Minbos has been going against the US market trend for some time. It was falling on delays and the last cr, while the US market was rising and as the cr selling eased and funding may be getting much closer, MNB has been rising over recent weeks as the US market was correcting. This week, MNB fell modestly in line with large falls in world markets on US recession fears. Japan fell 13.5% and our market followed with a near 4% fall. Minbos did not brush that off.
News reports today are that those US recession fears are subsiding with latest US data giving US markets the best day in two years. There has been almost zero correlation between MNB and US markets this year - except during this weeks mini crash which hopefully might be over now, but who knows.
"A week after US jobs data sent global financial markets into a panic, a strong rally on Wall Street has seen the S&P 500 record its best day since November 2022 — erasing almost all of the losses from earlier this week.Australian shares are also set to rise when trade begins later this morning"
https://www.abc.net.au/news/2024-08-09/asx-markets-business-live-news/104203770
US S&P500
MNB
Minbos has been going against the US market trend for some time....
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