How changes in the structure of the US economy have changed the structure of US earnings.

We think the RBA will begin to refinance part of the stock of Commonwealth debt as it rolls over, to lift Australian inflation to its 2-3% target.

Economists generally have enough sense to know that they know nothing about horse races. There are people who do. They are called tipsters. Every Melbourne Cup Day, their tips are published in major newspapers. Today we have taken the tips published in The Australian newspaper. There are nine tipsters in all. From these tipsters we construct our most favoured rating.

US earnings are beginning to grow more rapidly.

China's growth is now driven by services not manufacturing.

First, China must import large amounts of grain to rebuild its pork production.
Secondly, China need to import capital to finance its current account.

We think the ASX 200 has a fair value of 6630 points with support between 6150 and 6300 points.

Oil Fundamentals are good. The problem is the $US has been rising.

The RBA needs to get unemployment down to 4.00%, before it can raise core inflation to 2.5%

The Fed is vastly underestimating the possibility of an economic slump in 2021.