The Mining GFC eased again last night as oil was firm. The US dollar was flat:
Commodity currencies were firm and the Aussie very strong which is perverse given yesterday’s awful capex numbers:
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Brent oil was the driver as it rallied:
Base metals were weak:
And big miners mixed:
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US and EM high yield was bid with oil:
Another day of easing concerns and despite a renewed crash in Shanghai late yesterday down -6.4%:
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MB continues to see a full reversion to mean at 2000 but for today broader markets are calm.