One night at the mining GFC

Tuesday, 17 November 2015

Paris be damned. Nothing changed last night as the mining GFC marches steadily forward. If fact, we had a splendid illustration of the dynamics at work. US stocks were bid and bonds sold as growth hopes ruled the night:

The US dollar rallied firmly as Fed tightening looms and growth in wider big economies is under pressure necessitating more monetary easing:

Commodity price came under more pressure from both waning growth and the rising US dollar with oil and copper smashed:

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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.