Futures unimpressed with Chinese supply cuts

Advertisement

Dalian is open and off a couple of percent:

i1705_en

Coking coal is up a touch.

Big Iron is happier, I guess the market feared less action:

tvc_ec680d1c4ed2c5bfeeaf73cb74fe16c8

Big Gas is treading water:

Advertisement
tvc_c36b87f82fd74419095d1128e651dd68

Big Gold has gotten little reprieve from the USD bashing. Jawboning cannot outweigh macro in the long run

tvc_a5a20487a4a8ce2f76107886d69e139a

Banks have rebounded but the big driver of the rally is coughing as the US yield curve has flattened materially with earlier Fed hikes. If you’re long, taking some profits here is not a bad idea:

Advertisement
tvc_f2bfd6bdd4d0a76ff6a23fa7123accb0

Big Spruik is firming with the execrable FXJ going ex-dividend:

tvc_5d3dbc9f5fbd0b0e78cd8634315d3639
Advertisement

Not a lot of joy for dirt there.

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.