The ASX 200 fell 67 points to 8,772, leaving the market down around 25 points for the week. Once again, we saw money flowing out of resources, industrials and the technology sector, and back into the relative safety of the banking sector. The Big Bank Basket rose to $288.03 (+1.2%). CBA rose 1.0% and NAB gained 1.5%, while insurers also benefited from higher bond yields, with QBE up 1.4%. MQG continued to push higher following the CEO retirement announcement, but other financials slipped, with HUB down 3.1% and IFT falling 1.2%. REITs were mixed, with GMG down 2.7%while SGP edged slightly higher.
Industrials were well and truly on the nose yet again, with WES down 1.0%. Retail stocks generally drifted lower, with most names down around X%. The technology sector was once again battered and bruised, with REA down 3.7%, XRO falling 4.5%, and WTC also hit hard.
Healthcare was no refuge either, with CSL down 1.3% and RMD falling 0.4%.
Resources were not spared, with BHP down 2.9% and RIO off 1.7%. Gold miners were once again under pressure as the bullion price looked to be testing US$4,000 an ounce yet again. NST fell 3.9% and EVN dropped 2.4% Lithium stocks were also depressed, with LTR falling hard and PLS down 2.1%. Rare earth and copper stocks were also in the doghouse, while uranium stocks continued to slide.
Energy stocks were one of the brighter spots, with both WDS and STO firmer, while KAR enjoyed a good day following a broker upgrade.
Corporate News, COH edged higher after confirming it would not be subject to the new US tariffs. ASX fell after announcing the retirement of its CFO.There was nothing of note on the local economic front.The US tariff saga continues, with Australia hit by 12.5% tariffs on products linked to alleged "forced labour" issues.
Asian markets were weaker, Nikkei 225 down 2.9%, HK down 1.4% and China off 1.3% - Korea down 6.0%. US futures drifting.
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