Aussie inflation is beaten.

DXY rallied back.

  Otway Coast near Lorne   The rest American shoppers wrap up the year in a spending mood, boding well for the U.S.

The gas cartel breather is over.

The bubble of a lifetime in CBA shows no signs of bursting at 26x growthless earnings.

The Market Ear on the Trump cross-currents for equities.

Steel prices are continuing to show some life. Not so iron ore. CISA steel mill output for the first 10 days of January was strong. However, that is unlikely to last beyond the seasonal rebuild. RIO confirmed strong guidance (though its recent record has been shit).

ANZ has an interesting chart today.

December’s Mid-Year Economic and Fiscal Update (MYEFO) upgraded Australia’s net overseas migration projection for 2024-25 from 260,000 to 340,000 (see below table).

DXY is taking a well-earned breather.

Wall Street failed to advance on its latest surge overnight mainly due to a fall in tech stocks, led by Apple while European shares remained boisterous across most of the continent.

Last month’s Guardian’s Essential Poll said the Albanese government was doing a poor job “increasing wages and workers’ rights”.

Asian stock markets are somewhat mixed although local shares got a boost on a surprise uptick in the unemployment print that energised more RBA rate cut speculation.

Amusingly, the hatred-hating Guardian has succumbed to self-hatred.

The iron ore price has lifted in recent days with support from Pilbvara disruptions and daily declarations for yawnulus in China.

2025 has seen a huge rise in long term bond yields, causing ructions in the stock market.

Goldman with the details. December total social financing (TSF) flows and new RMB loans came in above market expectations. Total social financing (TSF flow, reported): RMB 2858bn in December, vs.

Via the ABS.

Western Australia has long harboured hopes of independence from the rest of Australia.

Via Goldman’s useful Scott Rubner who sees risk on. 1. Largest macro ETF shorting since 2021 at GS PB Current macro discretionary equity short position is elevated at GS PB. ETF shorts are up +24% in the past month (the fastest pace since February 2021, i.e. the meme stock).

Via the ABS comes Construction Work. Seasonally adjusted work done rose 3.3%. Seasonally adjusted work done for the private sector rose 1.4%. Value of work commenced rose 13.6% in original terms. Trend work done rose 1.1%. It’s all gubmint. Mostly transport. That peaks this year (in theory, cost blowouts mean it won’t).

DXY is taking a breather.

The latest US CPI print overnight sent stocks, commodities and undollars higher with Wall Street having its best one day performance in months while European shares also rebounded strongly.

By Stephen Saunders Regardless of the 2025 election, voters will get a duopoly dinner: environmental and energy sellout, regressive education, unfair taxation, mega migration, and the housing hunger games.