The Aussie dollar barely budged as consumer confidence, housing finance and the NAB survey rained bad news on the Aussie economy:
Bond yields have actually lifted today despite RBA cuts now being all but certain:
XJO only managed a modest bounce tracking world markets despite everything exposed to domestic demand being in trouble:
Dalian launched out of the blocks this morning on shite Chinese credit:
Big Iron lifted, too, despite the iron ore price obviously already having massively overshot anything resembling fair value and likely going fall away from here regardless of Chinese stimulus:
Big Gas is up as Labor prepares to take it down:
Big Gold copped it:
Big Banks are loving the crash of their underlying collateral:
Big Realty is marking time:
The obvious conclusion is that the threatening Australian recession is fully priced already.
Or that markets have lost the plot on Australia.
David Llewellyn-Smith is chief strategist at the MB Fund and MB Super which is long international equities and local bonds that will benefit from a weakening Australian economy and dollar so he is definitely talking his book.
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