ASX bath of blood returns for banks

The AUD is down a bit this morning:

Bonds are bid again:

XJO dropped 100 points at the open:

Big Iron is still immune to global depression, apparently:

Big Gs is yet to register that the Opec meeting is a bad joke:

Big Gold yawn:

Big Banks are all ex-div now:

Big Realty should be at zero, with its revenues:

I am reminded of one of the best things I ever read about stock markets. Don’t mistake them for being smart. They’re stupid. What sets them apart and makes them useful is that they punish mistakes with fantastic ruthlessness…

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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.