What's hitting the ASX?

As you can see the ASX is selling off today despite the very bullish tone set overnight and Asian markets following through.

Materials are leading the falls for no apparent reason (beyond the deteriorating context of Chinese tightening). But rebar futures are trading up:

Perhaps it was me publishing the steel PMI? 😉

Banks are off too on the HIA data and perhaps everything took a knock from the good trade figures which could stabilise monetary policy. But there is also the engineering construction data from ABS which looked pretty scary and the dollar is holding up so go figure.

The context of Korea sabre rattling doesn’t help but isn’t bothering the Nikkei which is lot closer than we are.

Maybe the bourse doesn’t like Glenn Stevens.

Share

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.

What’s hitting the ASX?