Big iron equity ignores China stimulus

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Things sure ain’t what they used to be for big iron. China undertakes its largest monetary easing in seven years and BHP and RIO don’t move. The former rocket in FMG has barely managed a couple of percent rise. Not so very long ago it would have been party with your ears pinned back. To the indexes:

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The idiocy spreads are closing but not especially quickly:

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In the junior cemetery, today’s zombie is ARI with its Q3 production update showing deep losses on the quarter. But it’s still sitting at record lows not through them:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.