ASX follows oil into the red

David Llewellyn-Smith

Tuesday, 21 April 2020

The AUD has weakened this morning:

Bonds are biddish:

The ASX is down modestly:

BHP is now Big Iron’s whipping boy vis oil:

Big Gas is copping it. Things will get much worse as Brent suffers the same fate as WTI:

Big Gold is up:

Big Banks are sagging on oil exposure:

We need to ask if the ASX can recover when the banks are falling. It’s never happened before:

Big Realty is soft:

After all of that, S&P futures are soaring again so ignore all market signals and listen to Uncle Jay!

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.