Bonds boom as ASX struggles

The AUD is roughly flat through the morning:

Bonds are threatening to break out as the bid booms. Pleased to report we went long a fortnight ago:

And the ASX struggles:

Dalian is flat:

Big Iron is mixed:

Big Gas is sinking again. Spot regional LNG prices are now sliding with oil:

Big Gold is showing some life. You could be forgiven for concluding that there’s short term upside here as the Fed gets dovish:

Big Banks have rolled again:

Big Realty always goes up!

There’s a market regime change underway.

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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.