by Chris Becker
Is the Mining GFC back? Well the USD certainly is, rallying against all the majors and not just a flummoxed Aussie dollar after the RBA cut interest rates to an historic low yesterday. Stocks were not helped as less than expected sales and revenue figures for the majors continue to trickle through, indicating a less than robust “recovery” is underway, as UK and European factory data also support the downbeat mood. Commodities dropped, with oil almost back to its March lows.
Recapping Asia where after coming back from Labour Day holiday the Shanghai Composite surged nearly 2% higher to close just below the 3000 point level. This retest needs to follow through today or at least by the end of the week to stick and sniffs to me of short covering only:
