The groveller-in-chief will grovel. China Daily, a state media outlet, trumpeted the unusual length of Albanese’s visit (six days) and claimed the prime minister’s office saw the trip as a “friendly gesture” made “against the backdrop of rising tensions between the United States and many countries”. …Earlier in the day, TV journalists at the Drum
The post Albo is a Xi Jinping mini-me appeared first on MacroBusiness.
Let’s call it what it is: a recession. Even a depression. Much like Japan before it, it is of the golden variety, hidden by fiscal bridges to nowhere. The Chinese economy grew a fanciful 5.2% in the June quarter. But even the slow-moving and captured are asking pointed questions now. Bloomberg. Nominal GDP, which accounts
The post China’s golden depression plods on appeared first on MacroBusiness.
The Market Ear with equities latest. Tech mania Stat of the day: “In the past 3 months since April, global investors have raised their allocation to the tech sector by the largest amount since Mar’09“. Source: BofA NASDAQ – no problem? NASDAQ futures printing new ATHs as of writing as tech breaks above the little
The post Bears on the prowl appeared first on MacroBusiness.
ANZ-Roy Morgan Weekly Consumer Confidence Index has languished below the neutral 100 mark for more than three years, the longest and deepest stretch this century. The ANZ-Roy Morgan Weekly Consumer Confidence Index last reached positive territory above 100 in March 2022, just before the Albanese government was elected into office. “Low confidence isn’t just a mood
The ferrous complex is looking toppy. Yesterday’s June data was bad for Chinese steel. The only conclusion one can draw from this chart is that deep output cuts are underway. Private data is not capturing it. The decline of green steel continues. But both BOF and EAF output have topped at the mid-year peak well
The post Chinese steel sickens appeared first on MacroBusiness.
I stopped reading movie reviews before watching the film many years ago. Decades really. It was a film reviewer called Ana Maria Del’Oso (apologies for inevitably getting the spelling wrong, A.M.) wot done it to me. I'd been looking forward to watching Clint Eastwood's return to the Western with Unforgiven and naïvely picked up her review, which might have been in the Fairfax papers, or maybe some posh magazine.
Last month, credit ratings firm S&P estimated that Australia’s state and federal governments’ combined budget deficits totalled $52 billion, with net debt exceeding 60% of GDP. This translates to a $1,897 per capita deficit and a net debt of $45,183 per person. Meanwhile, the aggregate net debt of the federal, state, and territorial governments is
Hare-Clark is basically unique amongst Australian electoral systems because there is a realistic possibility that a member of parliament will lose their seat to a fellow member of the same party – indeed it happens fairly regularly. Another unusual feature is the use of countbacks. Members of parliament often choose to quit mid-term, and are replaced by a fellow member of their party without the need for a by-election. But those mid-term replacements often struggle to retain their seats against other candidates at the following election.
DXY is back and EUR is trash. AUD has a nasty double top. Lead boots are OK. Gold and oil are in trouble. Ditto metals. Big mining rotation, my butt. EM pumped and dumped. Junk is warning. As yields spike. Nasdaq also pumped and dumped. US inflation was pretty good at 0.3% MoM and +2.7%
The post Australian dollar smashed by US tarifflation appeared first on MacroBusiness.
All eyes were on the release of the latest US CPI print which accelerated over the year showing that the Trump regime’s tariff crusade is beginning to have an effect on domestic inflation. This is just the start as the full effect has not been seen yet, with the core goods CPI print had its
The post Macro Morning appeared first on MacroBusiness.
Roy Morgan has published its annual survey measuring the levels of trust and distrust that Australians have in the economy. Roy Morgan claims that Australia is becoming a “fragile nation”, with distrust in the entire economy rising, consumer confidence remaining in the doldrums for three years, and the nation’s social fabric under continuous stress. The