ASX parties on

The ASX is partying on today as S&P500 futures have climbed all day and thus last night’s damage is forgotten. Big iron ore is up with BHP and RIO both 0.2% and FMG -4%:

Big gas is not traveling so well with WPL -1.6%, OSH -3%, ORG -4.5% and STO -5%:

Gold miners are fading as the S&P futures climb with NCM flat, IGO -3.2%, SBM -5.2%, EVN 1%: and RRL -1.5%:

Banks started badly but have caught a bid with CBA flat, WBC 0.3%, NAB 0.6%, ANZ -0.2%, BOQ -1%, BEN 0.3% and MQG 0.5%:

I’m always pleased to see McGrath in pain and it has sunk right to its 2016 lows:

A break lower would improve what’s been a tough day.

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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.