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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