The ASX 200 smashed lower from the start. Red lights out and down we went. At the chequered flag, the index was down 89 points to 8851 (1.0%). Off lows. Narrow range trading again. Down around 3.8% for the week. Worse week since April. In the pits today was ‘Team iron Ore’, BHP down 4.2% being a big drag on racing. RIO falling 3.6% and FMG slipping 0.7%. BHP having issues with the stewards in China again on products. Gold miners also feeling tired today as the sell-off continues, despite the bullion price relatively steady. Those on the podium recently have been hit, whilst the losers are being bought up. The tech sector is doing well on its one-stop strategy, with the All-Tech Index up 3.9%. WTC racing ahead up 10.8% and XRO rallying 4.5% as it sees a push! Push! Push! Old skool tech also bounced, REA up 4.9% with TLS solid lap times up 1.2%.

Banks skidded with the Big Bank Basket down to $297.93 (-0.4%) as drivers rested. Financials though generally better, MQG up 0.7% and even GQG cutting corners unchanged. Even ZIP managed a lower podium finish, up 3.7%. MFG charging up 9.3% as the Lowy family takes a stake in the new merged business. Energy stocks were mixed, coal stocks eased back on the throttle, WDS and STO better as DRS kicked in and uranium stocks seeing brake failure and suffering losses.

In corporate news, DYL dropped 11.8% on results, Iron ore stocks pulled lower on reports that China’s state backed buyer had found some cargoes had been flouting restrictions.

In economic news, the ACCC warned petrol retailers from price gouging. Good luck with that.

Asian markets firmed, Japan up 0.1%, China up 0.2% and HK up 1.9%. South Korea mixed. KOSDAQ up 2.7% KOSPI down 0.9%

10-year yields jumped to 4.84%

US Futures down DJ up 113 and Nasdaq up 72.

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