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Miners run hot in sharemarket

Wednesday 11th of January 2017 10:25:29 AM



Big overnight spikes in metals prices is pushing the sharemarket back towards the 19 month highs hit earlier in the week resulting in a strong rally in miners.

2.6 per cent is the threshold that would mark an end to the three-decade bond bull market and be a more important barometer for financial markets than the Dow Jones stock index passing 20,000, says billionaire bond manager Bill Gross.

"It is the key to interest rate levels and perhaps stock price levels in 2017," Gross, manager of the $US1.8 billion Janus Global Unconstrained Bond Fund, wrote in a monthly investment outlook released overnight. "Investment happiness and/or despair may lie ahead over the next 12 months depending on it."

But DoubleLine Capital chief executive Jeff Gundlach in his annual "Just Markets" webcast, argues that actually a 10-year yield of 3 per cent is the relevant threshold (bond yields move inversely to prices).

"Almost for sure we're going to take a look at 3 per cent on the 10-year during 2017," Gundlach said. "And if we take out 3 per cent in 2017, it's bye-bye bond bull market. Rest in peace."



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