Amazed it hasn't already, markets don't seem to be pricing in a...

Amazed it hasn't already, markets don't seem to be pricing in a likely hard landing for commods and China. Future Aust rates pointing down as well.

Think as US earnings have been above expectations, with future dividends and PEs respectively at and above medium/long term interest rates, could possibly be keeping risk trades running for longer. Also been alot of spec buying of commods drawing down inventories, whether that perceived future demand plays out is to be seen.

In AUD, IO after last nights few extra % drop, at lowest since Dec 2009.