Iron ore, LNG, McGrathmageddon, AUD, ASX down, down

Wednesday 23 May 2018

AUD took a decent hit this morning from weak construction work which on top of poor retail volumes is setting us up for shite Q1 GDP (but, but Futureboom!):

Bonds are bid:

The XJO double-top is still in play:

Dalian is down solidly again:

FMG is following:

Big Gas is getting caned by the STO rejection:

Big Gold is firmer on the AUD:

Big Scum is roughly flat:

Big Puswad is down and the MEA record swoon is starting to look like a Sydney property leading indicator:

Not much good for little Straya 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.