Coked-up ASX charges on alone

Aaaand, we’re off. The Australian dollar is soft this morning:

Bonds are stable:

The coked-up kiddies that trade ASX have the bourse trying to rally despite a weak lead and falling futures:

Baked brains and bleeding nostrils have Big Iron up:

Big Gas up prematurely:

Big Gold looking strong:

Big Banks the opposite:

And Big Chunt still way too high:

The bear market rally is looking quite tired. Or is it the pause that refreshes? The real economy will decide:

JPM:

• “The global economy is collapsing at a pace not seen since World War Two”
• “Staggered re-openings of economies until a vaccine is widely available imply more of a U- rather than a V-shaped recovery for the global economy.”

HSBC:

• “We are likely to see a deeper contraction in 2020 than during the global financial crisis. But so much depends on what comes next: how long the suppression measures last, what medical science can deliver, what further policy support is available”
• “What is already clear is that this is not just a short-term issue: the medium to long-term implications for global growth, debt levels, public policy and globalization are going to be vast.”

Rabobank:

• “We are seeing credible claims in the UK and U.S. that millions/tens of millions are going to be unemployed – again taking us back to black-and-white memories of long queues of the jobless holding signs saying ‘Will Work For Food'”

Adieu profits.