Macro Morning (oil spout)

By Chris Becker

With all the Budget talk this morning, a reminder that world markets matter more to the economy’s bottomline. Last night we saw oil significantly breakout to the upside, following a weaker US dollar as bond and share markets continued to slide. Contagion seems to be settling in, but no matter, the Aussie dollar is back at 80 cents!

Recapping Asia’s session before looking at overnight markets, the Shanghai Composite kept on rolling on, up 1.5%, where even changing your name to a dot-ch will make your company go limit up 10% in a day. Yeah, it’s a bubble.