Stocks confront commodities blowoff

Friday 5 December 2025

The Market Ear on some growing crosscurrents for stocks.

Trying

The 10 year holding “stubbornly” around that big 4.1% level. A close slightly higher and things could get a bit squeezy. Note the negative trend line from May as well as the 50 day around these levels.

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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.