The Australian dollar has been falling all day as weak capex data confirmed the economy has been sucked into a deep growth black hole:
Still, bond yields have stopped falling because…well…just because:
XJO is toying with a major peak to match 2008:
Dalian is soft again:
Big Iron is dead cat bouncing today. FMG near $8 is a genuine red hot short candidate:
Big Gas is enjoying the oil bounce:
Big Gold is consolidating its recent run:
Big Banks can’t run higher unless yields run lower:
Big Reality whores on:
The Recessionberg growth hole is very large and a few house price rises will not fill as bulk commodities fall away.
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.