Banks, iron and gas dead cat falls again
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After yesterday’s rush of blood, or vodka, the share market is pulling back today with banks down firmly. CBA is -0.75%, WBC-0.2%, NAB -1%, ANZ -1.2% and regionals have BOQ -0.2%, BEN -0.7% and SUN up 1%:
Big iron is also down despite the overnight jump in futures with BHP off -1.3%, RIO -0.8% and FMG -2.7%:
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Big gas is getting hammered as oil slides and STO put out an absolute profit shocker at -2.7bn. WPL is -2.7%, OSH -2.8%, ORG -5.2%, STO -7.7% and LNG -3.3%:
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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.