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Big iron ore is on the nose today with BHP down -1.4%, RIO down -0.8% and FMG off -1.6%:
Meager falls given the clearly weakening iron ore market. But then this market often needs a picture painted for it first. Indeed, yesterday reader Josh Morees suggested that there may be an Australian Stupidity Premium in the big dual listed miners versus London. Here is the local and foreign listings charted against the AUD/GBP for BHP:
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And RIO:
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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.