AI does not consume iron ore

Friday, 2 June 2023

One does have to have a giggle at markets sometimes. Chinese data has gotten so bad that the reflexive move to price in stimulus has arrived:

Not so much in steel but a little. October futures:

The dead cat bounce is being aided by the AI mania post-X-date.

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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.