Markets heat up (almost) everywhere

Monday 8 December 2025

Got commodities?

“Trump runs it hot, oil bounces post Russia-Ukraine fix, China keeps yuan cheap, soon all the commodity charts will look like gold…” (BofA)

Energy

XLE has been stuck inside the same range since March 2022. Things could get very squeezy should we take out current range highs.

The 30 year

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.