The rather amusing Australian Budget is about to become more hysterical as Dalian has opened limit down after Friday night’s spurious jump and the weekend’s bad trade data as well as surging port inventories. If it holds we’ll see another big fall in iron ore tomorrow.
Local shares are trading in the rear vision mirror this morning as miners rally on Friday’s night’s action. Good luck with that! BHP is 0.3%, RIO -1% and FMG 1%:
Big gas is also pulling a Costanza rally as oil does the opposite after weekend news that the Iran hawkish Prince Bin Salman is taking control of oil policy. Good luck with that! WPL is flat, OSH 1%, ORG 2.2$, STO 2.3% and LNG 1.7%:
Banks are also up after CBA’s very ordinary result. Good luck with that! CBA is 0.6%, WBC 0.8%, ANZ -4% going ex-div, NAB -0.3%, BOQ -0.4%, SUN 1.2%, BEN 1.2% and MQG 4% for no apparent reason (perhaps the dollar):
Nobody should ever confuse equities with rational thought.
