The ASX 200 fell 31 points to 8671 (0.4%), as once again we saw selling in the banking sector weigh on the market. The Big Bank Basket fell to $280.74 (1.6%), with CBA down 1.4%, ANZ falling 2.1%, and MQG also coming off the boil, down 2.2%. Other financials also eased back, NWL dropped 3.0% and XYZ down 3.1%. Once again, we also saw REITs under pressure, with SCG off 1.1% and CHC down 1.2%. Industrials were also weaker across the board, led lower by WES down 1.8%, with two supermarkets falling heavily and the tech sector under renewed pressure, with WTC falling 5.9% and XRO falling 3.5%. The All-Tech Index fell yet again by 2.8%. In the healthcare space, a continuation of the falls, as brokers downgraded CSL and it fell another 2.2%, with RMD also now heading much lower, down 3.4%. Retail stocks also suffering, with JBH off 2.1% and HVN falling 2.5%.
Resource stocks, though, had a good day, with BHP hitting record highs up 2.5%, with RIO leaping 3.1% and FMG also firming. Gold stocks were also doing well today on the back of a higher bullion price, with EVN up 2.8% and NEM also doing well, up 4.4%. S32 had a good day, and lithium stocks also powering ahead, with LTR roaring up 5.3%. Oil and gas stocks were slightly firmer, with coal and uranium stocks both under pressure, with PDN falling 3.9%.
On the corporate front, DRO fell heavily after ASIC announced an investigation into Director Selling. HLO rose slightly after Peter Costello was appointed a director. IAG firmed 1.9% after it unveiled its refreshed ‘Ambition 2030’ strategy.
In economic news, business credit demand flattened in the first quarter. Business conditions fell for the fourth straight month in April, according to the NAB monthly business survey, and we did see the ANZ Roy Morgan survey as well of consumer sentiment hitting lows again. It dropped 3.1% to 64.1%, the fourth lowest reading since the series started in 1973.
Asian markets saw losses today; Japan up 0.5% on the Nikkei, HK flat%, and China down 0.3%. Kospi fell 3.2%
US futures headed lower. Dow down 10, Nasdaq down 130. 10-year yields drifted to 4.99%. European markets are set to open lower. US CPI tonight.

HIGHLIGHTS

Winners: SHA, SYL, LRV, GDG, ING, SRL, AMI
Losers: 360, DRO, PNV, EUR, NXL, SDR, TPW, WTC
Positive Sectors: Iron ore. Lithium. Gold.
Negative Sectors: Healthcare. Banks. Industrials. REITs. Tech.
ASX 200 Hi 8713 Lo 8619
Big Bank Basket: Falls to $280.74 (-1.6%)
All-Tech Index: Falls to 2.8%
Gold: Rises to $6523
Brent Crude up 1.0%
Bitcoin: Steady at US$81213
10-year yields: Steady at 5.02%
AUD: Steady at 72.32c.

MARKET MOVERS

SHA +14.4% positive update.
LRV +10.7% delivers first ore to Hillgrove.
ING +7.4% broker upgrades
GDG +9.4% short covering.
GMD +6.2% gold move.
SYL +11.3% investor presentation.
29M +10.9% nice bounce.
BXN +23.6% secures exclusive German supply agreement.
DRO -9.9% ASIC investigation
360 -10.9% trading update.
PNV -7.4% continues lower.
ZIP -5.4% tech sell down.
BWN -23.6% trading update.
Speculative Stock of the Day:  EVG +35.1% Acquisition of high-grade fluorspar project in Nevada.
ECONOMIC AND OTHER NEWS
Australian ETFs hit a record $346bn in assets under management in April after investors poured more than $5bn amid a rebound in global equity markets.
Betashares, Vanguard and iShares accounting for more than 75 per cent of industry inflows.
Australian business credit demand flattened in the first quarter as rising interest rates and fuel costs weighed on borrowing activity, while high-risk small businesses sharply increased applications for finance, according to credit bureau Equifax.
Australian business conditions fell for a fourth straight month in April.
US CPI tonight.
European stocks to open lower.
Modi urges Indians to stop buying gold!
PM Starmer fights for his political survival.
UK should pledge to rejoin EU according to London Mayor.
Amazon staff use AI tool for unnecessary tasks to inflate usage scores.
US communications regulator targets Chinese tech for security risks.
Trump puts Taiwan arms sales, Hong Kong jailed activist Lai on agenda ahead of meeting with Xi.

And finally….

Clarence