Big iron and gas dead cat tires

The big iron and gas dead cat bounce is not travelling well today despite Wall St hysteria Friday night. BHP is flat, RIO is up 1.2% and FMG is down -1.5%:

Big gas is faring little better given the oil rocket. WPL and STO are flat, OSH is up 0.8%, ORG is up 2.2% but LNG is down -4.7%:

Pretty ordinary and one wonders if we’re ready to roll over. China data are next in focus and this isn’t helping sentiment:

Following are South Korea’s preliminary export and import figures for January, released by the Ministry of Trade, Industry and Energy on Monday (rounded):

JAN *DEC Balance ($ billion) 5.3 7.0 Exports ($ billion) 36.7 42.5 (pct growth vs yr ago) -18.5 -14.1 Imports ($ billion) 31.4 35.5 (pct growth vs yr ago) -20.1 -19.2 * Revised figures released on Jan. 15

Korean exports down -18.5% in January. Largest export market: China.

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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.