ASX smashed again as banks begin pricing property bust

David Llewellyn-Smith

Monday 15 October 2018

AUD is down modestly today as Saudi and German tensions weigh:

Bonds are bid:

As the ASX is pounded lower despite the big jump on Wall St and relatively calm futures:

Dalian is flat:

Big Iron is down:

Big Gas is up:

Big Gold is mixed:

But the action is in banks and it is all negative with most -2%:

Those chart are all pointing much lower, especially CBA. One could be forgiven for seeing this as markets beginning to price a less than rosy house price landing.

Big Realty agrees:

Shhh H&H, don’t talk down the market…

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.