Afternoon trading June 11

Thanks @shovel40, @Fiji1 and morning crew.

Half-time wrap:

Aussie stocks unwound more than half of last week's gains as commodity weakness and rates worries overshadowed fresh highs on Wall Street.

The ASX 200 skidded 124 points or 1.57% when trade resumed following yesterday's King's Birthday market holiday. A broad sell-off lowered all sectors.

Australian bond yields this morning followed US yields sharply higher after strong US jobs data at the end of last week pushed out rate-cut expectations.

The market hit its low after a mid-morning report showed businesses turned pessimistic last month as labour and purchasing costs re-accelerated. NAB's business confidence index fell to -3 from +2 in April.

Gold miners were crunched by a plunge in precious metal prices. The index of domestic gold miners dived 5.6% to a one-month low. West African Resources and Emerald Resources suffered double-digit hits before paring losses.

US stocks edged to new closing highs overnight, reversing mild falls on Friday. The S&P 500 gained 0.26%.


Personal trading: Brutal morning in the resources space. Scraped a pip from CXU. Watching a few goldies for any dip buying.