Risk turns off as big iron, gas, banks sag
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It’s risk off day with Aussie well below 76 cents, Brent hit and Dalian easing. BHP is down -1%, RIO -0.8% and FMG -2%:
LNG is likewise under pressure with WPL -1.4%, OSH -1.5%, ORG -3%, STO -3% and LNG flat:
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Banks too are weak with CBA -1.3%, WBC -0.2%, NAB -1.3%, ANZ -0.8%, BOQ 0.4%, SUN -0.3% and BEN -1.2%:
One final chart today for Macquarie Bank which is down -2.2% on Chris Joye’s fabulous work. Here’s the monthly chart:
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That is a remarkably similar chart pattern to the pre-GFC period, with a bearish double-top in place…
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.