Stocks re-enter the oil shock zone

Wednesday 29 April 2026

Charts from TME.

Nothing’s broken… but it’s no longer clean

Markets are losing their clean look. The biggest driver of the rally, semis, is finally showing signs of stress after a historic run, while oil continues to grind higher and macro volatility remains oddly subdued.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.