DXY eased last night: AUD bounced: North Asia meh: Brent looks like it is coiling: Dirt yawn: Miners yawn: EM yawn: Junk meh: Yields dumped: Stocks flew: The ISM was perfectly weak: “The Manufacturing PMI® registered 47.8 percent in February, down 1.3 percentage points from the 49.1 percent recorded in January. The overall economy continued
By Gareth Aird, head of Australian economics at CBA: Key Points: We expect Q4 23 real GDP increased by a small 0.2%/qtr, which would take the annual rate to 1.4%. Household consumption is forecast to have edged higher in the December quarter. Business investment, public demand and net exports are anticipated to contribute to quarterly
International Reads: Abortions now cost over $450, more than double the price before Roe was overturned, per a reproductive care nonprofit director – Business Insider US spends billions on roads rather than public transport in ‘climate time bomb’ – The Guardian The Starbucks Workers’ Union Has Finally Broken Through – Jacobin Panera Bread exempt from
Its green across the board for Asian share markets due to the strong lead from Wall Street overnight with a new month getting the bids going while Japanese stocks close at fresh record highs. The USD is still firming from the overnight inflation print although the Australian dollar has found some life later in the
Independent economist Tony Alexander believes that the Reserve Bank of New Zealand definitely will not hike into a recession. As a result, New Zealand’s official cash rate (OCR) will not rise from its current level of 5.50%. The key event needing to be commented on this week was yesterday’s review of the economy, inflation, and
After my demolition job Tuesday night on Sky News, I used Thursday’s Treasury of Common Sense on Radio 2GB to expose the Australian Treasury’s lies that wage growth is driving inflation. Edited Transcript: What the Treasury is trying to argue is that since the June quarter of last year, Australia’s inflation has been driven by
Hoocoonode? China’s home sales slump dragged on in February, even as regulators stepped up efforts to salvage the beleaguered property market. The value of new home sales from the 100 biggest real estate companies slid 60% from a year earlier to 185.9 billion yuan ($25.8 billion), following a 34.2% decline in January, according to preliminary data from
Recall that the Reserve Bank of Australia’s (RBA) Statement on Monetary Policy (SoMP) forecast that Australia’s unemployment rate would end the year at 4.3% and peak at just 4.4% in mid-2025: The RBA also forecasts that broader labour underutilisation will remain well below pre-covid levels: The RBA’s forecasts are already looking incredibly shaky, with Australia’s
The AFR warns that Victoria has little chance of meeting its target set by former Premier Dan Andrews to build 800,000 new homes over the decade. “A total of 51,045 new dwellings approved in Victoria for 2023, according to the ABS, the lowest in 10 years, and down from 62,281 in 2022 and nearly 71,000
Westpac chief economist, Luci Ellis, told The AFR that Australia’s economy may have contracted in the December quarter despite historically high net overseas migration. While Westpac expects that the economy grew by 0.2% in the three months to December, Ellis said that she “couldn’t rule out the initial [GDP growth] print being negative”. A negative