Some fantastically irrational market action today. The Australian dollar was thumped to within a whisker of the 0.66s as building approvals free fall:
But bonds weren’t bid:
Yet stocks assumed that they were, grabbing anything with yield:
Dalian is firmer:
Big Iron is partying. It’s not clear whether it is China going ex-growth, the trade war or imminent Hong Kong martial law that’s driving the bid:
Big Gas is awesome again:
Big Gold is BTFD:
Big Banks are loving the fact that Australia is entering its worst large scale developer shakeout since 1991:
So is Big Realty:
The efficient market hypothesis is alive and well.
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.
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