Australian banks Australian LNG Australian Shares Commodities Iron ore price

Alarm rings for ASX stupid o’clock

Wednesday, 25 May 2016

Big iron is soaring today as its new crop of coconuts is ready for delivery on world markets. Dalian has lost all of its overnight gains and is busy plunging to new lows at 345 but that is immaterial because coconuts are a licence to print money for BHP up 3.5%, RIO 2% and especially FMG 4%.

Big gas is following its underlying commodity raising suspicions of bias as WPL rises 2.6%, OSH 0.5%, ORG 4% and STO 3.8%:

Banks too are awesome with CBA 1.3%, WBC 2.6%, NAB1.6%, ANZ 2%, BOQ 3.1%, SUN 1.3%, BEN 2% and MQG ripping 2.4%:

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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.