Macro Commentary

Our weekly macro-economic report – The View – provides a clear appraisal of issues within the global economy, with straightforward conclusions and explanations of their impact on the Australian market. Reports are predominantly authored by John Abernethy (Chief Investment Officer of Clime Asset Management), a 30 year veteran of the industry, who is widely sought after, by the media, for comment and his often humorous and “direct” view.

Is Australia’s headwind an automakers tailwind?

From: 
 Alex Hughes, International Analyst

Much media focus has been centred on falling commodity prices. Lower iron ore and coal prices are certainly not positive for the income statements of our big miners, the revenue side of our state budgets as well as all the flow on effects to all aspects of the Australian economy in general. But by inverting […]

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How to be a smarter investor

From: 
 David Walker, Senior Equities Analyst

The market is at a pre-GFC point seen in April 2006 that none of the major pundits saw coming (John Abernethy of Clime Asset Management being a notable exception). Since its peak in early September it has fallen 6% and some of those commentators are now struggling to explain why this has happened. We’d like […]

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WorleyParsons bides its time

From: 
 Jonathan Wilson, Equities Analyst

Summary: WorleyParsons shares have fallen over the last five years as capital expenditure from clients in its key hydrocarbons and resources markets have tightened, reducing revenues. But with strong financials, a good reputation and a long history of winning and executing complex projects, the company is well positioned to benefit from a market recovery. Key […]

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US macro and Australia’s outlook

From: 
 John Abernethy, Clime Asset Management

Alan Kohler, Editor-in-Chief of the Eureka Report and a director of StocksInValue, stopped by to see us recently and we took the opportunity to record a video interview between Alan and John Abernethy, Clime Asset Management’s Chief Investment Officer, as a special edition of John’s weekly column The Macro View. Our new summary format – […]

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RBA November credit: uptick underway but still historically weak

From: 
 Amelia Bott & David Walker, The Equities Insights team

The RBA’s monthly credit data are of considerable interest to Australian investors because bank stocks are part of most portfolios. The rate of “system” growth in credit extended by domestic institutions largely determines interest income growth at the banks nearly everyone owns. Interest income is a bank’s largest revenue line. To get exact valuations and […]

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