Australian dollar flies as stocks price to infinity

David Llewellyn-Smith

Tuesday, 26 May 2020

It’s all fun and games into the news void today as the Australian dollar flies:

Bonds are bidly:

Driving XJO wild with delight:

Big Iron is flat:

Big Gas is charging:

And Big Gold:

Big Banks have driven most of the two-day news void rally but have gone nowhere in reality:

Big Chunt has no listings but it has drooling buyers:

XJO forward PE is now at a nosebleed 19x without any earnings support:

Priced to infinity, all things are possible.

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.