The ferrous jaws must close!
A 2% pop yesterday, driven by news of the easing of the “three red lines” for some Chinese property developers, faded overnight.
This is quite right, but it shows that sentiment is in no mood for reflexive recoveries.
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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.
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