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  • Editor’s Picks / 30 minutes ago

    Varoufakis says Australia due for recession, but some disagree

    The Sydney Morning Herald
    A one-time student of Yanis Varoufakis has challenged the former Greek finance minister's assertion that Australia is headed towards recession. And his message is: “You're wrong, prof”. Perpetual Investments' head of investment research Matt Sherwood says the “one-dimensional view” of his former Sydney University economics professor ignores the economy's resilience and diversity. Varoufakis, who earlier this year led Greece's do-or-die debt talks, says that Australia's fortunes are tied to China's, and that slowing growth in the world's second-biggest economy will ultimately drive Australia into recession. After nearly 25 years without two consecutive quarters of contraction, Australia was due a correction, Varoufakis says.
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  • Editor’s Picks / 50 minutes ago

    China's nonmanufacturing PMI get a Single's Day boost

    Nikkei Asian Review
    Single's Day sales helped lift a key gauge of Chinese nonmanufacturing sector to a four-month high in November, while the manufacturing index fell to lows not seen in more than three years. The manufacturing PMI fell to 49.6, its lowest since August 2012. Meanwhile, the nonmanufacturing PMI rose 0.5 to 53.6, and the service industry jumped 0.5 from October to 52.8. Single's Day provided the tailwind for the surge. "Thanks to the Double 11 sales promotions, segments of the logistics industry such as delivery services, storage and distribution saw gains," said Zhao Qinghe, senior analyst at the National Bureau of Statistics. E-tailing giant Alibaba was a big winner in the Singles' Day shopathon, which gets more frenzied by the year.
    Read article on Nikkei Asian Review
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  • Calendar event / 2 hours ago

    AU GDP

    High GDP, Q/Q%
    Med GDP, Y/Y%
  • Editor’s Picks / Yesterday at 22:10 GMT

    Euro to bear brunt of yuan's inclusion in reserve-currency club

    The euro’s worst year in a decade is looking even grimmer after the Chinese yuan’s inclusion in the International Monetary Fund’s basket of reserve currencies. The 19-nation currency’s weighting in the IMF’s Special Drawing Rights basket will drop to 30.93%, from 37.4%, the organisation said on Monday. The yuan will join the dollar, euro, pound and yen in the SDR allocation from October 1, 2016, at a 10.92% weighting. The euro has tumbled 13% against the dollar this year, the most in a decade, and central banks have reduced the proportion of the currency in their reserves to the lowest since 2002.
    Read article on Bloomberg
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