Consumer prices edged 0.5 per cent higher in the September quarter, as rises in the cost of fruit, houses, property rates, and vehicle charges were offset by falls in electricity and petrol. …
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Australia consumer prices rise 0.5% in September quarter
If an iconic motorcycle business is any measure, the world economy isn’t sputtering a bit. And why wouldn’t Harley-Davidson (HOG) results be a telling indicator? Buying a $20,000, 800-pound Hog is discretionary spending in a way that buying a car or a computer isn’t. So the financial update from …
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The Harley Economy Is Running Just Fine
Every economic collapse brings a demand for debt forgiveness. The incomes needed to repay loans have evaporated, and assets posted as collateral have lost value. Creditors demand their pound of flesh; debtors clamor for relief. Consider Strike Debt, an offshoot of the Occupy movement, which calls…
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The Moral Economy of Debt
Yep – rollercoaster indeed but a but cheeky or is it cynical? Hard to tell As readers know my sense is that the key to the recovery has been the changed perceptions about growth and interest rates. Fed Chair Yellen allowed a leak to say she still though growth was going to be okay and then it bec…
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Stocks rip higher again on the back of more rumours of monetary easing, Aussie fails
Just about six months ago, a headline flashed across the top of MarketWatch’s home page. It read: “100% of economists think yields will rise within six months.” The April 22 report was based on a Bloomberg survey of 67 economists, all of whom expected the 10-year Treasury note 10_YEAR, +1.59% y…
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Yes, 100% of economists were dead wrong about yields
EUR/USD attempts to gain some ground on the upside and to finally reach out for a test of the main T-junction at 1.2959 (minor 38.2 %) keep on failing so far, which shows the inner strength of the still prevailing downtrend, notes JP Morgan. “In order to confirm the resumption of the latter tho…
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EUR/USD: 1.2694 Key; Cable: Range Breakout Needed – JP Morgan
Mere days ago, spooked investors were asking themselves: Is it time to get out of stocks? A double whammy of worsening European economic woes and the ongoing global crises from Ebola to ISIS had spread fear in the market. At the worst point last week, nearly all the gains for the year were wipe…
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Rebound! Stocks erase much of October losses
In my book I go into some detail about the equation of exchange (MV = PQ) and why it can be terribly misleading. In essence, the equation is based on totally unrealistic assumptions such as the idea that “money” is some easily discernible item in an economy where financial assets have varying…
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No, Higher Velocity Will Not Necessarily Mean Higher Inflation
The European Central Bank bought Italian covered bonds as it returned to the market for a second day under its asset purchase program, according to two people familiar with the matter. Debt issued by Intesa Sanpaolo SpA (ISP) was included in the purchases, according to one of the people, who aske…
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ECB Said to Buy Italian Bonds in Second Day of Purchases
What happened in the US government bond market on the morning of October 15th? We have been hearing veteran bond traders say that they had never seen anything like it and that the bond market doesn’t work that way. Did the US Treasury market, arguably the most liquid market in the world,…
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What Really Happened in the US Government Bond Market on the Morning of October 15th?
The European Commission will on Wednesday tell five eurozone countries, including France and Italy, that their budget plans risk breaching EU budget rules, say three EU officials briefed on the decision. The other 3 are Austria, Slovenia and Malta. Yesterday, Reuters estimated that Italy’s bud…
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European Commission will tell five eurozone countries that budget plans risk breaking rules – FT
The Federal Reserve Bank of New York botched oversight of the JPMorgan Chase & Co. office that suffered $6.2 billion in trading losses attributed to the so-called London Whale, a watchdog report showed. The report from the Fed board’s Office of the Inspector General said the New York Fed spotted …
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Fed Watchdog Criticizes Scrutiny of JPMorgan London Whale
Comments from SNB policymaker Zurbruegg in Geneva were due an hour ago but the first headline just hit. There’s been talk about negative deposit rates but it looks like there’s no appetite for a move unless the 1.20 floor in EUR/CHF is seriously challenged. More comments: • The franc is highly val…
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SNB’s Zurbruegg: Current interst rates are appropriate from a price stability point of view
Commodity prices have been falling around the world, and Paul Tudor Jones II thinks this trend will play out through 2020. On Monday, the legendary macro trader was interviewed by another legend, Stanley Druckenmiller, at the Robin Hood Investors Conference. The conference, which is stacked wi…
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Paul Tudor Jones: Commodities Will Be Ugly Until At Least 2020
The central-bank put lives on. Policy makers deny its existence, yet investors still reckon that whenever stocks and other risk assets take a tumble, the authorities will be there with calming words or economic stimulus to ensure the losses are limited. A put option gives investors the right t…
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How Markets Need $200 Billion Each Quarter From Central Bankers
The European Commission on Tuesday fined four major financial institutions 93.9 million euros, or about $119.9 million, over two types of activity that it deemed as cartel behavior. In one case, the European Commission fined JPMorgan 61.7 million euros ($78.7 million) for manipulating the Swiss f…
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4 Banks, Including JPMorgan, Fined in Europe Over ‘Cartel’ Behavior
As my colleague Chris Tedder noted earlier today, the big news in today’s Asian session was undoubtedly China’s quarterly data dump. The marquee GDP report came out 0.1% better than expected at 7.3% y/y, but this reading still represents a 5-year low for growth in the world’s second-largest economy….
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NZDUSD: All Eyes on .8000
Soft entry-level housing demand has fanned fears that rising student loan burdens may be crimping home purchases. But new data suggests that student debt may lead young adults to defer homeownership rather than skip out on it entirely. Moreover, the housing market may face a greater drag in the l…
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How Much Will Student Debt Drag on Housing?
Sales of previously owned U.S. homes rose in September to the highest level in a year, adding to signs that residential real estate will be a plus for the economy. Closings (ETSLTOTL), which usually take place a month or two after a contract is signed, advanced 2.4 percent to a 5.17 million annua…
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Sales of Existing U.S. Homes Rose in September to One-Year High
After a modest decline last month, existing-home sales bounced back in September to their highest annual pace of the year, according to the National Association of Realtors®. All major regions except for the Midwest experienced gains in September. Total existing-home sales1, which are completed …
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Existing-Home Sales Rebound in September
