ASX, AUD drop further on Italian panic

AUD is down further during the morning:

That possible XJO double-top is looking a little more serious as the bourse falls below 6000:

Bonds are bid bigly. A day or two of this and the ridiculous “bondcano” notion will be consigned to history:

Dalian is stable:

Big Iron is down:

Big Gas is better:

Big Gold is still struggling:

Big Scum is back at the critical support lines for both CBA and WBC. EUR tensions are very bad for banks:

Big Realty is off as well. REA is copping it as brokers call it over-priced. No shit!

Far from panic stations but that bank bear market is surely gunna break lower…

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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.