Australia posted a trade surplus of A$11.22 billion in October exceeding expectations for a surplus of A$11.0 billion. It was the smallest trade surplus since May, amid softening global demand as more countries battled with a resurgence of coronavirus infections. Follows a downwardly revised A$11.82 billion trade surplus in September (from A$12.243 billion). Exports fell 3.0% m/m or A$1.491 billion to A$43.053 billion. Goods were down 3.0% and services fell 6.0% Imports also slipped 3.0 percent on month or A$887 … Continue reading “Australia October Trade Surplus AUD+11.22bn With Exports Lower on Iron Ore Prices”
Australia’s GDP shrank -1.9% q/q in Q3, less than market expectations of a 2.7% decline and after 0.7% growth in Q2. This was the first contraction in the economy since Q2 2020 with the damage done from lengthy lockdowns across New South Wales, Victoria, and the Australia Capital Territory due to Covid-19. Australian Gross Domestic Product (GDP) fell 1.9 per cent in seasonally adjusted chain volume terms in the September quarter 2021 and was up 3.9 per cent through the … Continue reading “Australian Economy Shrank Less Than Expected in Q3”
Andrew Boak Goldman Sachs’ Chief Economist for Australia & New Zealand is out with a note positive on Australia’s economic recovery. He said he believed Australia in a good position for recovery extending into the end of this year and next. With the RBA focusing on wages he said he saw slow grinds expected for wage growth and inflation. Goldman noted that to see wage increases, full employment is a critical issue. The wages analysis is in line with Governor … Continue reading “Australia Placed Well for Recovery says Goldman Sachs”
Australian green bitcoin miner Iris Energy debuted on Nasdaq Wednesday opening at the $US28 IPO price only to sell off sharply. Trading under the symbol $IREN , which accesses abundant or under-utilized renewable energy to power its operations, fell as much as 22% in its first session and closed down 12.7 % at $US24.45. It didn’t help that Bitcoin prices fell though the day. Australia’s Iris Energy (IREN) is an Bitcoin mining company primarily powered by renewable energy raised its initial public … Continue reading “Australian Green Bitcoin Miner Iris Energy Debuts on NASDAQ”
Reserve Bank of Australia Governor Lowe in giving a speech after today’s release of the RBA November meeting minutes addressed what it would require for a rate rise in Australia. He spoke of varying inflation degrees and the difference domestically and globally. Reserve Bank of Australia Governor Lowe speech: Recent Trends in Inflation Address to the Australian Business Economists (ABE)Online and Sydney – 16 November 2021 Speech Headlines via Reuters Latest data, forecasts do not warrant a rate rise in 2022 Economy, … Continue reading “RBA Says Underlying Inflation at 2.5% Mid-Point Would Not Warrant Rate Rise”
Heading into Thanksgiving another busy week ahead in the IPO market with 7 IPOs scheduled to bring in $1.9 billion. Childcare provider KinderCare Learning Companies $KLC and customer engagement platform Braze $BRZE Childcare provider KinderCare Learning Companies (KLC) Plans to raise $503 million at a $2.7 billion market cap. The company serves children from 6 weeks to 12 years of age through 1,480 early childhood education centers and 650 before- and after-school sites across 40 states and Washington DC. While KinderCare is a leader in … Continue reading “US Weekly IPO and SPAC Monitor : KinderCare & Braze”
Australia saw much weaker than expected employment as the reopening of the country after the Covid Lockdown was not captured in the report. Unemployment rose to 5.2% from 4.8% expected. An even bigger miss in employment change, losing -46.3K jobs versus an expected 50K gain and prior -138K October Jobs Highlights Employment Change: -46.3K for an ugly miss indeed expected 50K, prior -138K Unemployment Rate: 5.2% expected 4.8%, prior 4.6% Full-Time Employment Change: -40.4K prior was 26.7K Part-Time Employment … Continue reading “Australian Employment Hit by Reopening of Victoria and NSW”
The EIA in their STEO expect 22% more U.S.Coal Fired Generation in 2021 over 2020. The increase is from soaring higher natural gas prices. While Coal prices have risen unabatted with supply chain disruptions globally there have risen less than gas in the US.
Australia growth pre-pandemic was one of the strongest in the developed world. The rapid rise in the working age population with fast net immigration accounting for over half of the expansion helped fuel the strength. Fitch believes the Covid Lockdown to weigh on the recovery GDP in the medium term.
Australian mining giant Rio Tinto Group (RIO) on Friday reduced its 2021 Pilbara iron ore shipments forecast as the COVID lockdowns, Supply crunch were further hampered by a tighter labour market in Western Australia. These have all led to a delay of the completion of a new greenfield mine at Gudai-Darri.