Has the ASX drained the bath of blood?

Markets are confused by the Aussie jobs report with larger than expected job losses, and dire underemployment, but a tiny rise in unemployment. So the AUD has slid a little:

Bonds are bid:

XJO is down modestly again despite weak overnight leads:

Big Iron is the story of one firm now:

Big Gas is off:

Big Gold is revving again:

I’ll say it again, Big Banks are not well:

But downstream, Big Chunt trades off the Nasdaq. Which only goes to prove how short of tech Australia is:

And no, I do not think that the ASX bath of blood is drained.

David Llewellyn-Smith

Comments

  1. darklydrawlMEMBER

    “…a tiny rise in unemployment” Hah! It’s not known as “DoleHider” for nothing. Give it time. Right now many people / businesses are largely in a state of suspended animation drip fed on a Government (money) feeding tube – Zombies. Wait until Sept when the Gov gets tired of supporting all those ‘leaners’ and pulls the tube. Lets see how the UE rate looks then.

    • Goldstandard1MEMBER

      Hibernation mate, hibernation…. The difference is that the jobs are sleeping and will wake up very soon and things will back to normal.
      OR
      Whilst people’s jobs are in hibernation, they will be dragged into banks “weekend at bernies” style and will sign huge mortgages! Boom, back to normal!

      • darklydrawlMEMBER

        That’s a good point actually. Where is the credibility of such a post? Oz UE numbers are great because the economy is so bad that people have given up entirely. As a result, the UE number is lower than forecast – therefore things must be impressive and most excellent. We know this as the UE number is lower than it should be. Boom times clearly. WTAF? You would back away from someone who tried to argue that sitting next to you on the bus!

  2. Goldstandard1MEMBER

    Jesus, that participation rate! that is concerning.

    Homer Simpson’s parental advice seems appropriate here: “Son, if you can’t win, don’t try”.

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