Mining floats, banks sink

Big Iron is enjoying reprieve today as Dalian rises a few pips during the day. BHP and RIO are both up on Macquarie upgrading coal earnings, 2.5% and 1.4% apiece. FMG is up 1.2% because I guess its figured out how to transform iron ore into coal:

Big Gas is mixed with WPL 0.9% and OSH 4% on the oil price. ORG is flying 6% on the departure of Grant King who must be taking his LNG trains with him. Bizarrely, STO is down 1% as rumours grow that yet more equity will be needed. Hoocoodanode?

Big Gold is off again as markets flip flop around the Fed with NCM-2.5%, RRL -2.3%, IGO -1.3%, SBM flat, EVN -0.4%:

Banks are sinking as CBA again approaches its monster $70 support down -1.3%, WBC -1.6%, NAB -1.6%, ANZ -1.2%:

Shaky markets.

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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.