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BHP slaughtered as ASX buckles

Wednesday 4 May 2016

Big iron is being slaughtered today as BHP sinks back into the Samarco mud down -9.5% and in free fall. RIO is -5.8% and FMG -2.3% as Dalian is trading down -1% (I’ve only got weekly charts today)

Big gas is also buried in the mire, rather suggesting that the broader bear market rally in commodities is in the poo. WPL is -3.8%, OSH -4.6%, ORG -4.6%, STO -5.6% and LNG -3.4%:

Banks too are taking it in the team as the RBA flush passes with CBA -0.8%, WBC -1.6%, NAB -1.8%, ANZ -1.6%, BOQ -0.8%, SUN flat, BEN flat, MQG -1.7%

McGrath is also down -1.8% and REA Group is flat so there’s still not much life in the housing space.

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.