Relief for miners as bear jaws lock onto banks
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Big iron is enjoying some relief today having sold heavily yesterday as BHP lifts 0.7%, RIO 0.9% and FMG 2.3%:
Dalian is off -1.5% at the open.
Big gas is also up as oil bounced after a US inventory draw this morning. WPL is 1.7%, OSH 4.2%, STO 3.8%, ORG 2.4%:
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Doesn’t make much sense to me but hey!
Banks, meanwhile, are under more pressure with CBA -0.4%, WBC -1.8%, NAB and ANZ flat, BOQ -0.5%, SUN 0.7%, BEN -0.7% and MQG -1%:
Lot’s of support levels in jeopardy there…
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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.