Australian banks Australian LNG Australian Shares Commodities Gold Iron ore price

Dumb money hangs on for miners and banks

Wednesday, 14 September 2016

The ASX is so far dodging the overnight sell-off as dumb money piles in (I’m not just making that up):

BHP is -1.1% (vs -5.3% in NY), RIO -1.6% (vs -4.3% in NY) and FMG -2.3% and looking very toppy indeed as Vale hoses the JV. Dalian opened soft:

In Big Gas the dumb money is loving WPL at-0.5% after a Scarborough purchase it will develop in 2067, OSH flat, ORG is brighter -1.8%, STO is making real sense at -3.5% and headed for its lows by the looks:

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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.