Aussie market started negative on commodity weakness and then ran into Yuan devaluation, weak wages growth and housing bubble worries that knocked the air out of it. PBOC again moved the peg down for Yuan and sent the market into worry mode on how far the devaluation will go. Iran poured cold water on any deal to limit their supply increase as they re-enter the global markets. Saudi Arabia has delivered more positive comments in the last week than in the last 6mths. Everyone is bleeding and Saudi Arabia may be beginning to look at deals to stabilise oil price. The world needs to stabilise oil price and then allow the supply demand to reach equilibrium. US data overnight showed weaker consumer data and the markets are worried the housing and services data out tonight are also likely to be on the weaker side. Despite the market mauling, the currency is holding up like a rock while commodities fall around it. The domestic market was given another reality check that wages growth barely holding above inflation....…. (VIEW LINK)
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