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Banks, miners pounded

Wednesday 24 February 2016

It’s a little bit of carnage today for shares. Big mining is being thrashed as reality bites on BHP’s profit shocker 24 hours late down -7%, it’s largest one day fall since the GFC:

No doubt some profit-taking here too. RIO is down -5.1% and FMG -2% as Dalian remains firm:

In big gas, the pain is widespread as WPL falls -1.8%, OSH -4.2%, ORG -3.2%, STO -3.9% and LNG -5.6% after an huge oil inventory build in API US this morning:

Finally, banks also look sick not least CBA down -1.7% which is flirting with the chart disaster of a broken head and shoulders top neckline identified yesterday:

WBC is also down -1.6%, NAB -2.1%, ANZ -2.3%, BOQ -1.3%, SUN -0.5% and BOQ -0.9%:

Not a good day for the bulls.

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.