The Australian dollar is soft this morning:
Bonds are bid:
The XJO breaks above 6000 has anew high in it’s sights:
Big Iron is soft:
Big Gas lagging oil:
Big Gold is now outdoing the currency:
Big Banks are surging on earnings upgrades as economic outcomes appear better than feared. They’re not:
Big Chunt likewise:
Here’s the latest on valuations:
XJO is at bubble valuations. Banks too though have not gotten worse. Materials are still relative value. Industrials lol.
Somehow “irrational exuberance” doesn’t quite say it.
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.
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.
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