ASX bath of blood quivers as virus runs amok

David Llewellyn-Smith

Monday, 26 October 2020

The Australian dollar is weakish this morning:

Bonds are bid:

Stocks are up a little, defying weak futures:

Big Iron is sliding towards a test of 2020 rally corrective lows:

Big Gas is up as oil gets hosed:

Big Gold is signalling more DXY strength ahead:

Big Banks are up with the property bubble though, really, the rally has only followed the global curve steepening. W

here it goes, we go:

It is my view that that putative curve steepening is more likely to get pancaked than keep going as the virus runs amok.

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.