ASX 200 down 2 to 8596 on a volatile day as banks saw selling and money move to BHP and other resources. CBA was down for another day, as its now four out of five down days closing off % with the Big Bank Basket down to $282.16% (-1.6%). ANZ outperformed up 0.5%. Financials under pressure across the board, MQG down 0.8% and insurers falling hard. QBE off 2.2% and SUN down 3.4%. Defensives generally on the nose, TLS down 1.2% and REA off 3.4% with WES falling 2.0% together with WOW and COL. Tech mixed as XRO fell again and WTC up 1.2% despite more front-page news! Healthcare mixed, CSL up 0.5% and PME racing 7.8% ahead on news of two contract wins. Resources were the stars today, at least BHP up 5.6% with RIO and FMG also up but more modestly, around 1.8%. Gold miners finding some friends, NEM up 1.4% and WAF up 1.3%. Lithium stocks better, PLS up 11.3% with LTR rising 5.0%, MIN up 7.8% with coal stocks also back in favour, WHC up 8.2%. Uranium stocks eased back. WDS and STO slightly better.

In corporate news, GLF rose 4.1% on its debit. VGN sinking 1.9% towards issue price. RPL ran 9.3% on $35m performance fee. On the economic front we had the trade balance numbers. Asian markets mixed, Japan unchanged, China up 0.6% and HK down 0.8%.

10-year yields rising to 4.18%

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