
Australia to Ban Foreigners From Buying Some Homes
Australia will ban foreign investors from buying established houses for the next two years as part of an election pitch to tackle surging home prices. Bloomberg's Paul Allen and Australia & New Zealand Economist James McIntyre discuss the ban and its implications on "Bloomberg: The Asia Trade." (Source: Bloomberg)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
15 hours ago
- Yahoo
Litecoin Price Struggles Despite ETF Optimism as War Tensions Rattle Market
Litecoin LTC fell more than 4.3% over the past week, and is down more than 14% for the last 30-day period, with the latest sell-off coming as part of a wider risk asset sell-off. That sell-off came after Israel attacked Iran in a bid to put an end to its nuclear program and harm its missile capabilities, and Iran later retaliated with a salvo of missiles. The conflict has spooked global markets, reducing the total cryptocurrency market capitalization by more than $150 billion. LTC was severely affected by the sell-off. As the dust settled, Litecoin attempted a fragile rebound, climbing back above $86. But the recovery has stalled under mounting technical resistance. The $97.80 level, coinciding with the 23.6% Fibonacci retracement according to to CoinDesk Research's technical analysis data model, has proven difficult to breach. Momentum indicators like RSI at 43.46 and a flat MACD histogram show limited energy behind the move, suggesting a phase of consolidation. Volume tells a similar story. Litecoin's trading activity dropped 42% following the initial plunge, even as it briefly surged through the $85.90 resistance level during a high-volume spike late Friday. That breakout, however, was quickly met with profit-taking that brought it back down to $85. Looming in the background is hope for a spot litecoin ETF. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance of approval. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Bloomberg
16 hours ago
- Bloomberg
Gundlach Is Latest to Sound Corporate Debt Alarms: Credit Weekly
DoubleLine Capital has its lowest-ever allocations to speculative-grade bonds now, because valuations just don't reflect the risks. The money manager has been gradually cutting its high-yield bonds and other sub-investment-grade debt over the past two years, Jeffrey Gundlach, chief executive officer, said at the Bloomberg Global Credit Forum in Los Angeles this week. There are myriad risks, including inflation and tariffs, and investors aren't getting paid for them, he said.


Newsweek
18 hours ago
- Newsweek
Putin's Oil Empire Gets Double Boost
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. will not back an EU proposal to impose a price cap on Russian oil that seeks to curb revenues for Russian President Vladimir Putin's war machine, according to Bloomberg. Russia could also benefit from the spike in oil prices following Israel's attack on Iran, a major producer of the commodity. Newsweek has contacted the White House for comment. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, 2023. A fuel tank farm of Russian oil pipeline giant Transneft on December 13, It Matters Revenues from fossil fuels form the core of Russia's fiscal planning. As well as targeting Russia's natural gas, the European Commission's 18th sanctions package proposed lowering the cap on seaborne Russian oil from $60 to $45. The EU measures, which also target Russian businesses and banking, requires the backing of all 27 members. The proposal on Russian oil would need the support of the G7, which meets later this month. Bloomberg's report that Washington will not back the move deals a blow to Western hopes of limiting Moscow's means to fund its aggression in Ukraine, especially after oil prices rose following hostilities between Israel and Iran. What To Know The G7 introduced the $60-a-barrel cap that restricts the price Russia can earn from its seaborne oil. But it has not been effective in curbing the Kremlin's revenues since coming into effect in February 2023, partly because of Moscow's sanctions-busting "shadow fleet" of older vessels and a slump in oil prices. The European Commission proposed this week to drop the cap to $45, with High Representative Kaja Kallas suggesting that because Russian oil mostly transits the Baltic and Black Seas, U.S. support for the measure is not essential. An accord involving all G7 nations would be more effective because of the strength of U.S. enforcement, but the U.S. opposes dropping the price cap, Bloomberg reported, citing unnamed sources. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Russian President Vladimir Putin at the St. George's Hall of the Grand Kremlin Palace on June 12. Oil prices surged following Israel's strikes against Iran, and West Texas Intermediate crude futures advanced by more than 7 percent to settle near $73 a barrel, the biggest one-day jump since March 2022. The Institute for the Study of War said on Friday that the oil price rise may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine, delivering a boost to Putin. The Washington, D.C., think tank said Moscow might be able to leverage sudden oil price rises to weather economic challenges and finance a protracted war in Ukraine. This is notable given the concerns Putin previously voiced that any reduction in the oil price would likely risk destabilizing Russia's economy. Nikos Tzabouras, a senior market analyst at told Newsweek that although prices are set to rise, sustained hikes would require disruption to supply chains, and the U.S.'s denial of involvement in Israel's strikes keeps hope alive for a contained conflict, keeping downward pressure on oil. A sustained upside would require actual disruptions to physical flows, such as damage to Iran's oil infrastructure or a blockade of the Strait of Hormuz, a key global chokepoint, Tzabouras added. What People Are Saying The Institute for the Study of War said in a report on Friday: "Oil price increases following Israeli strikes against Iran may increase Russian revenue from oil sales and improve Russia's ability to sustain its war effort in Ukraine." Nikos Tzabouras, a senior market analyst at told Newsweek: "The U.S. denial of involvement offers a possible off-ramp, keeping hopes alive for a contained conflict and continuation of nuclear talks, which could pressure oil." Allen Good, the director of equity research at Morningstar, told Newsweek: "We expect, absent a wider war, today's rise in prices will likely prove to be a sell-the-news event. Oil markets remain amply supplied with OPEC set on increasing production and demand soft." What Happens Next The G7 summit is expected to discuss the oil price cap proposal when it meets in Alberta, Canada, from Sunday. The EU may try to proceed with the measure even if the U.S. rejects the proposal. U.S. President Donald Trump and his officials will make the final decision, Bloomberg reported. Meanwhile, markets continued to eye the effects the hostilities between Iran and Israel are having on oil prices.