Iron ore paper resumes tumble, miners rise

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The news out of China this morning was more deceleration and but that’s not affected most miners today with only FMG down at this stage. Here is the up-to-date relative performance chart for juniors:

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And the majors:

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Despite equity resilience, the idiocy spread appears to have bottomed. Remember that it’s an indexed 7-day moving average so it is still catching up to last week’s falls:

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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.