Investment Insights
Global macro
Global macro
Rates These are fairly confronting borrowing costs, I think. Particularly if you are assessed at an even higher rate. That said, I am mindful of my recent comments about the graph below, which suggests that (the rise in) yields are…Global macro
Aus consumer Well, we finally get some evidence of the slowdown in the household spending data, with the HSI slowing to 4.8%. The 7% referred to above is the Monthly Household Spending Intentions data from a group of banks, not…Global macro
US Fed So the Fed raised the rates, as expected. Kevin Warsh came through on his hawkish promises, albeit at something of a lag. The evidence of reacceleration in the US economy has been evident for some time. The broad…Global macro
US inflation US inflation was out on US Friday (our Saturday). It is still too hot. Headline is about 1% too hot because of energy, and Core is too hot because of excess demand. And it looks like those prior…Global macro
Aus housing The falls are gathering pace, particularly across the more expensive homes. The below was from Cotality, reasonably dramatic stuff.Global macro
US macro It is interesting that if bond yields go up, the fear is recession born from a subsequent investment collapse. If yields go down, it is confirmation that the economy is slowing (e.g., "wow, what does the bond market…Stocks
MTS Metcash AGM is out. Trading conditions are perhaps a touch better relative to the prior update, at the top line, but earnings guide suggests pressures from competition and inflationary impacts, likely making margins harder to manage. Tobacco is switching…Global macro
US jobs and wages US non farm payrolls (from Friday US time) once again outperforming expectations. 162K jobs created in the month. The economy continues to weather everything that is being thrown at it (tariffs, energy shocks, actual wars, higher…Important Information
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