The Aussie dollar is getting pounded this morning:
As CNY lets go in a massive acceleration of the trade war:
Stocks are being dragged in:
And the bond is out of control:
Iron ore is off the woodshed:
Big miners are getting flushed:
Big Gas thinks its immune, stupidly. Low growth will kill oil:
Big banks likewise. Low yields won’t save them:
Big Gold is mixed, weirdly:
Big Realty is letting go of the ScoMo miracle:
The falling CNY is a recipe for instant global recession as EMs choke of diving competitiveness, capital flows into the USD, and Trump redoubles his trade war.
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.