Banks pounded as utility future sinks in

Dalian is hosing off iron ore coking coal today:

Big Iron is down sharply with RIO and BHP leading, the latter at new correction lows:

So much more to come!

Big Gas is up despite oil:

Big Gold too:

The real action today is in banks which are all down approaching -2% as their run ends:

Technically still OK but what’s the upside here with no credit growth to speak of and rising bad debts? Welcome to high risk utilities. And no, that does not make sense as an investment case.

Finally today, the Big Liar is still rising:

REA approaching record highs as banks sink on a looming property correction? Vile ex-journalism FXJ hardly down at all…

Market knows best!

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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.