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The big iron crash rolled in this morning before the bottom feeders arrived. BHP opened at new lows in the $16s before bouncing 1%, RIO was down -4.5% but is now back to -1.5% and FMG is down another ridiculous -1.2% only:
On death row there is only…death:
Dalian is up two points at the open and we’re well oversold here so a bounce would be normal even if this ain’t the bottom by some distance.
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Gas is finding some support with WPL and OSH up 2%, STO up 3.3% but ORG is down -2.2% and LNG is flat:
Why anyone would buy WPL today I have no idea. It is the new RIO of gas having failed to de-rate with the wider sector and looks very vulnerable.
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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.