ASX bath of blood misreads Japanification

The forex market has the Depressionberg deflation budget spot on:

So does the bond market:

But the ASX bath of blood has it wrong:

Nor is the rise driven by the sectors that it should be, that will benefit from the lower AUD. It’s not Big Iron:

Nor Big Gas:

Nor Big Gold:

It’s Big Banks that are up, on broker upgrades:

Yet there is nothing bullish about a deflationary shock budget that drives the central bank ever deeper into unconventional policy tools below zero that destroy bank margins a’la Japan and Europe.

Absolutely nothing.