XJO is soaring on Icarus wings today at another all-time high:
The two main drivers are obvious. The CBA bubble is inflating at an alarming speed after its result, dragging other banks with it. The US curve steepening is a factor even as Australia crashes into deep recession. Crazy times:
Mining is enjoying a day off recent declines even thought Dalian has erased all overnight gains:
BHP is more richly valued now than it was when iron ore was $70 higher! RIO is slightly down. FMG is down more heavily:
QE does some wild things to asset prices.