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Big iron rallies for no reason at all

Friday, 20 May 2016

Big iron is up today just because as BHP adds 1.2%, RIO 1.6% and FMG 0.7% with Dalian down another -1%:

There’s another goodly stretch ahead to new lows in the bear market for these firms but I guess it does no harm to pretend you’re investing in the mean time.

Big gas is tracking oil with WPL 0.6%, OSH 0.3%, STO and ORG 1%:

Banks are mixed and marking time now with CBA flat, WBC 0.2%, NAB -0.5%, ANZ 0.5%, BOQ 0.6%, SUN 1%, BEN -0.7%, MQG -0.2

And just for fun, here’s McGrath, still trending towards the harbour bottom on fleeing Chinese:

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.