Bull trap banks pick up yield bid

AUD is still struggling through the morning:

Bonds are paring gains but yields are now trending down nicely. More to come:

ASX is hanging on at the cliff’s edge:

Dalian has opened with a minor bid:

Big Iron likewise:

Big Gas is hopeful of an OPEC rescue. I am not:

Big Gold has a Fed pause sniff:

Big Banks are still shaky but have gotten a decent bid from bottom feeders in the past 48 hours, perhaps chasing yield as bonds roar:

I’m not sure why. The EPS outlook is lousy:

And although the yield is now approaching a grossed up 10% (for NAB):

You have make the dangerous assumption that dividends won’t be cut as conditions deteriorate when payout ratios are already extreme. Reeks ‘bull trap’ to me.

Big realty is struggling:

Avagoodweekend.