Bank bust rolls on as funding costs march higher

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The AUD is still struggling through the day:

XJO is down a touch:

Bonds are well bid at the long end:

Dalian is firm:

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And Big Iron:

Big Gas is weak:

With Big Gold:

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Big Banks are still under pressure other than the magical CBA which apparently lends elsehwere:

The RBA may not want to hike but mortgagees had better prepare for some more out-of-cycle mortgage rate hikes in the year. BBSW is marching higher:

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Big Realty is weak:

The ASX has held up relative to global stocks recently thanks to miners. Whether it can continue is another question…

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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.