The Raw Prawn

Beautiful morning for a walk in Newcastle

Fri, 04 Dec 2009 07:32:12 +1100

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Heading back to Sydney this afternoon.

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Milson's Point

Tue, 01 Dec 2009 14:31:35 +1100

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Redfern Station: in transit

Tue, 01 Dec 2009 12:09:05 +1100

On route from Petersham to Milson’s Point.

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Takeaway from the cafe around the corner

Mon, 30 Nov 2009 11:05:18 +1100

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Review of the markets for the week ending 27 November 2009

Mon, 30 Nov 2009 08:36:04 +1100

Australian bond yields ended the week sharply lower on safe-haven buying. Equity markets took a beating as financials begin to wobble. Commodities provided a welcome reprieve.

Economic data
Domestic economic data was mixed with September quarter construction work rising a solid 2.2%. Private capital expenditure for the quarter fell by 3.9%, worse than market expectations. The RBA deputy governor gave an upbeat speech early in the week that reinforced market expectations of a rate rise.

In the US, the September quarter GDP was revised down to 2.8% from 3.5% (annualised). Durable goods orders for October unexpectedly fell 0.6%. The housing sector showed renewed strength as new and existing home sales both recorded solid monthly rises.In the UK September quarter GDP fell by 0.3% as the UK continues to lag the world recovery.

Rates
Interest rates at the very short end of the yield curve rose slightly. In contrast, bond yields fell sharply on safe-haven buying. Two year government bond yields fell 0.14% to 4.30% and 10 year yields fell 0.18% to 5.21%.US bond yields were lower on increased demand for safe-haven treasury securities with 90-day T-bills trading mid-week at 0%. Two-year treasury yields declined 0.04% and 10-year yields ended the week 0.16% lower.

Credit
There was little in the way of movement in credit market indices until the weakness of Friday. The Australian iTtraxx closed the week 10 basis points wider. The US CDX investment grade index was 4 basis points wider and high yield index 14 basis points.The Australian Senate passed a bill to remove interest withholding tax on Commonwealth-issued debt, which will be a positive for commonwealth government bonds. Shockwaves were sent through the credit markets after an announcement from Dubai that a state owned corporation needed to restructure its debt repayments. Swap and cash bond credit spreads were sharply wider on this news.

Primary market issuance was strong, with three local corporate deals pricing: AMP Wholesale Office Trust, Caterpillar and VW Finance.

Other Markets
The Australian dollar was off sharply from mid-week highs against the US dollar as investors begin to unwind the popular carry trade. The A$ finished the week down 0.8% at US$0.906.Profit-taking, growing US inventory levels and slower-than-expected GDP growth weighed on oil prices and WTI crude oil finished the week down US$0.67 at US$76.05/barrel. Gold rose 2.6% over on further central bank buying and concerns about Dubai’s potential default. The CRB index rose 1.5%.

Equity markets tumbled amid Dubai fears. The US S&P 500 finished the week unchanged, but 1.7% down from mid-week highs. The local S&P/ASX 200 was off 2.4% while Japan was belted down 4.4%.

The week ahead
The Australian calendar picks up this week with Monday’s September quarter company profits and private sector credit releases. The RBA announces its cash rate decision on Tuesday. Building approvals and retail sales are also released.In the US, the key release is Friday’s non-farm payrolls. Releases ahead of payrolls include ISM manufacturing data, construction spending and the Fed’s Beige Book.

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Sideways mac and tiny teddy

Sun, 29 Nov 2009 10:39:05 +1100

Sideways deli cafe, Dulwich Hill

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Green eggs for me, Sam I am.

Sun, 29 Nov 2009 10:20:27 +1100

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Now that's what I call a steak. Well done to @duncan99 for getting through half of this the other night.

Sat, 28 Nov 2009 22:12:09 +1100

Dinner in Kirribilli on Thursday night.

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Fauna in the pool, including an unidentified bug.

Sat, 28 Nov 2009 11:33:00 +1100

Let me know if you know what the bug is.

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Fauna in the pool. No idea what the bug is.

Sat, 28 Nov 2009 11:26:30 +1100

Let me know if you can identify the bug.

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Coffee at Kelby's

Sat, 28 Nov 2009 09:35:18 +1100

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Petersham Station

Sat, 28 Nov 2009 08:35:21 +1100

Inspired by @fridley’s 30daysofcoffee site, here is a new one to document the train stations of Sydney. I’m starting with my local. Please feel free to contribute: drop me a direct message on twitter with your email address and I’ll add you to the list of contributors.

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Now that's what I call "old school".

Thu, 26 Nov 2009 18:35:31 +1100

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A very pleasant coffee and conversation with @fridley

Thu, 26 Nov 2009 11:36:10 +1100

Photo tweaking courtesy of Camera Bag iPhone app.

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The standard morning order.

Thu, 26 Nov 2009 09:52:33 +1100

Sent from my iPhone

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Tiramisu is good for you

Wed, 25 Nov 2009 14:58:36 +1100

Couldn’t resist. @TheJamesGlover had pistachio and panna cotta

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Coffee at The Spot hits the spot

Wed, 25 Nov 2009 14:04:50 +1100

Sent from my iPhone

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Bentley lunch in all its decontructed glory

Wed, 25 Nov 2009 09:33:53 +1100

Lunch yesterday was at the Bentley Restaurant and Bar in Surry Hills. We all had the extravagant Tasting Menu:

Smoked Potato Mousse with Mussels and Clams
Kingfish Marinated in Squid Ink with Perfumed Fruit and Coconut
Black Sesame and Pea Fondant with Snow Peas and Goats Curd
Steamed Mahi Mahi and Emulsion with Jamon and Chive
Roasted Quail with Silverbeet, Quinoa, Feta and Barberry
Roasted Duck Breast with Lentil Puree, Pumpkin and Rhubarb
Creamed Stilton with Spice Bread and Cumquat
An extra “pre-dessert” of cucumber ice cream
Hazelnut Custard with White Chocolate and Blueberry

The food was served with wine chosen to match and they were all interesting choices, including a Spanish Albarino, a variety I’ve never tried before. For me the pick of the food was the Mahi Mahi and the best wine was the 2005 (not 2004 as printed on the menu) Baumard Coteaux du Layon “Cart d’Or”. It was a long lunch, lasting till about 5pm, at which point we withdrew to the Porterhouse Hotel. Some of us continued back into town, bringing matters to a close around 8.45pm. Not bad for a lunch, but it’s not every day you have a farewell lunch. It was an excellent day, with a great bunch of fellow diners.

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A Bentley Teaser

Tue, 24 Nov 2009 21:18:55 +1100

I’ll post all of the pics once I’ve scanned the menu. For now, let me just say lunch was fantastic.

The Raw Prawn

Beautiful morning for a walk in Newcastle

Milson's Point

Redfern Station: in transit

Takeaway from the cafe around the corner

Review of the markets for the week ending 27 November 2009

Sideways mac and tiny teddy

Green eggs for me, Sam I am.

Now that's what I call a steak. Well done to @duncan99 for getting through half of this the other night.

Fauna in the pool, including an unidentified bug.

Fauna in the pool. No idea what the bug is.

Coffee at Kelby's

Petersham Station

Now that's what I call "old school".

A very pleasant coffee and conversation with @fridley

The standard morning order.

Tiramisu is good for you

Coffee at The Spot hits the spot

Bentley lunch in all its decontructed glory

A Bentley Teaser

Espresso at Bentley