In case anyone was wondering what happened today it seems:
- OPEC cut output unexpectedly sending the oil price 7% higher.
- Miners seemed to dump on that due to higher fuel costs.
- Gold stocks went down as inflation expectations went up due to higher fuel costs increasing interest rates expectations (flatter for longer).
- Bank stocks went up for the same (higher net interest margins).
That seemed to be the gist of it as resource stocks were heading lower before IO started trading.... But when IO did trade, that got bashed up as well... Not sure if that's tied to oil (lower economic growth??).
The key point for todays move was OPEC.
Iron ore price, page-49406
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