Big iron falls on whatever

Thursday, 9 April 2015

Big iron is down today for no apparent reason. The news about Chinese subsidies was available yesterday and the price is stable so let’s put it down to the random walk. BHP is down 1.5% largely on oil, RIO is down 0.5% and FMG is down 4% giving back some of yesterday’s manure rally. To the indexes:

The idiocy spreads for the majors are both at record wides:

I’ve zoomed in for the juniors so we can see the whites of eyes. ARI and BCI are both at new lows with the latter still the most likely next fatality:

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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.