ASX 200 slipped 34 points to 7291 (0.5%) after fighting back from early US inspired losses. RBA moved rates 25bps higher as expected and market sold off after the announcement. Bank slid finally after holding up well until the RBA decision. CBA dropped 0.5%, NAB down 0.7% and the Big Bank Basket off to $185.60 (-0.5%). ASX fell hard on latest volume numbers off 2.5%. MFG disappointed with FUM down 3.3%. Insurers were better with QBE up 0.6% and IAG up 1.3%. MPL grinding higher by 1.7%. REITS fell led by GMG down 1.1%, SCG off 1.4% and VCX down 1.5%. Healthcare was mixed, CSL barely changed, RMD fell 2.3% as US listing slid on broker comments. Industrials relatively solid, TLS grinding higher again up 0.5%, BXB up 0.8% and WOW up 0.3%. Tech fell hard, WTC down 2.4% and XRO off 4.0%. Resources under pressure. BHP and RIO easing slightly but FMG off 1.6% and gold miners slammed NST down 2.0% and NCM off 2.3%. Lithium feeling depressed today AKE down 0.8%, LTR off 3.2% and AGY off 4.6%. Oil and gas stocks down with STO off 1.2% and KAR off 3.3%. In corporate news, SPT did a deal with Google. BGL raising $60m in a placement at 105c. On the economic front, it was the RBA and consumer confidence, 25bps as expected but Lowe has raised his terminal rate forecast. This is the rate at which the economy becomes terminal. In Asia, HK down 0.8% and China kicking another 0.6%. Tokyo better by 0.4%. 10-year yields up to 3.39%.
Why not sign up for a free trial? Get access to expert insights and research and become a better investor.