A new report by Goldman Sachs analyst Matthew Ross discusses how weak earnings numbers from several Australian companies have influenced Goldman’s view of the commodities environment. Ross believes the latest news indicates commodity weakness may be having a bigger impact than the firm previously had feared.

The Numbers

The ASX 200 severely lagged global markets last week, falling 3.9 percent versus only a 1.0 percent loss in the U.S., a 1.3 percent decline in Asia, and gains of 1.3 percent in Europe and 1.2 percent in Japan.

Overall, 85 percent the ASX 200 traded down last week, a staggering percentage.

Commodity Spill-Over

According to Ross, much of the weakness in the Australian market is…

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