Dalian is under considerable pressure down -3% and more, oil has been smashed, gold’s prospects are being burnished by the day but the ASX is doing the opposite today. Big iron is firm with BHP up marginally, RIO 1% and FMG 0.5% as it sails blithely through the upper atmospheres on concrete wings:
Big gas is barely down at all with WPL up 0.2% on an absurdly poorly timed upgrade from UBS, OSH is -0.4%, ORG -0.4% and STO -0.3% all as oil’s H2 prospects wane:
Gold is overbought so we can forgive today’s pull back with NCM -03%, RRL -3.5%, IGO 0.4%, SBM -2.4% and EVN -2.4%:
Bank are also sensibly subdued with CBA -0.3%, WBC -0.5%, NAB -0.1%, ANZ 0.4%, BOQ -0.2%, BEN 0.1% and MQG 2%:
Alas MEA is off the canvas.
More broadly, the coming US jobs report is likely having as influence on keeping risk more buoyant than it should be.
