021 - 13:40 -- Admin

CoreLogic’s weekly market update suggests that lockdowns are tightening the nation’s residential property market. Specifically, total listings have collapsed, down 17.6% year-on-year: At the same time, mortgage demand remains strong. As shown below, it is the strongest September for “mortgage activity events” since 2017: Strong buyer demand amid reduced market supply is obviously a recipe