ASX wants to see the money

David Llewellyn-Smith

Monday, 14 December 2020

The Australian dollar is bid again this morning:

As are yields:

XJO is up a little:

No guesses for who is leading:

Big Gas is soft:

Big Gold as well:

Big Banks are trying and failing:

Vaccine winners are correcting after recent jumps:

It’s back to growth today with value on the nose as yields ease. We’re going to need to see the money in the real economy soon to justify further value rotation. After a few bumpy months, I believe it is still coming.

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.