Advertisement

No China today so the crapped out ASX is left to deflate all by itself. Big Iron ore is leading it with FMG approaching new post-correction lows:

No real news today though the Platts China Steel Sentiment survey has cratered:

The S&P Global Platts China Steel Sentiment Index slumped to 33.1 this month from 45.1 in April, weighed down by the outlook for domestic steel orders. The gauge is based on a survey of between 75 and 90 China-based market participants including traders and steel- mill executives.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.