The Australian dollar was falling all morning, sucked down by the building approvals downdraft, before a rumour about a tighter Italian budget hit the market to stabilise things:

Bonds are bid:

XJO has managed a modest bounce:
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Aided by Big Iron ex-FMG:

And Big Gas:

Big Gold is a dead cat to my mind:
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But not as dead as Big Mortgage. It was lifting as yields fell but the Italian news reversed it:

Big Realty still hasn’t worked it out:
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Yet the Aussie profits outlook is not getting better:


The profitless economy in a chart…