Big iron dream fades as gas delusion lights up
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Big iron can’t catch a bid despite the rising ore price hinting firmly at a gathering de-rating for the sector, and not before time. BHP is down -1%, RIO -0.8% and FMG -1.4%:
Idiocy spreads are slowly closing:
But for big gas they are now opening. As the Brent price falls inexorably, local LNG stocks have bounced again with WPL up 0.4%, OSH up 1.5%, ATO up 1.7%, ORG down -0.6% and up -1.4%:
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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.