The ASX 200 gave back 55 points to 9026 (0.6%). US futures turned negative early and banks slid, the Big Bank Basket down to $308.21 (-1.0%). MQG also down 2.4% on concerns with private equity and fund managers. Financials generally were weaker across the board, REITs slumped too, GMG down 3.6% and VCX off 3.1% with industrials sliding. WES down 1.7%, REA off 1.8% with retail falling, JBH off 1.9% and LOV down 1.4%. Tech once again on the nose, WTC falling 5.2%, XRO down 2.9% and the All-Tech Index falling another 3.3%. In healthcare, CSL fell 3.8% on tariff news, and COH off 1.7%.

In resources, BHP rose 1.3% as commodity stocks ran hard on falling USD. Lithium stocks picked up, PLS up 4.6% and MIN rising 5.0%. Gold miners powered ahead, NST up 3.4% and GMD up 5.4% with KCN rallying 8.8%. Oil and gas stocks fell, despite tensions in Iran and US snowstorms. Uranium stocks mixed, PDN down 3.8% and BOE off 3.2%.

In corporate news, KGN rose 5.5% on slightly better number and an increased dividend. LLC fell after a surprise loss. PRN tumbled 13.8% after softer numbers, ASB fell 11.0% on accounting qualifications despite record order books. IMD delivered a strong result.

In economic news, mortgage demand rose 12.3% to a four-year high.

Asian markets were better, China still closed, but HK up 2.3% and South Korea hitting new records. Japan closed for Emperor’s Birthday.

European markets opening lower on a resumption of the tariff war.

Dow futures down 311 Nasdaq down 238.

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