Lead balloon banks prevent ASX rebound

David Llewellyn-Smith

Friday 4 October 2019

The AUD is bid this morning as bulls look towards a weak NFP tonight:

But bonds are bid bigly:

The AX has failed to rebound:

Big Iron has added pennies:

Big Gas is still falling:

Big Gold is stable:

Big Banks weak as the realisation dawns that their earning power is history:

Scum is up:

Pretty soggy given US leads. I wouldn’t want to be long going into the weekend either.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. 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.