Wonder of wonders: Dalian down!
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Yes, it’s true, spooked by more Chinese property tightening, Dalian has crashed -0.01% at the open. I’m not sure why it has bothered. At $80, the iron ore price is so meaningless re fundamentals that it might as well keep running to $1000! BHP is -0.3%, RIO -0.4% FMG at new highs up 2% and WHC 1.2% even though coking coal has sagged -3.3%:
It will burst when ready.
Big Gas has the OPEC jitters with WPL -0.6%, OSH -1.3%, ORG 0.5% and STO -1%:
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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.