The mining bid is back today as markets cheer the miss in US jobs (notwithstanding the view that is was firm enough for another Fed hike). Dalian is flat but Big Iron has taken the hint with BHP 2.6%, RIO 1.2% and FMG 3.3%:
I guess we’ll know the impacts of the G20 by later this week. My guess is another bounce before we destock.
Big Gas likewise is up with WPL 0.9%, OSH flat, ORG 0.2% and STO 2.6%:
Big Gold is partying with NCM 3.2%, RRL 2.7%, IGO 0.3%, EVN 4.5% and SBM 1.6%:
My view is that the Fed really wantsto tighten this time so it is likely to view the data through a glass half-full prism. As such waiting a lit bit longer to buy the gold dip adds up. Still, I also see the window for Fed tightening rapidly closing as China slows and oil falls in Q4 so a bit of cost-averaging in at this point also makes sense.
Big banks are all up just because, with CBA lagging badly at 0.5% and everyone else 1.5%:
