Stock market crash/slump ?

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    DJ ASX 200 Gains 1.3% for First Record Close Since Feb 2020 -- Market Talk
    10 May 2021 16:23:38
    8 Views
    1 comment
    0623 GMT - Australia's S&P/ASX 200 closed 1.3% higher at 7172.8 as mining stocks pulled the index to its first record since the onset of the Covid pandemic. The benchmark built on momentum from the U.S. at the end of last week, shrugging off an uncertain lead from ASX futures. Rio Tinto added 4.6%, Champion Iron rose 5.4% and Fortescue Metals surged 7.9% as the materials sector put on 3.4% amid rising Chinese iron ore futures. Banks NAB, Westpac and Commonwealth rose between 1.2% and 1.3%. Utilities was the only sector to lose ground amid losses by infrastructure owners AusNet, APA and Spark. The ASX 200's previous record close was 7162.5 on Feb. 20, 2020. (stuart.condie@wsj.com; @StuartLCondie)

    (END) Dow Jones Newswires

    May 10, 2021 02:23 ET (06:23 GMT)

    i would have thought we made an all-time high today ... but apparently not

    we must be very close though

    DYOR

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    ASX sets record close as iron ore surges

    https://thebull.com.au/asx-sets-record-close-as-iron-ore-surges/

    DYOR

    am surprised to see BHP claimed as a 'record high '

    i would have thought it has been higher in the distant past

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    dow down 473 points !!!!

    1 like
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    sell in may and go away

    3 likes
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    ...buy in augusta....should be robusta...😉😜

    2 likes
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    Precious metals up again overnight (Copper +1.75%)

    1 like
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    dow down 681 points

    Must have some significance ?

    Down 1200 points in 3 days.

    3 likes
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    The dangers of taunting superpower ChinaROBERT GOTTLIEBSEN
    Follow @BGottliebsen
    Should China slash the number of ships coming to Australia, it would deal a blow to the economy.
    Should China slash the number of ships coming to Australia, it would deal a blow to the economy.
    AN HOUR AGO MAY 13, 2021
    47 COMMENTS
    Behind the 2021-22 budget is the stark realisation that there are few nations in the world more dependent on China than Australia.

    And at the same time, as the Australian budget makes it clear to China that its “punishment” of Australia is not working, Chinese rhetoric is coming more threatening, with the Communist party’s People’s Daily accusing Australia of having a “pathological obsession” with war against China.

    We are not going to allow our dependence on China to turn us into a China lapdog and we should stand up for our interests and our beliefs while working with our friends in the region.

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    But we do need to recognise that now China believes it’s dealing with a looming war situation the next set of blows on Australia will be more severe and China will not care if those blows also hit China.

    In that context the nation needs to be fearful, because in Canberra there is a group of aggressive politicians and public servants who want give China a good kick. In particular they want to forcibly acquire the Port of Darwin from the Chinese.

    There are some in Canberra who want to give China a good kick. Picture: AFP
    There are some in Canberra who want to give China a good kick. Picture: AFP
    There is no doubt that it was a mistake to sell the Darwin port to China, given the American base nearby. But we did it, and given today’s high technology aerial spying, China and other developed nations can carefully study what is happening on the ground. China does not need the Port of Darwin for spying.

    READ MORE:Defence spending risks ‘economic carnage’: China|Port owner’s push for ‘a dominant China’|New China trade ban threatens LNG exports - report|Mandarin right to warn of war risk|Port of Darwin deal always an unmoored idea
    Australia’s dependence on China goes deep and we need to first recognise how extensive this dependence has become and then take steps to reduce it.

    We all recognise the vital importance of iron ore exports at current prices to the national economy.

    They not only give our taxation revenues a huge boost but the dividends and capital appreciation of BHP plus Rio Tinto and Fortescue have been a huge boost to Australian savings and spending.

    China will have devised plans to slash or even eliminate Australian iron ore imports should our “pathological obsession with war against China” cause us to throw them out of the Port of Darwin.

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    It will be expensive for China but it has domestic iron ore mines albeit with a much lower grade than Australia and Brazil. Switching to those mines plus boosting Brazil is expensive but it can be done. Expropriating the China stake in the Port of Darwin is likely to trigger such an action. China would almost certainly accelerate its African iron ore production plans and increase its use of scrap.

    The US and other nations will need China steel for infrastructure and they will just have to pay more.

    Iron ore being unloaded at a port in China. Picture: Reuters
    Iron ore being unloaded at a port in China. Picture: Reuters
    But, given our dependence on China there are other, even more devastating ways to hit Australia.

    China controls a vast amount of the ships that bring goods to Australia. The control comes first by direct shipping line ownership but second by China’s influence over non-China shipping lines.

    China has already shown us that it has the power to cut off our shipping. In recent years the government has encouraged Chinese and other overseas shipping lines (we no longer have any worthwhile local shipping capacity) to drop their goods in Melbourne and Sydney and then take goods on board for Western Australia. Partly because foreign crews were used this slashed rail and road costs. The journey took longer but the ships took significant volume from both land transport avenues, but mainly rail. Accordingly rail operators have been lessening their capacity.

    Then suddenly China snapped its fingers and the ships went straight back to China from our east coast. The China finger snap has caused rail volumes to explode beyond the reduced capacity.

    If we force China out of its investment in the Port of Darwin it has the power to snap its fingers again and the number of ships coming to Australia will be slashed.

    The Port of Darwin.
    The Port of Darwin.
    We still have a local manufacturing industry but it has been run down and so much of the economic activity that the budget is predicated on relies in goods coming in from China. The building industry is a prime example.

    The spending by locals on tourism has offset some if the impact of overseas tourists coming to Australia and we are starting to mobilise the bringing in of non-Chinese students to Australia, perhaps in 2022.

    But we will not be able to overcome a slashing of ships coming to Australia, or the impact of Chinese import bans on Australian iron ore.

    And we should also remember that the Joint Strike Fighter/F-35 is no match for Chinese aircraft so we are reliant on the US F-22 and other US weapons to defend ourselves.

    I am not in any way suggesting that China is going to invade but countries that have completely messed up their defence investment -- like Australia-- take a risk taunting a super power by expropriating their assets against their will.

    ROBERT GOTTLIEBSENBUSINESS COLUMNIST
    Robert Gottliebsen h

    4 likes
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    The $392,000 lifeguard: ‘Baywatch’ as union shop
    A lifeguard tower on California's Huntington Beach (main) and (inset) Baywatch actress Pamela Anderson. Pictures: Supplied
    A lifeguard tower on California's Huntington Beach (main) and (inset) Baywatch actress Pamela Anderson. Pictures: Supplied
    By ADAM ANDRZEJEWSKI
    THE WALL STREET JOURNAL
    15 MINUTES AGO MAY 13, 20219 COMMENTS
    Being a lifeguard isn’t easy, but in Los Angeles it can be lucrative. Auditors at OpenTheBooks.com found 82 county lifeguards earning at least $US200,000 ($AU258,000) including benefits and seven making between $US300,000 ($AU388,000) and $US392,000 ($AU507,000). Thirty-one lifeguards made between $US50,000 ($AU64,600) and $US131,000 ($AU169,000) in overtime alone.

    After 30 years of service, they can retire as young as 55 on 79% of their pay. The Los Angeles County Lifeguard Association makes all this possible. Since 1995 the union has bargained for better wages, hours, benefits and working conditions.

    Over the past five years, lifeguard captain Daniel Douglas brought home $US630,000 ($AU814,000) in overtime alone.

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    His total employment costs in 2019 were $US368,668 ($AU476,000) — $US140,706 ($AU182,000) base bay, $US131,493 ($AU170,000) in overtime, $US21,760 ($AU28,000) in “other pay” and $US74,709 ($AU96,000) in benefits.

    Children play beside a lifeguard tower as sunset approaches at Sunset Beach in Huntington Beach, California.
    Children play beside a lifeguard tower as sunset approaches at Sunset Beach in Huntington Beach, California.
    In 2009 the city of Santa Monica signed a 10-year, $US25 million ($AU32.3m) contract with the county for lifeguard services. In 2019 the city extended the contract for five years and $US17 million ($AU21.9m). There were no identified competitors and the contract wasn’t put out for bid.

    To be sure, being a lifeguard isn’t all fun in the sun: Some are EMTs and paramedics, and some are part of an underwater recovery team and participate in diving operations. Some are marine firefighters with specialised training for fireboat operations.

    Cast of the TV program Baywatch.
    Cast of the TV program Baywatch.
    Some are on duty for 24 hours at a time — though they’re allotted eight hours for sleep, and if they have a call that interrupts their slumber after five hours or less, “the entire 24-hour period shall be counted as hours worked,” the contract states.

    Still, they’re handsomely paid beyond what virtually all other EMTs receive. By comparison, the top-paid public lifeguard in Florida made $US118,000 ($AU152,000, including benefits — though the pay goes further in the Sunshine State, which has no income tax. Even in New York City, the top-paid lifeguard made only $US168,000 ($AU217,000).

    Think of the Los Angeles Country Lifeguard Association as the teachers union of “Baywatch.”

    2 likes
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    Inflation fears are spiking again: What you need to watch

    https://au.finance.yahoo.com/news/inflation-fears-watch-223926213.html

    1 like
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    Importing workers who can be infected with rabies leprosy the black plague aids syphilis ghonerea ebola TB covid or any number of as yet undiscovered diseases is not the smartest thing to do if you are a government concerned about protecting the health of your local population .

    2 likes
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    well they let they education system devolve into an immigration racket , what makes you think they are smart , all you have to do is see how all the major parties have performed over the last 25 years

    ( they are only concerned about being elected next time )

    1 like
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    Looking like a possible double top forming in the dow Jones industrial imo.....

    1 like
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    Huarong Secures Funding Backstop From State Banks Through August

    https://au.yahoo.com/finance/news/huarong-secures-funding-backstop-state-055816937.html

    is suspect not the only one and the problems aren't limited to China

    1 like
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    CBA shares notch record, ASX higher

    https://au.finance.yahoo.com/news/cba-shares-notch-record-asx-024729688.html

    7200 ( for the XJO ) should be a psychological resistance barrier

    1 like
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    Dismal day
    XAO down 117
    All my three stocks in the red.

    2 likes
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    Minus 133
    What was that all about ?

    1 like
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