A weekend warning for big iron bulls
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Big iron is sucking on the hopium pipe again today up strongly as Dalian again opens down -1%. BHP is 0.2%, RIO 05% and FMG is in the peyote tent up 3.8%:
A word of caution for big iron ore bulls. China’s April data dump is tomorrow and the signs are for modest improvement.
Big gas is enjoying the baseless overnight jump in oil with WPL 2.7%, ORG 3.7%, STO 1.6% and OSH flat:
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The big bank yield trade has softened for now with CBA flat, WBC -4% going ex-div, NAB flat, ANZ -0.6%, BOQ -0.3%, SUN -1.2%, BEN 0.4% and MQG still flaying 0.6%:
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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.