The Australian Government has released an exposure draft of the Communications Legislation Amendment (Combatting Misinformation and Disinformation) Bill 2023.
This is an attempt to curtail free speech and allow greater Government control over what we think and say – very 1984, as I discuss with Robbie Barwick from the Citizen’s Party.
In evidence given in Parliament this week we had confirmation that at least NAB, one of Australia’s big four banks, is using partial interaction statistics to falsely justify their programme of Regional Branch closures. This is the data which is parroted by the Banking Association spokesperson to justify the unjustifiable.
In the light of this, Dale Webster, The Regional Journalist, and I (remember we got the Inquiry up in the first place!) have written to the Senate Inquiry on closures today asking for an audit of all statistics being used by the banks to justify their closure plans.
Worth also reflecting on CBA’s conditional 3 year freeze on closures, and Westpac’s pull back.
Once again, we shine a spotlight on disgraceful behaviour as banks continue to suck the life blood from so many regional towns in the interests of shareholder returns. This must change!
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In another volatile week, the markets latest winning week closed with a mixed finish on Friday following stronger profit reports than expected from several big US companies and more benign inflation news from the US this week.
Hopes for an easier Fed also helped stocks worldwide to strengthen, though markets abroad were also mixed on Friday. The MSCI World Equity index was little changed, staying at its peak for the year and its highest level since early 2022.
For the week, the Dow was up 2.3%, the S&P 500 rose 2.4% and the Nasdaq advanced 3.3%. The S&P 500 remains up 17% for the year to date.
Data showed on Wednesday U.S. consumer prices growing at their slowest pace in more than two years, and on Thursday the smallest increase in U.S. producer inflation in nearly three years. On Friday, the government reported that U.S. import prices dropped 0.2% last month, and U.S. consumer sentiment jumped to the highest level in nearly two years.
The US earnings reporting season is just getting underway, and Wall Street’s expectations are low. Analysts are forecasting the worst drop in earnings per share for S&P 500 companies since the spring of 2020. If they’re right, it would also mark a third straight quarter where profits sank.
Such expectations are key for financial markets, because one of the biggest factors that set a stock’s price is how much profit a company produces.
And a preliminary reading on a University of Michigan survey showed consumer sentiment at its highest level since September 2021, though lower-income consumers weren’t feeling as positive.
The big recent gains for stocks on Wall Street have some critics cautioning investors not to get carried away by hopes for what’s called a “soft landing,” where high inflation can be vanquished without a painful recession.
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The New RBA Governor has been announced, but will much change?
The Treasurer, Jim Chalmers has appointed Michele Bullock as Governor of the Reserve Bank of Australia for a seven-year term commencing 18 September 2023.
More bad news for high-rise construction, with defects on the rise and some not being fixed, leaving owners with massive potential bills, and overall uncertainty.
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Today’s post is brought to you by Ribbon Property Consultants.
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The Bank Of Canada lifted rates by another 25 basis points, to try to tame inflation (while extending its expectation of above target rates of inflation) , the Bank of England spoke about households stress and financial stability, while in Australia all the focus was on the structure and frequency of board meetings. Talk about deck chairs on the Titanic!
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The latest US data on CPI, jobless claims, inventory and producer prices are all signaling potentially lower inflation. Yet the markets still hold to their view of a hike this month in July, as signaled by the FED, and possibly another later.
So what’s going on?
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
If you are buying your home in Sydney’s contentious market, you do not need to stand alone. This is the time you need to have Edwin from Ribbon Property Consultants standing along side you.
Buying property, is both challenging and adversarial. The vendor has a professional on their side.
Emotions run high – price discovery and price transparency are hard to find – then there is the wasted time and financial investment you make.
Edwin understands your needs. So why not engage a licensed professional to stand alongside you. With RPC you know you have: experience, knowledge, and master negotiators, looking after your best interest.
Shoot Ribbon an email on info@ribbonproperty.com.au & use promo code: DFA-WTW/MARTIN to receive your 10% DISCOUNT OFFER.
Join me for a live Q&A on the state of the crypto markets, with Adam Stokes https://www.youtube.com/@UC_LynnVoF0RJV6BjNJW26Ig
The global cryptocurrency market cap today is $1.22 Trillion, a -0.15% change in the last 24 hours and 25.83% change one year ago.
We look at the latest trends and fads, and set this in a broader discussion about the nature of money.
You can ask a question live via the YT chat.
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I go down the rabbit hole with George to discuss inflation, what really caused it and what needs to be done to fix it. We cover the role of central banks, global non-elected non-government entities, and cbdc.
As always these chats will question some underlying assumptions and some will find that disturbing…
Thanks to George for the edit.
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Once again, good news is bad news, as overall the US economy looks strong than expected, and the US economic surprise index kept by Citi, which tracks how much incoming data is exceeding or lagging expectations, jumped to its highest in more than two years. But this leads to the thought that rates will have to go higher, forcing markets lower.
Shares closed lower in New York, reversing earlier gains, in light volume on Friday. While the June jobs data helped to ease some concerns about the interest rate outlook, it also provided further justification for a July increase.
The U.S. economy added jobs at a slower-than-anticipated pace in June, but labor conditions remain largely tight as Federal Reserve officials prepare for an upcoming interest rate decision later this month.
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