Big Iron hit as China re-opens soft

Chinese markets have re-opened after a few days off and Dalian iron ore is immediately under pressure again, down -1%. Big Iron is mostly following with BHP -0.6%. RIO -0.9% but FMG up 0.6% just because:

Big Gas is enjoying a better day as oil rallies on Libyan tensions and OPEC scuttlebutt with WPL -1.6%, OSH flat, ORG 0.2% and STO 2% on Goldman saying it’s priced the bad news (which it ain’t):

Big Gold is mixed with NCM 2.5%, RRL -2.9%, IGO 3%, SBB flat, EVN 0.7%:

Banks are on the nose as warm US inflation spooks the yield trade with CBA -0.8%, WBC -0.9%, NAB flat, ANZ 0.4%:

The CBA is putting up an almighty battle with it crucial $70 support line!

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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.