Wry & Dry #12-25 Least-worst option. Best performing. France’s finances.
In foreign affairs there are no good options. Only least-worst options. So said Henry Kissinger, the greatest diplomat since Machiavelli. Also said by Henry Kissinger.
But in viewing the many responses to the escalating mess in the Middle East, Wry & Dry can only see the empty mouthing of most-worst options.
The rotation begins
Firstly, for the past nine months global flows into Australian investments from Chinese investments have contributed to the rising share prices of Australian non-mining large capitalisation companies (especially the banks). This is because global managers wanted to avoid a weakening Chinese economy.
Most obviously, this led to CBA becoming the most expensive bank in the world.Although foreshadowed by others and market reaction earlier in the week, the decision to reduce rates for the first time since Covid-19 will have a significant impact on Australia in due course.
Plus, this week, Craig discusses some interesting new research on Newmont mining and results from Emeco and Catalyst Metals.